Company
Overview

Bitfarms operates computing centres that power the global decentralized financial economy

Computing power
to reshape the world

We provide an essential service, the validation and verification of global cryptocurrency transactions

Transaction validation

The mining process deals with the validation of transactions on the Bitcoin network. Miners receive rewards for maintaining the integrity of the network and are incentivized to only generate blocks containing legitimate transactions.

Company Highlights

3.4 EH/s

Corporate Hashrate

137 MW of built out infrastructure

Across 9 computing centres in Canada, the U.S and Paraguay.

US$0.04 / kWh average cost

99% green hydroelectricity

Leading cost efficiency

Through scale, vertical integration and operational excellence

TSX – BITF

First cryptocurrency miner to file a full prospectus with the OSC

CAD 80M

Solid Balance Sheet
CAD 155 million of equity raised in 2021

Financial Discipline

Audited by Big 4 CPA firm

Strong Management

Veteran industrial-scale data centre and capital markets professionals

The Board of Directors

Nicolas Bonta

EXECUTIVE CHAIRMAN AND FOUNDER

Nico is a founder of Bitfarms as a well a successful entrepreneur and business builder. Nico brings over 20 years of business experience having built a successful chain of hotels in South America and is responsible for developing strategic opportunities for growth of the Company.

Emiliano Grodzki

CHIEF EXECUTIVE OFFICER, BOARD MEMBER AND FOUNDER

Emiliano is a founder of Bitfarms as well as a business builder and innovator. With over 20 years of experience having successfully built multi-million dollar private businesses, Emi is responsible for setting the Company’s overall vision and strategy.

Pierre Seccareccia

INDEPENDENT DIRECTOR

Mr. Seccareccia joined the board of directors in June 2019. He has extensive experience in financial consulting and management. A Partner of the Coopers & Lybrand accounting firm from 1976 to 1998, he acted as Managing Partner for its Montreal south shore office from 1987 to 1989, for its Montreal central office from 1992 to 1996, and for its offices in the Province of Quebec from 1996 to 1998. Following the merger in 1998 of Coopers & Lybrand with Price Waterhouse, he acted as Managing Partner for the Montreal office of PricewaterhouseCoopers LLP from 1998 to 2001. Since 2003, Mr. Seccareccia has acted as a full-time independent corporate director for various public and private entities.

Mr. Seccareccia is the Chair of the Audit Committee.

Brian Howlett

LEAD DIRECTOR

Brian is a CPA with 30+ years experience. Brian has served as senior officer and director of many public companies. He currently serves as President and CEO of Canadian Orebodies Inc. and CR Capital Corp., and he is a director of Nighthawk Gold Corp. and Dundee Sustainable Technologies Inc.

Andrés Finkielsztain

INDEPENDENT DIRECTOR

Andres was a Founder and Portfolio Manager of Soros Brothers Investments LLC, a New York based Fund created in 2011 for the benefit of Alexander and Gregory Soros, sons of George Soros. Mr Finkielsztain previously worked at J.P.Morgan for over 10 years in various capacities within asset management. Prior to JPM, Andres was an analyst for Emerging Markets at Soros Fund Managment LLC. He also sits at the Board of Directors of a publicly listed company, Goldmoney Inc.

Leadership Team

Nicolas Bonta

EXECUTIVE CHAIRMAN AND FOUNDER

Nico is a founder of Bitfarms as a well a successful entrepreneur and business builder. Nico brings over 20 years of business experience having built a successful chain of hotels in South America and is responsible for developing strategic opportunities for growth of the Company.

Emiliano Grodzki

CHIEF EXECUTIVE OFFICER, BOARD MEMBER AND FOUNDER

Emiliano is a founder of Bitfarms as well as a business builder and innovator. With over 20 years of experience having successfully built multi-million dollar private businesses, Emi is responsible for setting the Company’s overall vision and strategy.

Geoff Morphy

PRESIDENT

Geoff has 35 years of experience in senior management roles of banks, corporate advisory firms and industry. He has served on the boards of several private and publicly traded companies located in North America and Europe. Geoff was a former director of Bitfarms. Possesses his IoD designation and became an officer in August 2020.

Jeffrey Lucas

CHIEF FINANCIAL OFFICER

Jeffrey has extensive international finance and operational experience with public companies listed on the NYSE and Nasdaq. He previously worked in high-yield investment banking with L.F. Rothschild and in institutional money management as a securities analyst with Wells Capital Management. He is a CFA charterholder, CPA and earned an MBA from Harvard Business School, a BA in Economics from Tufts University, and studied at the London School of Economics.

Ben Gagnon

CHIEF MINING OFFICER

Ben started building and operating Bitcoin mining facilities in mainland China in 2015.
Ben brings over 6 years of real-world Bitcoin mining experience and is a recognized industry thought leader. His expertise is regularly requested at conferences and from industry leaders around the world.

Benoit Gobeil

SENIOR VICE-PRESIDENT, OPERATIONS AND INFRASTRUCTURE

Benoit is a master electrician and started Volta Électrique in 2010. The company serves as Bitfarms in-house electrical engineering and maintenance firm. Benoit’s significant experience in project management and his electrical skills are instrumental in his role of Director of Operations at Bitfarms, keeping our facilities running.

