Bitfarms Ltd. (NASDAQ: BITF) Q3 2021 Earnings Highlights
CEO Emiliano Grodzki:
“…We recently exceed it 2 Exahash per Second and delivered many financial records this quarter. We are continuing to execute on our growth strategy. Our presence is truly global. With our footprint now expanded to four countries, Canada and the United States are in production. We are expected to begin operation in Paraguay by year end.
Onsite development continues to be on track. We expect this effort to continue to contribute to strong gains in our hash rate and market share. In summary, raising the portfolio of funds in multiple geographies under centralized location is part of our strategic plan to rapidly expand and diversify production operations.
Today, we have a combined total of 10 farms in operation and development, with planed capacity of 404 megawatts and 48,000 miners slated for delivery in 2022. With our strengthened balance sheet and flexible capital plan, we are well positioned to reach our targeted exahash rate of 3 by March 31, 2022, and 8 by December 31, 2022….”
“…We’ve been actively looking at opportunities, inorganic opportunities to buy companies and assets going back to last December. As you know, as of a week ago, we only closed one of those transactions, and that was Washington for 24 megawatts.
I think in terms of size, we wouldn’t be interested in looking at anything less than 10 to 20 megawatts of size, because that’s about the size that makes sense to make it worthwhile for us. We certainly are more attracted to the bigger opportunities where there’s scale.
We’ve seen quite a few private company opportunities with mid-sized companies, but they don’t really have a distinctive advantage in terms of electricity contracts, and their miners have been getting old. And it’s basically the — as the story goes, it’s — they don’t have access to capital, they can’t upgrade their fleet and as a result, without an attractive electricity contract and an aging fleet. It’s not very attractive to us. But if there’s an opportunity that comes around, whether it’s private or public, where there is a good electricity contract, half decent team and a good layout, we’d be very interested in taking a look.
And I expect we’ll continue to see opportunities, the lifecycle hypothesis suggests that there will be a consolidation in this industry coming. I think we’re just starting to see parts of it now. So our eyes are open. And because of our team and our expertise and deploying new facilities, I think we’re an attractive partner for anybody that wants to come to us, particularly given our growing international expertise…”