Latest news with #Bitfarms
Globe and Mail
6 days ago
- Business
- Globe and Mail
Bitfarms Announces Partnership with T5 Data Centers to Advance HPC/AI Development at Panther Creek Campus
TORONTO, Ontario and NEW YORK, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (Nasdaq/TSX: BITF) (the 'Company'), a global energy and compute infrastructure company, today announced its partnership with T5 Data Centers, LLC ('T5') to advance HPC/AI development at its Panther Creek campus in Pennsylvania. T5 Data Centers is an established leader in data center design, construction and operations, providing a full range of data center services from development and construction to facility management and operation. They offer customizable, scalable solutions for both enterprise and hyperscale clients, ensuring reliable high-performance computing environments. This strategic engagement will focus on comprehensive pre-construction design planning and development approval processes to advance this significant digital infrastructure investment. Leveraging deep expertise in providing construction services and ground-up development, T5 will provide critical guidance and coordination throughout the planning phase. The goal is to ensure this state-of-the-art facility is purpose-built to meet the demands of high-performance computing and artificial intelligence applications, while supporting Pennsylvania's emergence as a hub for next-generation data center development. CEO Ben Gagnon stated 'We are thrilled to announce our partnership with T5 Data Centers. With the seven major U.S. hyperscalers as their customers, T5 brings unparalleled industry expertise and is a proven leader in data center Construction, Development, and Operations. This collaboration validates the significant HPC/AI opportunity at our flagship Panther Creek campus in Pennsylvania, where strong political tailwinds following the recent White House commitment to $90 billion of AI investments intersect our 1 GW pipeline in Pennsylvania, positioning Bitfarms at the forefront of the rapidly growing AI infrastructure market in the state. We are excited to leverage T5's expertise to capitalize on this opportunity, driving development and delivering long-term value for our shareholders." Tom Mertz, President and COO of T5 Services added 'We're excited to be selected as a strategic construction partner for Bitfarms as they expand into HPC/AI data center development. Their Panther Creek, Pennsylvania property is well-positioned for building an advanced AI data center campus, and we look forward to supporting this next phase of their growth." About Bitfarms Ltd. Founded in 2017, Bitfarms is a North American energy and compute infrastructure company that develops, owns, and operates vertically integrated data centers. Bitfarms currently operates 15 data centers situated in four countries, which currently mine Bitcoin: the United States, Canada, Argentina and Paraguay. To learn more about Bitfarms' events, developments, and online communities: Forward-Looking Statements 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 the partnership with T5 Data Centers, LLC to advance HPC/AI development at the Company's Panther Creek campus in Pennsylvania, the North American energy and compute infrastructure strategy, opportunities relating to the Company's HPC/AI strategy, the Company's ability to drive greater shareholder value, growth opportunities and prospects for the Company, 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. 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, risks and uncertainties include, among others: the risk that the anticipated benefits of the partnership with T5 Data Centers, LLC and/or the ability to advance HPC/AI development at the Company's Panther Creek campus in Pennsylvania fail to materialize in a timely manner and on an economic basis or at all; an inability to apply the Company's data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; 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; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; 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 former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations 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; 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 operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms' ability to utilize an at-the-market offering program ( 'ATM Program') and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; 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; risks related to the Company ceasing to qualify as an 'emerging growth company'; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; 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 Bitfarms 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 (which are also available on the website of the U.S. Securities and Exchange Commission (the ' SEC") at including the Company's annual information form for the year ended December 31, 2024, management's discussion & analysis for the year-ended December 31, 2024 and the management's discussion and analysis for the three months ended March 31, 2025. Although Bitfarms 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. 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. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Business Upturn
02-08-2025
- Business
- Business Upturn
Bragar Eagel & Squire, P.C. Reminds Investors in Bitfarms or Reddit of The Class Action Lawsuits Filed and Urges Investors to Inquire About Their Rights
