Bitfarms Ltd. (the “Company”) (TASE: BLLCF) (OTCQX: BLLCF), one of the largest blockchain infrastructure companies in the world through its ownership of Backbone Hosting Solutions Inc. (operating under the name “Bitfarms”), is pleased with the Energy Board of Québec’s (the “Energy Board”) decision to not apply an electricity price increase to the blockchain industry within the province.
In a decision rendered on April 29, 2019 the Energy Board rejected Hydro Québec’s targeted rate increase for cryptocurrency miners and rejected the proposed price bidding mechanism for the allocation of new energy blocks. The Energy Board decided to allocate an aggregate additional supply of 300 megawatts of electricity to blockchain customers, in addition to the 368 MW previously granted to existing customers such as Bitfarms. Bitfarms was an active participant in the hearings held during the summer and fall of 2018 at the Energy Board.
“This decision helps to secure our long-term operations in Québec as we enter a new era of operational growth. We are excited to continue our collaboration with Hydro-Québec, municipal energy distributors and municipalities,” commented Pierre-Luc Quimper, President and co-founder of Bitfarms. “With green hydroelectricity, innovative universities and a recent court decision that clearly supports the industry, Québec has all the ingredients to become a blockchain hub,” adds Quimper.
Wes Fulford, Chief Executive Officer of Bitfarms added, “the energy price remains competitive and it will allow Bitfarms to continue its expansion in Québec, particularly Phase 1 and Phase 2 of our new modern computing centre within the municipality of Sherbrooke.”
Bitfarms operates one of the largest vertically integrated blockchain mining operations in North America, with four computing centers located in Québec, an operating office in Brossard, a microelectronics laboratory in Saint-Jean-sur-Richelieu, and an electrical contracting company in Bromont (Volta électrique).
Source: Company Press Release