UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of September 2024

 

 

Commission File Number: 001-40370

 

 

BITFARMS LTÉE

(Translation of registrant’s name into English)

 

 

110 Yonge Street, Suite 1601, Toronto, Ontario, Canada M5C 1T4

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☐ Form 40-F ☒

 

 

 

DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K

 

On September 10, 2024, the Registrant filed with the Canadian Securities Regulatory Authorities on the System for Electronic Data Analysis and Retrieval + (SEDAR +) a material change report that includes a copy of a press release, a copy of which is attached hereto as Exhibit 99.1, which is incorporated by reference into the Registration Statements of Bitfarms Ltd. on Form F-10 (File No. 333-272989) and Form S-8 (File No. 333-278868).

 

See the Exhibits listed below.

 

Exhibits  

 

Exhibit No.		Description
99.1		Material Change Report dated September 10, 2024

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	BITFARMS LTÉE
	Par :	/s/ Ben Gagnon
		Name:	Ben Gagnon
		Title:	Directeur général

 

Date: September 10, 2024

 

 

Exhibit 99.1

 

FORM 51-102F3
MATERIAL CHANGE REPORT

 

Item 1

Name and Address of Company

 

Bitfarms Ltd. (“Bitfarms” or the “Company”)

110 Yonge Street, Suite 1601

Toronto, Ontario M5C 1T4

 

Item 2

Date of Material Change

 

10 septembre 2024

 

Item 3

News Release

 

The press release attached as Schedule “A” was released on September 10, 2024 by a newswire company in Canada.

 

Item 4

Summary of Material Change

 

The material change is described in the press release attached as Schedule “A”.

 

Item 5

Full Description of Material Change

 

The material change is described in the press release attached as Schedule “A”.

 

Item 6

Reliance of subsection 7.1(2) of National Instrument 51-102

 

Not applicable.

 

Item 7

Omitted Information

 

Not applicable.

 

Item 8

Executive Officer

 

Ben Gagnon

Directeur général

Bitfarms ltée

Bgagnon@bitfarms.com

 

Item 9

Date of Report

 

September 10, 2024.

 

 

 

Schedule “A”

 

 

Bitfarms renforce ses équipes opérationnelles

-Nomination d'Alex Brammer au poste de premier vice-président des opérations de minage mondiales.

-Benoit Gobeil est promu Directeur de l'infrastructure.

-Séparation des opérations de minage en deux divisions, Infrastructure et Opérations de minage.

 

Ce communiqué de presse constitue un « communiqué de presse désigné » aux fins du supplément de prospectus de la Société daté du 8 mars 2024, à son prospectus préalable de base simplifié daté du 10 novembre 2023.

 

TORONTO, Ontario and BROSSARD, Québec – September 10, 2024 -- Bitfarms Ltd. (Nasdaq/TSX: BITF) (“Bitfarms” or the “Company”), a global vertically integrated Bitcoin data center company, today announced the following enhancements to its Operations teams. Effective immediately, Alex Brammer has been appointed Senior Vice President of Global Mining Operations and Benoit Gobeil, currently serving as Executive Vice President of Operation & Infrastructures, has been promoted to Chief Infrastructure Officer. In conjunction with these appointments, Bitfarms Mining Operations will now be split into two divisions, Mining Operations and Infrastructure, with Mr. Brammer and Mr. Gobeil heading up the divisions, respectively.

 

The Mining Operations and Infrastructure divisions will deliver greater scalability and accountability in data center construction, maintenance and operations and lay the foundation for the establishment of HPC/AI operations. Mr. Brammer will lead the Mining Operations team, responsible for miner performance, upgrades and hashrate. He will be responsible for leading all operational aspects of Bitfarms’ rapidly expanding global portfolio of mining assets spanning four countries across two continents. In close partnership with Mr. Brammer, Mr. Gobeil will lead the Infrastructure team, responsible for construction, expansion, upgrades, and maintenance. Both will report directly to Ben Gagnon, Chief Executive Officer of Bitfarms

 

Mr. Brammer brings 20 years of international operations expertise and deep mining industry relationships to Bitfarms. He most recently led a premier U.S. independent power producer’s entry into Bitcoin mining. In this role, he conducted fleet-wide asset feasibility studies for mining and led the technical project management and commissioning of the world’s first and only hyperscale Bitcoin mine powered entirely by nuclear energy. Prior to this, Mr. Brammer led business development efforts at Luxor Technology Corporation, where he played a key role in building several managed services offerings, establishing an ASIC trading desk, and contributed to the early ideation of the company’s firmware and hashrate derivatives product suites. Since 2022, Alex has also served as a Board Director and Treasurer for the Bitcoin Today Coalition, a U.S. Internal Revenue Code 501(c)(4) non-profit focused on Bitcoin policy advocacy and education at the federal level.

