Mr. Geoff Morphy reports

BITFARMS LOCKS IN POWER COST AT 2.1 CENTS PER KWH FIXED RATE AT RIO CUARTO

Bitfarms Ltd. has entered into a prepaid contract with its Argentine private power producer to receive power at Rio Cuarto at the rate of 2.1 cents per kilowatt-hour plus VAT (value-added tax) for the months November, 2023, through April, 2024, which benefits from seasonally lower natural gas prices in Argentina.

"With Argentina currently contributing 23 per cent of our global hash rate, this six-month fixed-price agreement will significantly lower our blended cost of power," said Geoff Morphy, president and chief executive officer of Bitfarms. "By comparison, in Q3 2023, our all-in cost of power at Rio Cuarto was slightly over 3.2 cents per kilowatt-hour, and, in October, 2023, which was our first month operating that facility at full capacity, our all-in cost was 2.2 cents per kWh. Accordingly, with lower power costs at Rio Cuarto over the next six months, we expect the average cost of power at our Argentine operations in its first year to be around 2.5 cents per kilowatt-hour plus taxes, driving down our corporate average cost of power for the full year."

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. Bitfarms currently has 11 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.