Bragar Eagel & Squire, P.C. Litigation Attorney Brandon Walker Encourages Investors Who Suffered Losses In Bitfarms (BITF) or Reddit (RDDT) To Contact Him Directly To Discuss Their Options If you purchased or acquired securities in any of the above companies during their class period and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Marion Passmore directly at (212) 355-4648 NEW YORK, Aug. 02, 2025 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Bitfarms Ltd. (NASDAQ: BITF) and Reddit, Inc. (NYSE:RDDT). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided. Bitfarms Ltd. (NASDAQ: BITF) Class Period: March 21, 2023 and December 9, 2024 Lead Plaintiff Deadline: July 8, 2025 The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Bitfarms maintained deficient internal controls over financial reporting; (ii) as a result, the Company incorrectly categorized proceeds derived from the sale of digital assets as a cash flow from operating activities rather than as a cash flow from investing activities; (iii) in addition, the Company overstated the extent to which it had remediated, and/or its ability to remediate, the material weakness in its internal controls over financial reporting related to its classification of the 2021 Warrants; (iv) the foregoing errors caused Bitfarms to misstate various items in several of the Company's previously issued financial statements; (v) as a result, these financial statements were inaccurate and would likely need to be restated; and (vi) as a result, the Company's public statements were materially false and misleading at all relevant times For more information on the Bitfarms class action go to: Reddit, Inc. (NYSE:RDDT) Class Period: October 29, 2024 and May 20, 2025 Lead Plaintiff Deadline: August 18, 2025 The complaint alleges that the social media website Reddit receives a significant portion of its user traffic from Google Search, and Reddit's primary source of revenue is generated from advertising to users on its own platform. Throughout the relevant period, Google Search began implementing new Artificial Intelligence ('AI') capabilities such as AI Overview that could change the nature of search results. Defendants are alleged to have made false and misleading statements, and failed to disclose, that: (i) changes in Google Search's algorithm and features like AI Overview were causing users to stop their query on Google Search; (ii) these algorithm changes were materially different than prior instances of reduced traffic to the Reddit website; (iii) Defendants were aware that the increase in the query term 'Reddit' on search engines was because users were getting the sought after answer from Google Search without having to go to Reddit, and not because they intended to visit Reddit; (iv) this zero-click search reality was dramatically reducing traffic to Reddit in a manner the Company was unable to overcome in the short term; and (v) Defendants, therefore, lacked a reasonable basis for its outlook on user rates and advertising revenues. On May 1, 2025, after the market close, Reddit issued an earnings release announcing its first quarter 2024 financial results for the period ending March 31, 2025. The earnings release revealed that Reddit had experienced three consecutive quarters of deceleration in daily active user growth. On this news, the price of Reddit's common stock fell $4.96 per share, or 4.2%, from a closing price of $118.79 per share on May 1, 2025, to a closing price of $113.83 per share on May 2, 2025. Then, on May 19, 2025, Wells Fargo analysts downgraded Reddit's stock and lowered their price target to $115 per share from a previous $168 per share. Wells Fargo called Google Search's implementation of new AI features as likely 'permanent' disruptions on user traffic for Reddit. On this news, the price of Reddit's common stock fell $5.24 per share, or 4.6%, from a closing price of $113.23 per share on May 16, 2025, to a closing price of $107.99 per share on May 19, 2025. Finally, on May 21, 2025, Baird analysts substantially downgraded Reddit's stock, reducing the price target to $120 per share from the previous $140 per share. Citing similar concerns as the Wells Fargo analysts, Baird analysts additionally noted the new and disruptive developments in Google Search that had just been presented at the Google I/O developer conference. On this news, the price of Reddit's common stock fell $9.79 per share, or 9.3%, from a closing price of $105.64 per share on May 20, 2025, to a closing price of $95.85 per share on May 21, 2025. For more information on the Reddit class action go to: About Bragar Eagel & Squire, P.C.: Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit . Attorney advertising. Prior results do not guarantee similar outcomes. Contact Information: Bragar Eagel & Squire, Walker, Esq. Marion Passmore, Esq.(212) 355-4648 [email protected]
Yahoo
02-08-2025
- Business
- Yahoo
HIVE Digital co-founder Frank Holmes says sanctioned countries like Iran are secretly mining Bitcoin
HIVE Digital co-founder Frank Holmes says sanctioned countries like Iran are secretly mining Bitcoin originally appeared on TheStreet. Hive Digital (Nasdaq: HIVE) co-founder Frank Holmes said that several countries, including those under sanctions, may be secretly mining Bitcoin to generate revenue — and hinted at how geopolitics is shaping global mining operations. 'You talk about the fact that you hodl your Bitcoin, which for those who are listening means basically, hold on for dear life,' TheStreet Roundtable host Scott Melker said, pointing out Hive's long-term BTC strategy. Holmes affirmed that commitment — with one caveat. 'Yes, we believe that purchasing power is so important to have and we will hold on and hold on as much Bitcoin as we can,' Holmes said. 'Sometimes we've had to sell... like how we quadrupled basically our profile at Paraguay because Bitfarms was selling so we could fast track. So we had to sell some Bitcoin to do that.'Still, Holmes sees the value returning through boosted production. 'It's like seven hundred and sixty thousand a day in revenue and it's going to a million three as we increase our production.' 