Bitfarms

Founded in 2017, Bitfarms Canada is a cryptocurrency mining company based out of Québec, Canada, with operations in Canada, the United States, and Paraguay.

Bitfarms Canada has three wholly-controlled subsidiaries: Bitfarms Israel, Backbone, and 9159-9290 Québec Inc (also know as Volta). Bitfarms Israel was incorporated pursuant to the Israeli Companies Law on June 17, 1981.

Bitfarms Corporate Structure

Under its Backbone operating subsidiary, Bitfarms owns and operates server farms that primarily support the validation and verification of transactions on the Bitcoin blockchain. Backbone earns income from transaction fees related to its mining service as well as from the cryptocurrencies the company mines. Its Volta Electrique operating subsidiary builds and maintains Bitfarms's server farms and also provides local electrician services to businesses and residences throughout Québec.

In 2019, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the Toronto Stock Exchange. Bitfarms's common stock is also publicly traded on NASDAQ under the ticker symbol BITF.

As of 2022, Bitfarms was the only publicly traded mining company audited by a Big Four audit firm.

Bitfarms provides computing power to cryptocurrency networks like Bitcoin while earning fees from each network for securing and processing transactions. Bitfarms uses its own proprietary software to control, manage, report, and secure operations, and monitor performance. Along with its proprietary software, Bitfarms has also vertically integrated onsite technical repair, company-owned electrical engineering, and installation services. Bitfarms' facilities are almost entirely powered by hydroelectricity.

Backbone’s server farms currently mine the following cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dash.

Bitfarms owns five facilities in Québec, Canada, one in Washington, and one in Paraguay.

Operational Bitfarms Computing Centers with Megawatt Capacity

Due to the majority of operations occurring in Québec, Bitfarms mines fewer coins during the winter months because the provincial government asks cryptocurrency miners to reduce electricity use to ensure sufficient energy for heating homes and businesses.

As of 2022, Bitfarms plans to establish three more facilities in Québec, Canada and one in Argentina.

Planned Bitfarms Computing Centers (as of 2022) with Megawatt Capacity

In October 2021, announced construction of its facility in Sherbrooke, Québec, known as the Bunker. The Bunker was planned for construction in three phases:

• Phase I was announced complete in March 2022 and has an initial capacity of 12 megawatts (MW).
• Phase II was targeted for completion in Q2-2022 and was expected to have an initial capacity of 18 MW.
• Phase III was targeted for completion in Q3-2022 and was also expected to have an initial capacity of 18 MW.