Patricia Osorio

VP, CORPORATE AFFAIRS

Patricia is an accredited Colombian lawyer, earned her Bachelor of Laws (LL.B.) in October 1997 at Universidad Pontificia Bolivariana, Medellín, Antioquia and was called to the Colombian Barreau in February 1998.

With over 18 years of corporate experience in Canada, including corporate governance roles with Canadian companies with activities overseas (Africa and Latin America), Patricia has managed business relations and has supported several transactions including IPOs, private placements, the incorporation of subsidiaries and acquisition and sale of assets. Prior to joining Bitfarms, Patricia served as Corporate Secretary for Dundee Sustainable Technologies, a publicly traded, Montreal-based company focused on environmentally friendly technologies for the treatment of material from the mining industry. Patricia is fluent in English, French and Spanish.

Damian Polla

GENERAL MANAGER – LATAM OPERATIONS

Damian has 22 years of experience in project and corporate finance. He has worked at BNP Paribas, WestLB and Haitong Bank, where he structured and executed multiple transactions in the energy and infrastructure sectors, primarily in Latin America. Damian holds a BA from Washington College and an MBA from Stern School of Business at New York University.

Andrea Keen Souza

VICE PRESIDENT, HUMAN RESOURCES

Souza is a senior human resources professional with over two decades of international experience in high growth start-ups, scale-ups, and mergers and acquisitions. Most recently, she was People & Culture Leader for Telus Health Virtual Care. Previously, she worked with Bombardier Aerospace and an affiliate of General Electric in South America, among others. Souza holds a Bachelor of Commerce from Mount Allison University, an MBA from the University of São Paulo, and human resources professional certificates in Canada and the United States. Souza is fluent in English, French, Portuguese, and Spanish.

Philippe Fortier

VICE PRESIDENT, SPECIAL PROJECTS

Serving in different corporate finance and management roles, Fortier played an essential role in a variety of transactional and growth initiatives, both as a principal and advisor to private and listed organizations for over 10 years. Following five years as a senior auditor at Deloitte, he worked with Cendrex Industries, BDG & Partners, and National Bank Financial Markets. Fortier holds a BBA from HEC Montreal and a MSc from the London School of Economics and Political Science. He is a qualified CPA and is fluent in French, Spanish, and English.

Stephanie Wargo

VICE PRESIDENT, MARKETING

Wargo brings 25 year’s experience and depth of knowledge working for rapidly growing financial services companies. Most recently, Wargo served six years as Vice President, Global Marketing for PrimeRevenue, where she managed content strategy, branding, advertising, media relations, among other responsibilities. Beginning her career with Wells Fargo in product management, she subsequently was Vice President, Marketing & Communications for BitPay, and Vice President Client Relations & Marketing for FirstView Financial. She is a graduate of Agnes Scott College, Decator, GA.

Marc-André Ammann

CPA Auditor, CA / Vice President Finance & Accounting

Marc-André is a CPA Auditor, CA and holds a BBA and a Graduate Diploma in Accountancy from HEC Montreal. Marc-André has over 15 years of experience in finance and senior management positions in public companies listed in Canada and the United States. Marc-André has extensive experience with finance-related functions including financial reporting (OSC and SEC), corporate accounting (IFRS and US GAAP), internal controls, financial planning & analysis, IPO preparation, tax, management reporting and cash management. Prior to joining Bitfarms, Marc-André was Vice President Finance and Corporate Controller at Sharethrough, an advertising technology company. Previously, he worked for 10 years at Canadian National Railway and 2 years at Quebec Iron Ore.

Paul Magrath

CPA, CA / Vice President Tax

Paul is a CPA, CA and holds a BA in Economics from York University in Toronto. Paul has over 25 years of experience in senior tax positions at publicly listed, global multinational companies. Paul has extensive experience in international tax and transfer pricing issues, as well as tax planning, tax incentives, accounting for income taxes, and compliance. Paul is a thought leader in taxation and works regularly with the OECD, Finance Canada and the CRA on sound administration of tax laws through various industry associations. Prior to joining Bitfarms, Paul served as the head of tax for Canada at Huawei Technologies. Previously, he led the Canadian tax group for 10 years at AstraZeneca Canada, and held senior tax roles at Pernod-Ricard and Unilever Canada.

Corporate Governance Documents

Date Title
February 17, 2022 Disclosure and Confidentiality Policy Download
February 17, 2022 Anti-Bribery and Anti-Corruption Policy Download
February 17, 2022 Code of Business Conduct and Ethics Download
February 17, 2022 Diversity Policy Download
February 17, 2022 Securities Trading Policy Download
February 17, 2022 Whistleblower Policy Download
July 6, 2021 NASDAQ Statement of Corporate Governance Differences Download
July 15, 2019 Mandate of the Board of Directors Download
July 15, 2019 Audit Committee Charter Download
July 15, 2019 Governance, Nomination and Compensation Committee Charter Download
July 15, 2019 Disclosure and Confidentiality Policy Download

*Petahash [per second] (PH/S) and megawatt (MW) numbers reflect the maximum operational capacity for all ASIC miners. Actual figures will vary slightly due to routine maintenance.