11 March 2018

The Quebec company Bitfarms is proud to announce it is setting up several computing centres using blockchain technology in Sherbrooke, investing a total amount of $250M in several stages, as well as creating 250 well-paid jobs.

Bitfarms’ Sherbrooke facilities will ultimately quadruple the company’s computing power, and boost its staffing from 80 to more than 330 employees in Quebec by the end of the year.

“This development confirms the role of Quebec company Bitfarms as a North American leader in blockchain computing centres,” said President Pierre-Luc Quimper.

Quebec company Bitfarms is a publicly traded company. It has generated substantial profits in only a few months, without any government subsidies. Bitfarms plans to support and expand its growth with its new Sherbrooke facilities to maintain and consolidate its leading position.

Over the coming months, close to 200 well-paid jobs will be created, including positions for engineers, technicians, electricians, system administrators, safety managers, and security staff. 

An additional 50 people will soon be hired to upgrade and set up the various sites where Bitfarms plans to do business.

These new Bitfarms facilities will supplement those already in place in Saint-Hyacinthe, Farnham, Notre-Dame-de-Stranbridge, Cowansville, and Magog.

“Our exceptional expertise and our safe and professional blockchain computing facilities have enabled us to quickly establish ourselves as world leaders, despite international competition. Our facilities and processes meet the principles of sustainable development. Our staff is among the most qualified in the international market,” explained Mr. Quimper.

To guarantee the success of this investment, Bitfarms concluded six electricity supply agreements with Hydro-Sherbrooke, totalling 98 megawatts, based on the growth of its energy needs.

“We are lucky in Quebec to be able to rely on clean and renewable energy to support the development of the infrastructure necessary for blockchain computing, a technology that is revolutionizing transactions. This up-and-coming industry will transform relationships between businesses and consumers,” said Mr. Quimper.

Bitfarms will be able to do load-shedding for Hydro Sherbrooke during the peak winter demand, and to use the energy surplus when electricity consumption declines.

The choice of Sherbrooke is all the more strategic because it provides Bitfarms with access to a skilled workforce that has graduated from the city’s vocational schools or the Université de Sherbrooke.

Sherbrooke Mayor Steve Lussier was keen to highlight the significant economic spinoffs from the installation of Bitfarms’ facilities within the city.

“We are very pleased that Bitfarms decided to set up shop in Sherbrooke. This innovative, fast-rising technology company will benefit all Sherbrooke residents given its significant spinoffs for the city. I would like to thank the company’s executives for their trust and assure them that we will do our best to contribute to their success,” stated Sherbrooke Mayer Steve Lussier.

The Director General of Sherbrooke Innopole, Josée Fortin, noted the quality of the work and the cooperation of managers from Bitfarms and from public authorities. “We managed to conclude an effective deal that will create jobs and benefit the region.”

Source : Bitfarms et Sherbrooke Innopole

Photo Credits : Sherbrooke Innopole and Bitfarms