Mr. Geoff Morphy reports

BITFARMS REACHES 240 MW AND 6.3 EH/S AS BAIE-COMEAU FULLY ENERGIZES INITIAL PHASE

Bitfarms Ltd. has fully energized the first phase of its farm in Baie-Comeau, Que., increasing its total operating capacity to 240 megawatts and its hashrate to 6.3 exahashes/second.

"By fully energizing Baie-Comeau, we increased our corporate operating capacity with cost-effective and clean hydro power and achieved our 6.3 EH/s goal," said Bitfarms chief executive officer Geoff Morphy. "This efficient facility leverages our operating and design expertise. We will continue to manage our balance sheet prudently to be positioned to capture growth opportunities both before and after the next bitcoin halving, expected in mid-April, 2024."

Bitfarms acquired Baie-Comeau in July, 2023, with the plan to reach 11 MW by the end of Q3 2023 and add another 11 MW when power is made available, which is expected in H2 2024. Production initiated with three MW and increased to about five MW consistently throughout August, 2023. In early October, 2023, Baie-Comeau added six MW, fully energizing the initial 11 MW phase.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global, publicly traded bitcoin mining company that contributes its computational power to one or more mining pools from which it receives payment in bitcoin. 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.

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