Mr. Ben Gagnon reports

BITFARMS PROVIDES FEBRUARY 2025 PRODUCTION AND OPERATIONS UPDATE

Bitfarms Ltd. has issued its latest monthly production report. All financial references are in United States dollars.

• Operational hashrate of 16.1 EH/s (exa hashes per second);
• Acquisition of stronghold digital mining and sale of Yguazu site on track for Q1 2025 close;
• Appoints Craig Hibbard to SVP (senior vice-president) of infrastructure.

Chief executive officer Ben Gagnon stated: "We are on track to close our acquisition of Stronghold Digital Mining following the recent successful shareholder vote which Stronghold shareholders voted overwhelmingly in support. Combined with the strategic sale of our 200 MW Yguazu, Paraguay data centre, also on track for a Q1 2025 close, these accretive transactions will improve our energy portfolio and transform Bitfarms into a North American energy and compute infrastructure company with lower-cost energy and high-quality assets, suitable for both HPC/AI and bitcoin mining.

"In addition, I am thrilled to welcome our new SVP of infrastructure, Craig Hibbard. Craig joins us from Mawson Infrastructure Group where he was chief development officer. He has over 25 years of experience leading large-scale real estate development projects, including the recent rapid design and construction of over 200 MW of digital infrastructure for a U.S. firm specializing in digital assets and HPC/AI. Based in Pennsylvania, Craig will play a critical role in managing infrastructure development for our rapidly expanding PJM portfolio and advancing our HPC/AI business."

SVP of global mining operations Alex Brammer said: "During February we grew our operational hash rate 6 per cent to 16.1 EH/s and grew our average operational hash rate 20 per cent to 13.4 EH/s, achieving new all-time highs in three out of four countries. This growth will continue as we deploy miners in the U.S. and Argentina, and optimize performance across all of our data centres."

• 16.1 EH/s operational at Feb. 28, 2025, up 6 per cent M/M (month over month);
• 13.4 EH/s average operational, up 20 per cent M/M;
• 16 BTC (bitcoin)/average EH/s, 11 per cent lower M/M;
• 213 BTC earned, 6 per cent higher M/M;
• 7.6 BTC earned daily on average, equal to approximately $638,400 per day based on a BTC price of $84,000 at Feb. 28, 2025.

February, 2025, financial update

• Sold 75 of the 213 BTC earned as part of the company's regular treasury management practice for total proceeds of $6.5-million;
• Added 108 BTC, bringing treasury to 1,260 BTC, up from 1,152 BTC last month and representing $105.8-million based on the bitcoin price of $84,000 at Feb. 28, 2025. This includes the transfer of 30 BTC to a third party as collateral for active option contracts during the month.

Upcoming conferences and events

• March 12, 2025: Cantor Fitzgerald Global Technology Conference (NYC);
• March 17 to March 18, 2025: 37th Annual ROTH Conference (Dana Point, Calif.).

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global vertically integrated bitcoin data centre company that sells its computational power to one or more mining pools from which it receives payment in bitcoin. Bitfarms develops, owns and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple on-site technical repair centres.

Bitfarms currently has 13 operating bitcoin data centres, as well as hosting agreements with two data centres, 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.