Ms. Tracy Krumme reports

BITFARMS ANNOUNCES $375 MILLION AT-THE-MARKET EQUITY OFFERING PROGRAM

Bitfarms Ltd. has entered into an at-the-market offering agreement dated March 8, 2024, with H.C. Wainwright & Co. LLC as agent, pursuant to which the company established an at-the-market equity program. Pursuant to the ATM program, the company may, at its discretion and from time to time during the term of the ATM agreement, sell, through the agent, such number of common shares of the company as would result in aggregate gross proceeds to the company of up to $375-million (U.S.). Sales of common shares, if any, through the agent, will be made through at-the-market issuances, including, without limitation, sales made directly on the Nasdaq Stock Market or another trading market for the shares in the United States at the market price prevailing at the time of each sale. No common shares will be offered or sold under the ATM program on the Toronto Stock Exchange or any other trading market in Canada. The ATM program may be terminated by either party at any time.

The company intends to use the net proceeds of the ATM program, if any, primarily on capital expenditures to support the growth and development of the company's existing mining operations, as well as for working capital and general corporate purposes.

Since the common shares will be distributed at trading prices prevailing at the time of the sale, prices may vary between purchasers and during the period of distribution. The volume and timing of sales, if any, will be determined at the sole discretion of the company's management and in accordance with the terms of the ATM agreement. To date, no common shares have been distributed by the company pursuant to the ATM agreement.

The offer and sale of the common shares under the ATM program will be made by means of a prospectus supplement dated March 8, 2024, to the company's existing shelf prospectus dated Nov. 10, 2023, and U.S. registration statement on Form F-10 (file No. 333-272989), which includes the base prospectus. The prospectus supplement has been filed with the applicable provincial regulatory authorities in Canada and the Securities and Exchange Commission. The prospectus is available on the SEDAR+ website maintained by the Canadian Securities Administrators and is available on the SEC's EDGAR website.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global 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 analytic system delivers best-in-class operational performance and uptime.

Bitfarms currently has 11 operating bitcoin mining facilities and two under development situated in four countries: Canada, the United States, Paraguay and Argentina. Powered predominantly by environmentally friendly hydroelectric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

We seek Safe Harbor.