0000000000-24-012929.txt : 20250204 0000000000-24-012929.hdr.sgml : 20250204 20241121133613 ACCESSION NUMBER: 0000000000-24-012929 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20241121 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: Bitfarms Ltd CENTRAL INDEX KEY: 0001812477 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] ORGANIZATION NAME: 09 Crypto Assets IRS NUMBER: 000000000 STATE OF INCORPORATION: A6 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD SEC FILE NUMBER: 001-40370 BUSINESS ADDRESS: STREET 1: 110 YONGE STREET STREET 2: SUITE 1601 CITY: TORONTO STATE: A6 ZIP: M5C 1T4 BUSINESS PHONE: 647-259-1790 MAIL ADDRESS: STREET 1: 110 YONGE STREET STREET 2: SUITE 1601 CITY: TORONTO STATE: A6 ZIP: M5C 1T4 PUBLIC REFERENCE ACCESSION NUMBER: 0001213900-23-021559 LETTER 1 filename1.pdf begin 644 filename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filename2.txt November 21, 2024 Jeffrey Lucas Chief Financial Officer Bitfarms Ltd. 110 Yonge Street Suite 1601 Toronto, Ontario Canada M5C 1T4 Re: Bitfarms Ltd. Form 40-F for the Fiscal Year Ended December 31, 2023 Response dated September 9, 2024 File No. 001-40370 Dear Jeffrey Lucas: We have reviewed your September 9, 2024 response to our comment letter and have the following comments. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Unless we note otherwise, any references to prior comments are to comments in our July 31, 2024 letter. Form 40-F for the Fiscal Year Ended December 31, 2023 Consolidated Statements of Cash Flows, page F-7 1. We acknowledge your response to prior comment 2. As previously requested, and consistent with the requirements of IAS 7.16(b), please revise to classify the proceeds from sales of your digital assets classified as intangible assets within investing activities. Note 3. Basis of Presentation and Material Accounting Policy Information Revenue Recognition, page F-12 2. In your response to the second bullet of prior comment 3, you told us that you decide when to provide services to the mining pool operator. In order to provide a more November 21, 2024 Page 2 fulsome description of your accounting policy related to mining revenue, we continue to believe your disclosure should include an explanation that your enforceable right to compensation begins when, and continues as long as, you provide services, and you decide when to provide services under the contracts. Please revise your disclosure in future filings accordingly or further explain to us how your current disclosure includes that information. Please contact Kate Tillan at 202-551-3604 or Rolf Sundwall at 202-551-3105 if you have questions regarding comments on the financial statements and related matters. Sincerely, Division of Corporation Finance Office of Crypto Assets