Mr. Ben Gagnon reports

BITFARMS ANNOUNCES CORPORATE SHARE BUYBACK PROGRAM

Bitfarms Ltd.'s board of directors has approved, effective immediately, the commencement of a corporate share buyback program. The Toronto Stock Exchange has accepted the notice filed by the company to establish a normal course issuer bid program.

Under the program, the company is authorized to purchase up to 49,943,031 of its common shares (out of the 557,548,857 common shares outstanding as at July 14, 2025), representing up to 10 per cent of the company's public float of 499,430,313 common shares, during the period starting on July 28, 2025, and ending on July 27, 2026.

Chief executive officer Ben Gagnon stated: "We believe that Bitfarms' shares are currently undervalued because our bitcoin business is underappreciated by the market, with little to no value being associated with our HPC potential. This program demonstrates our confidence in Bitfarms' business, our management team and most importantly our high performance computing data centre growth strategy. We strongly believe our unique and highly desirable energy portfolio in Pennsylvania will drive long-term, sustainable growth that is financeable and enables management to leverage its balance sheet strength to drive shareholder value with this buyback program while simultaneously pursuing growth opportunities in HPC/AI to best capitalize on our substantial U.S. energy pipeline."

The timing, price and volume of repurchases will depend on a variety of factors, including corporate liquidity requirements and priorities, as well as general market conditions, the share price, regulatory requirements and limitations, and other factors.

Bitfarms may purchase shares, from time to time, through the facilities of the TSX and/or the Nasdaq Stock Market, or by such other means as may be permitted by the TSX and/or Nasdaq or under applicable law. Daily repurchases on the TSX will be limited to a maximum of 494,918 common shares, representing 25 per cent of the average daily trading volume for the six months ended June 30, 2025 (being 1,979,673 common shares), except where purchases are made in accordance with the block purchase exception of the TSX rules. Purchases of common shares through Nasdaq will be made in the normal course and will not, during the 12-month period ending July 27, 2026, exceed, in the aggregate, 5 per cent of the outstanding common shares as at the commencement of the program. All shares purchased by the company under the program will be cancelled.

Purchases will be made by the company in accordance with the requirements of the TSX and/or Nasdaq, and the price which the company will pay for any such common shares will be the market price of any such common shares at the time of acquisition or such other price as may be permitted by the TSX and/or Nasdaq.

In connection with the program, the company has entered into an automatic repurchase arrangement with its designated broker to allow for purchases of its common shares during certain predetermined blackout periods, based on company instructions provided when not in blackout. Outside of these predetermined blackout periods, any repurchases of common shares will be in accordance with management's discretion, subject to applicable law. Although the company has a present intention to acquire its common shares pursuant to the program, the company will not be obligated to make any purchases under said program.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a North American energy and compute infrastructure company that develops, owns and operates vertically integrated data centres. Bitfarms currently operates 15 data centres situated in four countries, which currently mine bitcoin: the United States, Canada, Argentina and Paraguay.

We seek Safe Harbor.