The company issued a statement in which it offers a promotion for all those who join before November 15, with a commission of 0% for life. From that date, a commission of 1% will be charged. In mid-September, the company announced that it would launch a new pool using its own machines, but was not open to new entrants.
“We are very comfortable with the performance since we migrated most of our equipment to the Bitfarms pool last month,” said CEO Wes Fulford. “As a result, we are confident in the commercial launch of the pool and are interested in inviting new participants.”
Bitfarms reported its financial results
The crypto mining company operates four facilities in the Canadian province of Quebec, with 27.5 megawatts of electricity to extract bitcoin, Bitcoin Cash, ethereum, Litecoin and Dash. It published its financial results for the first six months of 2018 at the end of August, where the company obtained a net profit of $4.9 million USD and consolidated revenues of $22.3 million USD.
So far, the company has relied mainly on cryptocurrency mining to generate revenues.
The low electricity rates in Quebec have made the province an attractive destination for crypto mining companies ; the utility company Hydro-Quebec put a brakes on the new operators and generated a recent controversy surrounding the decision.
Pierre-Luc Quimper, president and founder of Bitfarms, said that the company is seeking to become “a fully vertically integrated blockchain company” and that the creation of the group is a step towards that goal.
Rapid expansion
Bitfarms, which began under the name Backbone Hosting Solutions, was founded by Canadians Pierre-Luc Quimper and Mathieu Vachon, who began mining bitcoins and other cryptocurrencies several years ago. Quimper had already founded the GloboTech data center business in 1999, which is still operational.
The duo partnered with Argentines Nicolas Bonta and Emiliano Grodzki and began focusing exclusively on crypto in 2017. In April 2018, the firm merged with an Israeli ghost company to obtain a listing on the Tel Aviv Stock Exchange, where now Trades under the ticker BLLCF.TA.
The company has been very practical in its operations: it bought its own electric services company and has created a microelectronics laboratory to repair its own mining machines, which are mostly Antminers produced by Bitmain. .
This story was originally published in Spanish at Cripto247.
