Mr. Emiliano Grodzki reports

BITFARMS ANNOUNCES RESULTS OF ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS

Bitfarms Ltd. has released the results of its annual general and special meeting of shareholders, held virtually on May 24, 2023. A total of 72,262,470 common shares, representing 30.08 per cent of the issued and outstanding common shares of the company, were represented at the meeting.

Based on the proxies received and the votes cast at the meeting, six directors were elected for the ensuing year. Attached is a tabulation of the votes submitted.

            VOTING RESULTS FOR DIRECTORS

Nominee                  Votes for   Votes against*

Nicolas Bonta           36,843,570       4,054,758   
Andres Finkielsztain    34,477,109       6,421,219   
Emiliano Joel Grodzki   23,273,371      17,624,957  
Edith M. Hofmeister     39,753,171       1,145,157   
Brian Howlett           29,372,402      11,525,926  
Geoffrey Morphy         36,859,871       4,038,457   

* Proxies representing a total of 31,364,142 
common shares were not voted in respect of 
the election of directors.

Shareholders also voted in favor of reappointing PricewaterhouseCoopers LLP as auditor of the company for the ensuing year and authorized the directors to fix its remuneration, with votes for totalling 71,810,528 common shares and votes withheld totalling 451,942 common shares.

With votes for totalling 64,694,009 common shares and 7,568,461 against, shareholders voted in favour of a special resolution approving an amendment to the articles of the corporation for the future consolidation of the common shares on the basis of one postconsolidation common share for up to 10 preconsolidation common shares, if, and at such time following the date of the meeting as may be determined by the board of directors of the corporation in its sole discretion, as more particularly described in the management information circular dated April 4, 2023.

Following the meeting, the directors reappointed the following officers of the company:

• L. Geoffrey Morphy, president and chief executive officer;
• Jeffrey Lucas, chief financial officer;
• Benjamin Gagnon, chief mining officer;
• Benoit Gobeil, senior vice-president, operations and infrastructure;
• Marc-Andre Ammann, vice-president of finances and accounting;
• Paul Magrath, vice-president, taxation;
• Patricia Osorio, vice-president and corporate secretary;
• Andrea Keen Souza, vice-president of human resources;
• Philippe Fortier, vice-president of corporate development;
• Stephanie Wargo, vice-president of marketing and communications;
• Jeff (Jun Feng) Gao, vice-president of risk management and optimization;
• Damian Luis Polla, general manager, Latin American operations.

Please see the report of voting results available at the company's profile at SEDAR for the detailed results of the matters voted on by shareholders at the meeting.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global, publicly traded (Nasdaq/Toronto Stock Exchange: BITF) bitcoin mining company. Bitfarms develops, owns and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service and multiple on-site technical repair centres. The company's proprietary data analytic system delivers best-in-class operational performance and uptime.

Bitfarms currently has 10 farms, which are located in four countries: Canada, the United States, Paraguay and Argentina. Powered by predominantly environmentally friendly hydroelectric and long-term power contracts, Bitfarms is committed to using sustainable, locally based and often underutilized energy infrastructure.

We seek Safe Harbor.