Mr. Geoff Morphy reports

BITFARMS PURCHASES LAND IN YGUAZU, PARAGUAY IN SUPPORT OF TRANSFORMATIVE FLEET UPGRADE & 2024 TARGET OF 21 EH/S

Bitfarms Ltd. has completed the purchase of land for its new 100-megawatt production facility in Yguazu, Paraguay.

"This transaction, an important step in our recently announced transformative fleet upgrade, expands our LATAM portfolio with low-cost renewable hydropower," said Geoff Morphy, president and chief executive officer of Bitfarms. "The newly acquired land is located in the heart of Paraguay near the Itaipu dam, the third-largest hydropower dam in the world with 14 gigawatts of installed capacity. Positioned to benefit from the region's abundant renewable energy resources, this new facility should be sustainable both economically and environmentally. Once Yguazu comes on-line, over 85 per cent of our portfolio will be powered by low-cost green energy that promotes environmentally sustainable bitcoin mining.

"We look forward to starting construction on the Yguazu farm and anticipate completing the facility's buildout in the second half of 2024. In conjunction with our miner redeployment strategy, the Yguazu project will be designed to help provide sufficient infrastructure to achieve a corporate hashrate of 21 exahashes/second by year-end 2024 should we exercise our recently announced miner purchase order option for additional Bitmain T21 miners.

"Bitfarms is dedicated to managing costs and driving returns for shareholders. This upgrade should deliver meaningful improvements in hashrate, energy efficiency and cost per bitcoin, positioning us well for the halving and to capture upside from rising bitcoin prices and mining economics," Mr. Morphy concluded.

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 in production, one in expansion, one under construction and one in development, 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.

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