Mr. Geoff Morphy reports

BITFARMS PURCHASES ADDITIONAL MINERS TO REACH 21 EH/S IN 2024

Bitfarms Ltd. has exercised its previously announced purchase option for 28,000 Bitmain T21 miners and also purchased an additional 19,280 Bitmain T21 miners for $14 (U.S.)/TH (terahash), and 3,888 Bitmain S21 miners and 740 Bitmain S21 hydro miners for $17.50 (U.S.)/TH.

"With bitcoin achieving new all-time high prices and having already confirmed the tremendous performance from our T21 miners currently running, Bitfarms acted quickly to secure additional T21 and S21 miners before anticipated hardware price increases. These miners are scheduled to be delivered in 2024, we believe they are sufficient to reach 21 EH/s in 2024 without a redeployment of our older miners, which we intend to liquidate to help offset the cost of new miners," said Geoff Morphy, president and chief executive officer of Bitfarms.

"These orders solidify our expansion plan for 2024 and provide the pathway to operating one of the newest and potentially most-powerful mining fleets in the industry, leading into what looks to be a promising bull market. Securing these miners now is a key part of our strategy to drive rapid and meaningful improvements across our three key operating metrics of hashrate, energy efficiency and operating costs per terahash, with a plan to capture greater upside from rising bitcoin prices with rapidly expanding mining margins," Mr. Morphy concludes.

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.

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