Mr. Ben Gagnon reports

BITFARMS IMPROVES ENERGY EFFICIENCY WITH PURCHASE OF 4,660 HIGH PERFORMANCE MINERS

Bitfarms Ltd. has purchased 550 petahashes/second of new high-efficiency BTC miners for $7.7-million, using a combination of cash and vendor credits. A total of 4,660 miners were purchased for $13.94/terahash with a blended energy efficiency of 28 watts/terahash.

"We secured additional miners to build upon our momentum in Argentina and Quebec," said Ben Gagnon, chief mining officer of Bitfarms. "These new miners will have the highest efficiency in our fleet and improve our average energy and operating costs while minimizing capital expenditures. Representing 550 PH/s, these miners will be used for expansion and fleet optimization, and we expect them to push our corporate hash rate beyond our Sept. 30, 2023, target of six exahashes/s. With this transaction's competitive pricing, we continue to execute our strategy of accretive growth along with judicious capital management."

Miner plan

In June, Bitfarms purchased a combination of 4,660 Bitmain S19 Pro+, Bitmain S19j Pro and MicroBT M50S+ miners for $13.94/TH with a blended energy efficiency of 28 W/TH and an average hash rate of 118 TH/s per miner.

• 1,500 miners are scheduled to be sent to Argentina, augmenting the 6,200 miners purchased in April;
• 3,160 miners are to be shipped to Quebec, a portion of which are planned to replace less efficient miners.

When fully deployed, these miners are expected to improve energy efficiency 11 per cent in Argentina to 33 W/TH and 3 per cent companywide to 37 W/TH. All of the new miners are expected to be on-line in Q3 2023.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global, publicly traded 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 analytics 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.