Mr. Ben Gagnon reports

BITFARMS INCREASES OPERATIONAL HASHRATE TO 5.3 EH/S

Bitfarms Ltd. has reached a new hashrate high of 5.3 EH/s (exahashes per second), up 6 per cent from May 31, 2023.

"The first tranche of 2,982 MicroBT miners were installed and began hashing last week at our Rio Cuarto farm in Argentina. These miners contributed an additional 290 PH/s [petahases per second], driving our hashrate to 5.3 EH/s," said Ben Gagnon, chief mining officer of Bitfarms. "With these new installations, operating capacity increased to 29 MW [megawatts] at Rio Cuarto and to 207 MW company-wide. An additional 3,300 miners are en route to Rio Cuarto, and will improve production and energy efficiency at this facility when installed in July."

Jeff Lucas, chief financial officer of Bitfarms, added: "With miner deliveries and installations progressing smoothly, we continue to execute on our strategy of accretive growth. These competitively priced miners, combined with high energy efficiency and the lowest-cost electricity in our portfolio, are expected to generate a rapid return on investment, reduce our average operating costs per TH (terahash) and improve our cash flow."

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.