MONTREAL, Québec & RAMAT GAN, Israel--(BUSINESS WIRE)--Bitfarms Technologies Ltd. (“Bitfarms”, or the “Company”) (TASE: BLLCF.TA) (OTCQX: BLLCF), one of the largest blockchain technology companies in the world through its ownership of Backbone Hosting Solutions Inc., today announced the public launch of its custom-built Bitcoin (“BTC”) mining pool, “Bitfarms Pool”.
Following testing of our custom-built BTC pool with version-rolling functionality, the Company has now commercially launched Bitfarms Pool as of October 16, 2018. All users joining Bitfarms Pool before November 15, 2018 with over five (5) terahash will be offered a lifetime 0% fee on both PPS (pay per share) block rewards as well as block transaction fees. For those who join after November 15, 2018, Bitfarms will offer a competitive rate of 1% on PPS block rewards and transaction fees. In addition, Bitfarms plans to roll out a Customer Referral Program which will provide fee sharing incentives for active referrals.
Bitfarms Pool software is hosted on a completely redundant and custom server architecture located in Canada. This allows us to retain customer data internally without relying on third-party platforms to power up our infrastructure. For improved security and lower latency, Bitfarms Pool has also deployed public-access stratum nodes all around the globe allowing miners to connect to the closest server, effectively reducing latency between their miners and the pool.
New participants are encouraged to visit the Bitfarms Pool website for more information: www.bitfarms.io/pool
“Our pool has been built by our own developers, who have extensive experience in building and maintaining IT infrastructures,” explains Pierre-Luc Quimper, president and founder of Bitfarms. “This achievement is another step towards our goal of being a fully vertically integrated blockchain company.”
“Since migrating the majority of our miners to Bitfarms Pool last month, we have been very pleased with the pool’s consistent performance. As a result, we are confident in the commercial launch of Bitfarms Pool and are excited to invite new participants to join in our success,” commented Wes Fulford, CEO of Bitfarms.
A Bitcoin mining pool, like Bitfarms Pool, allows Bitcoin miners to “pool” their resources together, effectively sharing their processing power over the Bitcoin network. Pool participants split block rewards equally, according to the amount of work they contributed to the probability of finding a block. In a rising difficulty environment, the introduction of the mining pool has enabled miners to generate blocks more quickly and therefore receive a portion of the block reward on a more consistent basis.
About Bitfarms Technologies Ltd. (formerly Blockchain Mining Ltd.)
Bitfarms Technologies Ltd. (“Bitfarms”), through its transaction with Backbone Hosting Solutions Inc., owns and operates blockchain farms that power the global decentralized financial economy. Bitfarms provides computing power to cryptocurrency networks such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash, earning fees from each network for securing and processing transactions, 24 hours a day, seven days a week. Since 2013, predecessors to Bitfarms have constructed 4 farms in Québec, Canada, which have 27.5 MW of installed capacity and approximately 200 Ph/s of installed hash-power. Bitfarms’ construction pipeline includes an additional 5 farms with a total of 162.5 MW of power capacity, including current operations.
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Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The Tel Aviv Stock Exchange has neither approved nor disapproved the contents of this press release.
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company, are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the Company, the listing of the Common Shares on stock exchanges, as well as Bitfarms’ ability to successfully mine digital currency, revenue increasing as currently anticipated, the ability to profitably liquidate current and future digital currency inventory, volatility in digital currency prices and the resulting significant negative impact on the Company’s operations, the construction and operation of expanded blockchain infrastructure as currently planned, and the regulatory environment of cryptocurrency in the Provinces of Canada.