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 May 2024
Commission File Number: 001-40370
BITFARMS LTÉE
(Exact Name of Registrant as Specified in Its Charter)
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 May 1, 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, and which is incorporated by reference to the Company’s Registration Statement on Form F-10 (File No. 333-272989).
See the Exhibits listed below.
| Exhibits | ||
| Exhibit No. | Description | |
| 99.1 | Material Change Report dated May 1, 2024 |
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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/ L. Geoffrey Morphy | ||
| Name: | L. Geoffrey Morphy | ||
| Title: | Président et chef de la direction | ||
Date: May 1, 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
May 1, 2024.
Item 3 News Release
The press release attached as Schedule “A” was released on May 1, 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
Geoffrey Morphy
President & Chief Executive Officer
Bitfarms ltée
Item 9 Date of Report
May 1, 2024.
Schedule “A”
Bitfarms Provides April 2024 Production
and Operations Update
- Earns 269 BTC in April 2024 -
- Improves corporate energy efficiency 9% to 31 w/TH -
- Expects VAT refund from Canada of US $23.7M -
- Tracking to 21 EH/s and 21 w/TH in 2024 with transformative fleet upgrade -
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 (May 1, 2024) - Bitfarms Ltd. (NASDAQ/ TSX: BITF), a global vertically integrated Bitcoin mining company, provides its monthly production report and update on its fleet upgrade and expansion.
Étude de la mise à niveau de la flotte
“With miner installations underway at Paso Pe and full site energization scheduled in May, our transformative fleet upgrade and expansion plan is on schedule to deliver 21 EH/s and 21 w/TH in 2024,” said Geoff Morphy, President and Chief Executive Officer. “In addition, in April, we succeeded in our position against the VAT restrictions in Québec, securing a $23.7 million refund and enabling us to straightforwardly recover future VAT paid in the normal course of business. This decision provides both a near-term source of cash and a long-term reduction in operating costs.”
Ben Gagnon, Chief Mining Officer said, “In April, we fully upgraded two farms in Québec with Bitmain T21 miners, improving energy efficiency by 51% at those farms and 9% on a company-wide basis. Our miner upgrades are progressing at a rapid pace, with Bunker and Cowansville scheduled to be completed in May and Leger following in June. The Paso Pe energization is expected to contribute approximately 2 EH/s at 23 w/TH. With these deployments, we expect to reach approximately 10 EH/s and 28 w/TH in May and remain on schedule to reach our mid-year target of 12 EH/s and 25 w/TH in Q2 2024.”
Revue du minage
Les opérations de minage d’avril ont généré 269 BTC par rapport à 286 BTC en mars. Cela reflète l’effet de la réduction de moitié (halving) du BTC qui s’est produite le 19 avril 2024, soit une hausse de 5,9 % de la difficulté du réseau par rapport à mars, et de la maintenance des turbines en Argentine, qui a temporairement réduit la capacité disponible à Rio Cuarto de 54 MW à 21 MW.
| Indicateurs clés de performance | Avril 2024 | March 2024 | Avril 2023 | |||||||||
| Total des BTC obtenus | 269 | 286 | 379 | |||||||||
| EH/s opérationnels de fin de mois | 7.0 | 6.5 | 5.0 | |||||||||
| BTC/Avg. EH/s | 44 | 50 | 81 | |||||||||
| Moyen des EH/s de fonctionnement | 6.1 | 5.7 | 4.7 | |||||||||
| Capacité d'exploitation (MW) | 240 | 240 | 196 | |||||||||
| Hydroélectricité (MW) | 186 | 186 | 178 | |||||||||
| Efficacité Watts/Terahash (w/TH) | 31 | 34 | 39 | |||||||||
| BTC vendus | 245 | 284 | 349 | |||||||||
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April 2024 Select Operating Highlights
| ● | 7,0 EH/s en ligne au 30 avril 2024, une hausse de 40 % sur une année et de 8 % depuis le 31 mars 2024. |
| ● | 6,1 EH/s en moyenne en ligne, soit une hausse de 7 % par rapport au mois précédent. |
| ● | 44 BTC/EH/s en moyenne, soit une baisse de 12 % par rapport au mois précédent. |
| ● | 269 BTC obtenu, soit 6 % de moins que le mois précédent et 29 % de moins sur un an. |
| ● | 9,0 BTC obtenu en moyenne quotidiennement, soit environ 551 700 $ par jour, sur la base d'un prix BTC de 61 300 $ au 30 avril 2024. |
| ● | In Québec, |
| o | À Bunker, 2 200 T21s installés. |
| o | À Garlock, 3 168 T21s installés. |
| o | À Farnham, 1 710 T21s et 100 mineurs hydrauliques M53S+ installés. |
| ● | Au Paraguay, |
| o | À Paso Pe : |
| § | Installed 2,880 Bitmain T21 miners. |
| § | 560 mineurs hydrauliques M53S + installés. |
| o | À Yguazu, début de la construction de l’installation. |
| ● | À Rio Cuarto, en Argentine, l’une des turbines a été mise hors service pour maintenance corrective pendant environ 20 jours, entraînant une réduction de la disponibilité électrique de 54 MW à 21 MW pendant cette période. |
| ● | Dans l’État de Washington, environ 300 T21s installés. |
Production mensuelle de BTC par Bitfarms
| Mois | BTC Earned 2024 | BTC Earned 2023 | ||||||
| Janvier | 357 | 486 | ||||||
| Février | 300 | 387 | ||||||
| Mars | 286 | 424 | ||||||
| Avril | 269 | 379 | ||||||
