Bitfarms Announces the Appointment of Officer and Grant of Options

TORONTO and BROSSARD, Québec, April 01, 2021 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (“Bitfarms”, or the “Company”) (TSXV:BITF // OTC:BFARF), one of the largest, oldest and most cost-effective public Bitcoin mining operations in the world, today announces the appointment of Mr. Darcy Donelle as Vice President of Corporate Development, effective immediately. The Company has granted Mr. Donelle 50,000 incentive stock options, pursuant to the Company’s Stock Option Plan (the “Options”). The Options are exercisable into one common share of the Company at a price of $6.39, for a period of five years from the date of grant and are subject to vesting conditions.

Mr. Donelle is a CFA charterholder and a Chartered Professional Accountant (CA). He has vast capital markets experience, having spent the past ten years with an international investment company listed on the Toronto Stock Exchange. During his tenure with that company, he spent time on the sell-side as a research associate, covering junior mining equities. Later, he transitioned to a principal analyst role where he oversaw the finance and operations function for the company's managed investment funds and actively assisted front-line executives with support for acquisition, divestiture, fund-raising, structuring, and financing activities. He brings in-depth experience in financial statement analysis and investment valuation, and has built a reputation as a trusted technical advisor to management and shareholders. Prior to 2010, Mr. Donelle worked for PricewaterhouseCoopers and Grant Thornton where he was involved with audit engagements and advisory assignments related to private equity, fair value, and corporate taxation. He is a graduate of the University of New Brunswick, earning a BA degree in Economics and Political Science and was a recipient of UNB’s Dean Scholar Award.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is one of the largest, oldest, and most cost-effective public bitcoin mining operations in the world. Bitfarms runs vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company-owner electrical engineering and installation services to deliver high operational performance and uptime.

Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. As mentioned above, we recently filed our first Annual Information Report. On February 24, 2021 Bitfarms was honoured to be announced as a Rising Star by the TSX-V.