 

Avant d'entrer dans l'industrie de minage, M. Brammer a servi pendant 16 ans dans l'armée américaine. Sa carrière militaire a débuté en tant qu'opérateur dans le 75^e Ranger Regiment, où il a été déployé trois fois en Irak pendant le « Surge ». Il a ensuite été déployé à Mossoul, en Irak, dans le cadre de la lutte contre ISIS en tant que chef de section, a servi en tant que chef de la planification pour une équipe de combat de brigade de 3 700 personnes et a finalement pris sa retraite en tant que commandant d'une compagnie de fusiliers Stryker de 151 membres.

 

 

M. Brammer est titulaire d'une licence en économie de l'Académie militaire américaine de West Point. Il a obtenu un doctorat en politique de contre-insurrection et de conflit civil à l'université Queen's de Belfast, en Irlande, en tant que 2014 Marshall Scholar, et est sur le point d'achever son MBA à la Booth School of Business de l'université de Chicago.

 

“I am confident that Alex’s mining and power expertise in Pennsylvania and PJM as well as his extensive leadership and management experience will be instrumental in driving the continued growth and success of the Company’s global mining operations,” stated Ben Gagnon, Bitfarms CEO. “We are on a path to double our operating capacity next year and Alex’s proven management abilities will be integral to leading the mining operations team to bring online 35 EH/s+ in 2025.”

 

Mr. Brammer’s responsibilities will include spearheading post-M&A asset development and integration, technological innovation, systems integration and standardization, employee safety and optimizing operational costs across all Bitfarms data centers. Additionally, Alex will play a critical role in scaling Bitfarms’ IT and operations teams to enhance global efficiency.

 

« Je suis ravi de rejoindre l'équipe de Bitfarms à un moment aussi crucial pour la Société », a déclaré Alex Brammer. « Bitfarms est prête à enregistrer une croissance record du taux de hachage (hashrate) et à améliorer son efficacité en 2024, et je suis impatient de travailler avec les équipes opérationnelles pour veiller à ce que cette croissance impressionnante se poursuive en 2025 et au-delà. »

 

De plus, Bitfarms a le plaisir d'annoncer la promotion de Benoit Gobeil au poste de Chef de l'Infrastructure. M. Gobeil travaille pour la Société depuis le 2018 et a joué un rôle important dans l'exécution du plan de croissance transformationnel de Bitfarms, en apportant une expérience industrielle, électrique et opérationnelle de pointe qui permet à Bitfarms de rester à la pointe des technologies et du matériel de nouvelle génération.

 

À propos de Bitfarms ltée

 

Fondée en 2017, Bitfarms est une société mondiale de centres de données de bitcoins qui apporte sa puissance de calcul à un ou plusieurs « pools » de minage à partir desquels elle reçoit un paiement en bitcoins. Bitfarms développe, possède et exploite des fermes de minage verticalement intégrées avec une gestion interne et des services de génie électrique et d'installation appartenant à la Société, ainsi que de nombreux centres de réparation technique sur site. Le système d'analyse de données exclusif de Bitfarms offre des performances opérationnelles et un temps de fonctionnement inégalés.

 

Bitfarms a actuellement 12 l’exploitation de centres de données bitcoins et deux en cours de développement situés dans quatre pays : le Canada, les États-Unis, le Paraguay et l’Argentine. Alimenté principalement par des contrats hydroélectriques et d’électricité à long terme respectueux de l’environnement, Bitfarms s’engage à utiliser une infrastructure énergétique durable et souvent sous-utilisée.

