Mr. Ben Gagnon reports

BITFARMS PROVIDES MARCH 2025 PRODUCTION AND OPERATIONS UPDATE

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

Chief executive officer Ben Gagnon stated: "March was a very productive month for Bitfarms. We successfully closed both our transformative acquisition of Stronghold Digital Mining, the largest M&A deal between two public miners in our industry, and the strategic sale of our 200 MW Yguazu data centre. Through these transactions, we have rebalanced our portfolio to the U.S., where we expect to achieve greater yields per MW, reduced our average cost of power across our portfolio, minimized our 2025 capex requirements, and secured highly desirable sites that will enable us to diversify beyond bitcoin mining into HPC/AI and energy generation.

"In addition, we advanced our HPC/AI strategy with both the appointments of James Bond, SVP of HPC, and Craig Hibbard, SVP of infrastructure, and the continued evaluation of our three Pennsylvania sites for potential HPC conversion. Initial studies from our strategic partners confirmed that all three sites are well suited: They are strategically located near other data centre campuses and peering hubs, and they have the necessary power, land and fibre infrastructure to support HPC. We expect to receive full, detailed feasibility studies in Q2. With the steps we've taken in Q1, we now have the properties, internal team, and strategic engineering and marketing advisers in place, taking a holistic approach to advancing our HPC/AI business."

Senior vice-president of global mining operations Alex Brammer said: "During March, we grew our operational hash rate 21 per cent to 19.5 EHuM and reached our Q2 efficiency target of 19 w/TH three months ahead of schedule. Our energy portfolio is now larger and more efficient, with stronger operating economics and significant U.S. growth potential."

March, 2025, select operating highlights

• 19.5 exahashes under management operational at March 31, 2025, up 21 per cent month over month;
• 16.4 EHuM average operational, up 22 per cent M/M;
• 17 BTC per average EHuM, 6 per cent higher M/M;
• 280 BTC earned on a pro forma basis, 31 per cent higher M/M;
• 9.0 BTC earned daily on average, equal to approximately $738,000 per day based on a BTC price of $82,000 at March 31, 2025.

March, 2025, financial update:

• Total liquidity of $132-million, including approximately $39-million in cash at March 31, 2025;
• Treasury of 1,140 BTC, down from 1,260 BTC last month and representing $93.4-million based on the bitcoin price of $82,000 at March 31, 2025.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global energy and compute infrastructure company that develops, owns and operates vertically integrated energy generation and data centres. Bitfarms currently has 15 operating data centres situated in four countries: the United States, Canada, Argentina and Paraguay.

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