Mr. Geoff Morphy reports

BITFARMS REACHES 7 EH/S WITH COMPLETION OF FLEET UPGRADE AT GARLOCK AND FARNHAM FACILITIES

Bitfarms Ltd. has completed its first two farm upgrades with over 5,000 Bitmain T21 miners installed and operating in Quebec.

"Our Bitmain miner installations kick-start our transformative fleet upgrade and have improved energy efficiency by approximately 51 per cent at both our Garlock and Farnham farms," said Geoff Morphy, president and chief executive officer of Bitfarms. "The 51-per-cent improvement in site energy efficiency demonstrates the transformative nature of our upgrade plan and how well it positions Bitfarms leading into and after the upcoming halving event."

Upgrade highlights:

• At Garlock, the company installed 3,168 Bitmain T21 miners.
• At Farnham, the company installed 1,710 Bitmain T21 miners and 100 M53S+ hydro miners.
• In Q2 2024, more than 30,000 additional Bitmain T21 miners are scheduled to be delivered to the company's existing locations, including its newest development in Paso Pe, Paraguay.

Ben Gagnon, chief mining officer of Bitfarms, stated: "Leveraging our existing facilities and the strength of our operations team, Bitfarms has already energized over 5,000 T21s, with installations at our third location under way. As we deploy an additional 30,000 miners this quarter, we expect to drive rapid increases in both our hash rate and energy efficiency while executing towards our 12 EH/s [exahashes per second] and 21 EH/s targets in 2024."

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 analytics 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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