| Total pour l'année | 1,212 | 1,676 | ||||||
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April 2024 Financial Update
| ● | Vente de 245 des 269 BTC obtenus dans le cadre du processus régulier de gestion de la trésorerie de la Société pour un produit total de 16,1 millions de dollars. |
| ● | Le nombre de BTC détenu en trésorerie a augmenté à 830 BTC, représentant 50,9 millions de dollars sur la base d’un prix BTC de 61 300 $ au 30 avril 2024. |
| ● | Augmentation du HODL™ synthétique de 85 options d’achat BTC à long terme à 170 options d’achat BTC à long terme au 30 avril 2024. |
| ● | Réception de la confirmation des autorités fiscales canadiennes que 23,7 millions de dollars US de TVA, plus les intérêts, seront remboursés et la Société ne sera pas limitée dans le recouvrement des remboursements de TVA à l’avenir. |
Conférences et événements à venir
| ● | 9-10 mai : Bitcoin Asie, Hong Kong |
| ● | 14-15 mai : 19e conférence annuelle de Needham sur la technology, les médias et le consommateur, New York City |
| ● | 15 mai : Sommet de la chaine de blocs (Blockchain) numérique, Washington DC |
| ● | 22-23 mai : 24e conférence annuelle des investisseurs de B. Riley Securities, Beverly Hills, CA |
À propos de Bitfarms ltée
Fondée en 2017, Bitfarms est une société de minage de bitcoins mondiale 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 d'ingénierie électrique et d'installation appartenant à la Société, ainsi que plusieurs centres de réparation technique sur site. Le système d'analyse de données exclusif de la Société offre les meilleures performances opérationnelles et le meilleur temps de fonctionnement de sa catégorie.
Bitfarms possède actuellement 11 installations de minage de bitcoin en activité et deux en cours de développement, situées 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
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Glossary of Terms
| ● | BTC ou BTC/jour = Bitcoin ou Bitcoin par jour |
| ● | EH ou EH/s = Exahash ou exahash par seconde |
| ● | MW ou MWh = Mégawatts ou mégawattheure |
| ● | PH ou PH/s = Petahash ou Petahash par seconde |
| ● | TH ou TH/s = Terahash ou terahash par seconde |
| ● | w/TH = Efficacité en watts/terahash (y compris le coût de l’alimentation de l’équipement supplémentaire) |
| ● | HODL™ synthétique = l’utilisation d’instruments qui créent une exposition équivalente au BTC |
Mise en garde
Le commerce des titres de la Société doit être considéré comme hautement spéculatif. Aucune bourse, commission des valeurs mobilières ou autre autorité réglementaire n'a approuvé ou désapprouvé les informations contenues dans le présent document. Ni la Bourse de Toronto, ni le Nasdaq, ni aucune autre bourse de valeurs ou autorité de réglementation n'acceptent la responsabilité de la pertinence ou de l'exactitude de ce communiqué.
Énoncés prévisionnels
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding projected growth, target hashrate, opportunities relating to the Company’s geographical diversification and expansion, upgrading and deployment of miners as well as the timing therefor, improved financial performance and balance sheet liquidity, other growth opportunities and prospects, and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
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This forward-looking information is based on assumptions and estimates of management of the Company 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 the Company 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: 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; it may not be possible to profitably liquidate the current digital currency inventory, or at all; the digital currency market may not continue to be accepted by users; digital currency prices are volatile and 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 anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions may not be achieved; the Company may not be able to maintain reliable and economical sources of power for the Company to operate its cryptocurrency mining assets; \here may be increases in the Company’s electricity costs and costs of natural gas, the Company may be impacted by changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates, which could adversely impact the Company’s profitability; the Company ability to expand will depend upon the completion of future financings,; and the adoption of new, or changes in existing, regulations or laws could prevent the 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 the Company’s filings on www.SEDAR.com (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the Company’s annual information form for the year-ended December 31, 2022, filed on March 21, 2023. Although the Company 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. 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. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Contacts pour les relations avec les investisseurs :
Tracy Krumme (Bitfarms)
+1 786-671-5638
David Barnard (LHA)
+1 415-433-3777
Contacts pour les médias :
Agence réelle
Khushboo Chaudhary
+1 646-373-9946
[email protected]
Québec Media : Tact
Louis-Martin Leclerc
+1 418-693-2425
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