'Axis of Evil' mining Bitcoin, Holmes alleges He also revealed that Bitcoin mining is being used by governments not typically associated with crypto-friendly policies — citing a striking example. 'When Israel bombed Iran and America came in and dropped the B2 special bombs, the difficulty for Bitcoin mining fell by 15%,' Holmes said. 'Why is that? Because the Iranian military were basically illegally mining Bitcoin to get US dollars and the power stations got hit.' That connection between global conflict and hash rate drop reveals, Holmes said, a deeper trend: 'All these other countries are doing everything if they can't get US dollars, they're going to mine Bitcoin.' Melker then asked: 'Do you think that a lot of nations are mining Bitcoin that we haven't heard about yet?' 'Yes, I do,' Holmes replied. 'It'll come out and it's a large source of revenue for the Axis of Evil. There's no doubt about that.'He added that under Trump, Bitcoin mining in America is only expected to grow — especially with allies like Paraguay. 'Paraguay is pro-America... very different than Colombia... or Venezuela,' Holmes said. 'We're excited to be in a country that is aligned with America's vision.' As of this week, Hive Digital surpassed 14 EH/s in Bitcoin mining capacity, generating $315 million in annualized revenue. It now aims to hit 25 EH/s by Thanksgiving — a move that could place it among the most efficient Bitcoin miners globally. EH/s stands for exahashes per second, a measure of computing power used in Bitcoin mining. One exahash equals 1 quintillion (1,000,000,000,000,000,000) hashes per second. The higher the EH/s, the more powerful the miner — and the better their chances of earning Bitcoin block rewards. HIVE Digital co-founder Frank Holmes says sanctioned countries like Iran are secretly mining Bitcoin first appeared on TheStreet on Aug 1, 2025 This story was originally reported by TheStreet on Aug 1, 2025, where it first appeared.
Yahoo
29-07-2025
- Business
- Yahoo
This Financial Services Stock Is My Fintech Exposure Pick
Written by Amy Legate-Wolfe at The Motley Fool Canada When people think of fintech stocks, their minds often go to flashy U.S. names like Square, PayPal, or Robinhood. But right here in Canada, there's one under-the-radar name that offers exposure to the growing intersection of finance and technology: Bitfarms (TSX:BITF). While it might not fit the traditional mould of a bank-turned-tech firm, Bitfarms is building out a digital infrastructure that could make it a powerhouse in the financial services industry of the future. An alternative fintech stock Let's be clear: Bitfarms is not a bank, nor does it operate like one. It's a Bitcoin mining company. But with crypto adoption on the rise and institutions increasingly warming to digital assets, Bitfarms offers exposure to one of the fastest-evolving areas of fintech. It combines data centre operations, blockchain validation, and financial technology in a way that most traditional financial stocks simply don't. And it's growing. In its first-quarter 2025 results, Bitfarms reported revenue of $67 million, up from 33% from the year before. That's driven by both higher production and increased transaction fees on the Bitcoin network. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at $16 million, down from $23 million in the same quarter of 2024. It also mined over 693 Bitcoin in Q2, up from the last quarter, but down from 2024 levels. With a new site opening in Paraguay and further upgrades across its Canadian facilities, Bitfarms is pushing for more scale and lower costs. More to come Of course, there are risks. This is a volatile fintech stock that moves closely with the price of Bitcoin. When Bitcoin fell sharply in 2022 and 2023, Bitfarms shares tumbled as well. But the company used that downturn to clean up its balance sheet, restructure its debt, and streamline operations. It ended the first quarter of 2025 with the flexibility to weather short-term crypto price swings. More importantly, Bitfarms now has over 19.5 exahash per second of installed hashrate capacity, more than triple what it was a year ago. That makes it one of the largest and most efficient public miners in the world. As Bitcoin adoption continues and more financial services integrate crypto infrastructure, Bitfarms stands to benefit. It doesn't just mine coins, it validates transactions on a secure, decentralized network that underpins a new form of digital finance. Considerations So why consider this a fintech play? Because the future of finance is digital. From tokenized assets to blockchain-based lending, everything about the way we exchange value is evolving. Bitfarms doesn't build the apps; we're not talking about flashy consumer tech here, but it provides the back-end rails for a decentralized, digital financial future. That's the kind of exposure many fintech exchange-traded funds (ETF) completely miss. Valuation-wise, Bitfarms is still inexpensive, especially considering its growth rate. The fintech stock's market cap is just over $964 million, and it trades at a fraction of the multiples you'd see with legacy fintech names. As the market begins to recognize digital infrastructure as a core part of the financial system, Bitfarms could re-rate much higher. Bottom line This isn't a pick for the faint of heart. The stock is volatile and tied closely to Bitcoin sentiment. But if you're looking for fintech exposure with higher risk and potentially higher reward, it's worth a look. Unlike some tech darlings that are all promise and no profit, Bitfarms is producing results. It's mining real assets, generating real cash, and scaling up operations with every quarter. When everyone's looking at payment apps and digital wallets at the front end, it's easy to miss the infrastructure behind it all. Bitfarms gives investors exposure to that infrastructure. And if you believe that crypto will play a growing role in global finance, this Canadian miner could be your ticket into the backend of fintech. That's why it's my fintech exposure pick, even if it doesn't come wrapped in the usual tech packaging. The post This Financial Services Stock Is My Fintech Exposure Pick appeared first on The Motley Fool Canada. Should you invest $1,000 in Robinhood Markets, Inc. right now? Before you buy stock in Robinhood Markets, Inc., consider this: The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and Robinhood Markets, Inc. wasn't one of them. The Top Stocks that made the cut could potentially produce monster returns in the coming years. Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the 'eBay of Latin America' at the time of our recommendation, you'd have $24,927.94!* Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 30 percentage points since 2013*. See the Top Stocks * Returns as of 6/23/25 More reading 10 Stocks Every Canadian Should Own in 2025 3 Canadian Companies Powering the AI Revolution A Commonsense Cash Back Credit Card We Love Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Block and PayPal. The Motley Fool has a disclosure policy. 2025
Hamilton Spectator
28-07-2025
- Business
- Hamilton Spectator
Bitfarms Announces Second Principal Executive Office in NYC and Initiates Conversion to U.S. GAAP
TORONTO and NEW YORK, July 28, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF) (the 'Company'), a global energy and compute infrastructure company, today announced that the New York City office it acquired as part of the previous acquisition of Stronghold Digital Mining, Inc. will be identified as Bitfarms' second Principal Executive Office ('PEO') in its filings with the securities commissions in Canada and with the United States Securities and Exchange Commission. The Company is also planning to prepare its financial statements under U.S. Generally Accepted Accounting Principles ('U.S. GAAP') to better align with other companies within their industry. This transition from IFRS Accounting Standards to U.S. GAAP is expected to commence with the annual consolidated financial statements for the fiscal year ending December 31, 2025. CEO Ben Gagnon stated, 'I am excited to announce Bitfarms' Principal Executive Office in New York City and our conversion to U.S. GAAP reporting. Building off the successful rebalancing of our energy portfolio to ~70% North American MWs in Q1, these initiatives further advance our U.S. pivot and align with our HPC/AI growth strategy. Maintaining a U.S.-based PEO and transitioning to U.S. GAAP is expected to simplify our reporting processes, reduce administrative and legal costs, broaden our U.S. investor base, and improve our eligibility for inclusion in certain stock indices, among other potential benefits. We believe this strategic transition will better position Bitfarms to execute our HPC/AI growth strategy, driving improved operational efficiencies and maximizing shareholder value.' About Bitfarms Ltd. Founded in 2017, Bitfarms is a North American energy and compute infrastructure company that develops, owns, and operates vertically integrated data centers. Bitfarms currently operates 15 data centers situated in four countries, which currently mine Bitcoin: the United States, Canada, Argentina and Paraguay. To learn more about Bitfarms' events, developments, and online communities: Forward-Looking Statements 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 the benefits of a second Principal Executive Office in the U.S. and the transition to reporting financial results under U.S. Generally Accepted Accounting Principles, the North American energy and compute infrastructure strategy, opportunities relating to the Company's HPC/AI strategy, the Company's ability to drive greater shareholder value, growth opportunities and prospects for the Company, 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. 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, risks and uncertainties include, among others: the risk that the anticipated benefits of a second Principal Executive Office fail to materialize in a timely manner or at all; the risk that the Company's transition to reporting financial results under U.S. GAAP will require more time or cost more than anticipated, or fail to occur at all; an inability to apply the Company's data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; 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; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; 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 former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations 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; 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 operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms' ability to utilize an at-the-market offering program ( 'ATM Program') and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; 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; risks related to the Company ceasing to qualify as an 'emerging growth company'; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; 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 Bitfarms 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 (which are also available on the website of the U.S. Securities and Exchange Commission (the ' SEC ') at ), including the Company's annual information form for the year ended December 31, 2024, management's discussion & analysis for the year-ended December 31, 2024 and the management's discussion and analysis for the three months ended March 31, 2025. Although Bitfarms 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. 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. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release. Investor Relations Contact: Laine Yonker lyonker@ Media Contact: Caroline Brady Baker cbaker@