 

Pour en savoir plus sur les événements, les développements et les communautés en ligne de Bitfarms :

 

www.bitfarms.com

https://www.facebook.com/BitfarmsFR/

https://twitter.com/bitfarms_fr

https://www.instagram.com/bitfarms_fr/

https://www.linkedin.com/company/bitfarms-fr

 

Glossaire des termes

 

●

HPC = Calcul haute performance

 

●

IA = Intelligence artificielle

 

●

EH ou EH/s = Exahash ou exahash par seconde

 

●

MW ou MWh = Mégawatts ou mégawattheure

 

Énoncés prévisionnels

 

Ce communiqué de presse contient certaine « information prospectives » et « déclarations prospectives » (collectivement, « information prospectives ») qui sont basées sur des attentes, des estimations et des projections à la date de ce communiqué de presse et qui sont couvertes par les « safe harbors » en vertu des lois canadiennes et américaines sur les valeurs mobilières. Les déclarations et l'information contenues dans le présent communiqué concernant les avantages des récents changements de direction effectués par la société et les qualités de ces candidats, le potentiel d'amélioration des performances à la suite des changements organisationnels, la croissance prévue, le taux de hachage (hashrate) cible, les occasions et les perspectives de croissance de M&A, les avantages de la fusion d'HPC/AI avec les opérations de minage de bitcoins, les avantages des offres et des programmes de PJM, et d'autres déclarations concernant la croissance future, les plans et les objectifs de la société, sont de l'information prospectives. Toute déclaration impliquant des discussions relatives à des prédictions, des attentes, des croyances, des plans, des projections, des objectifs, des hypothèses, des événements ou des performances futurs (en utilisant souvent, mais pas toujours, des expressions telles que « s'attend à » ou « ne s'attend pas à », « est attendu », « anticipe » ou « n'anticipe pas », « planifie », « budget », « programmé », « prévisions », « estimations », « perspectives », « croire » ou « avoir l'intention » ou des variantes de ces mots et de ces expressions ou déclarant que certaines actions, événements ou résultats « peuvent » ou « pourraient », « seraient », « pourraient » ou « seront » pris pour se produire ou être atteints) ne sont pas des déclarations de faits historiques et peuvent constituer de l'information prospectives.

 

 

This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: receipt of the approval of the shareholders of Stronghold Digital Mining, Inc. (“Stronghold”) and the Toronto Stock Exchange for the Stronghold acquisition as well as other applicable regulatory approvals; that the Stronghold acquisition may not close within the timeframe anticipated or at all or may not close on the terms and conditions currently anticipated by the parties for a number of reasons including, without limitation, as a result of a failure to satisfy the conditions to closing of the Stronghold acquisition; the letter of intent on the 10 MW is subject to entering into a definitive lease agreement and TSX approval, none of which is assured; the power purchase agreements and economics thereof may not be as advantageous as expected; the inability of Bitfarms to operate the plants as anticipated following consummation of the Stronghold acquisition and assumption of operations at the Sharon mega-site with access to up to 120 MW; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the Stronghold plants which entail environmental risk and certain additional risk factors particular to the business of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms and Stronghold operate and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including each of Bitfarms’, Stronghold’s or the combined company’s ability to utilize an at-the-market offering program (each, an “ATM Program”) and the prices at which securities may be sold in each such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent any of Bitfarms, Stronghold or the combined company from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov), including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and six months ended June 30, 2024 filed on August 8, 2024 and Stronghold’s filings on www.sec.gov, including the Annual Report on Form 10-K for the fiscal year ended 2023, filed on March 8, 2024, the Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024, filed on May 8, 2024, the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024, filed on August 14, 2024, and subsequent reports on Forms 10-Q and 8-K. Although each of Bitfarms and Stronghold has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms or Stronghold, as applicable. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Neither Bitfarms nor Stronghold undertakes any obligation to revise or update any forward-looking information other than as required by law.

 

 

Contacts pour les relations avec les investisseurs :

 

Bitfarms

Tracy Krumme

SVP, Head of IR & Corp. Comms.

+1 786-671-5638

tkrumme@bitfarms.com

 

Innisfree M&A Incorporated

Gabrielle Wolf / Scott Winter

+1 212-750-5833

 

Groupe consultatif Laurel Hill

1-877-452-7184

416-304-0211

assistance@laurelhill.com

 

Contacts pour les médias :

 

États-Unis : Joele Frank, Wilkinson Brimmer Katcher

Dan Katcher or Joseph Sala

212-355-4449

 

Québec:Tact

Louis-Martin Leclerc

+1 418-693-2425

lmleclerc@tactconseil.ca