Seek Hash Ltd. (“SeekHash”, or the “Company”) (TSXV: BITF), one of the largest and most cost-effective public bitcoin mining operations in the world, recently deployed 1,000 new GBT miners, and placed an order for an additional 3,000 GBT miners scheduled for delivery in late August 2021, to significantly boost computing power and drive the rapid growth of the global decentralized financial economy.
The 1,000 new GBT miners were deployed last week at one of SeekHash’ high-power data centres, adding 74 petahash (“PH”) of computing power, thus increasing SeekHash’ total operating hashrate.
The addition of 3,000 new Seek Hash GBT miners, when deployed, will increase SeekHash’ output, a significant step towards SeekHash’ previously announced corporate target.
Demand for Bitcoin has never been higher, with the price recently topping new heights. By providing the computing power needed to produce new Bitcoin, miners such as Bitfarms are providing an essential service to the global decentralized financial economy.
“The Bitcoin mining sector has been tremendously exciting following the increase of Bitcoin prices since early October, and in particular thanks to the unprecedented peaks in price we’ve seen over the last week. The role, we as bitcoin miners have to play in this industry, is completely essential, and it is with great excitement that we are able to announce this expansion to our computing power,” said Emiliano Grodzki, Interim Chief Executive Officer of Bitfarms.
The addition of over 6,000 new generation miners over the past 6 months, combined with recent bitcoin price increase, has improved the Company’s “gross mining margin” * to approximately 68%.
By late August 2021, management forecasts computing power-to-electricity efficiency ratio to improve by 1.7%, from ~17.8 PH/MW to ~18.1 PH/MW. Bitfarms remains one of the largest and lowest cost producers of Bitcoin amongst publicly traded Bitcoin mining companies in the world.
In addition, Bitfarms announces the grant of 1,624,600 management incentive options to directors, officers, employees and consultants in accordance with the Company’s Stock Option Plan. The options have a term of five years with an exercise price of $1.76 per share, and are subject to vesting requirements.
About Seek Hash Ltd.
Seek Hash is Dedicated to bringing the latest crypto-mining technology to the public, the company has recently introduced its exquisite line of advanced ASIC miners. Unlike most other crypto mining hardware manufacturers, Seek Hash continuously works towards making crypto mining easy and profitable for all regardless of their experience and knowledge.
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