BFARF - Bitfarms partners with Foundry to expand mining fleet and operating hashrate

Bitfarms (BFARF) and Foundry Digital (wholly-owned subsidiary of Digital Currency) jointly announced the former's purchase of 2,465 Whatsminer M30S Bitcoin mining machines through Foundry's services.Of the total, the first 1,465 were installed in Bitfarms' Sherbrooke facility in 3Q20; collectively, these machines have increased Bitfarms' operating hashrate by 133 PH/s.The first machines enabled Bitfarms immediately increase its operating hashrate by 11% with only a 10% down payment of ~$1M.In current scenario, Bitfarms expects to recover its initial deposit in under a month, and this equipment is expected to generate positive cash flows for another 3 to 5 years.Under similar terms, Bitfarms will obtain financing to purchase an additional 1K Whatsminer M30S machines which will produce 90 PH/s and are delivery is scheduled in three shipments of 300-400 units in September, October and November.Additionally, Foundry commits to providing Bitfarms with a $10M equipment financing credit facility in early 2022 to help finance the acquisition of new

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Bitfarms partners with Foundry to expand mining fleet and operating hashrate