Mr. David Barnard reports

BITFARMS ANNOUNCES C$60 MILLION PRIVATE PLACEMENT WITH U.S. INSTITUTIONAL INVESTORS

Bitfarms Ltd. has entered into subscription agreements with certain institutional investors for gross proceeds of approximately $60-million in a private placement in the United States, comprising 44,444,446 common shares at $1.35 per common share along with warrants to purchase an aggregate of up to 22,222,223 common shares. The warrants have an exercise price of $1.61 ($1.17 (U.S.)) per common share and exercise period of three years. The net proceeds of the private placement will be used by the company mainly to acquire additional miners, expand infrastructure and improve its working capital position.

The private placement is expected to close on or about Nov. 28, 2023, subject to satisfaction of customary closing conditions and approval of the Toronto Stock Exchange.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the private placement.

No securities were offered or sold to Canadian residents in connection with the private placement.

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.

We seek Safe Harbor.