Bitfarms Announces CEO Transition

- Geoff Morphy remains CEO while an executive search is conducted -

- Company reiterates 2024 YE guidance of 21 EH/s and 21 w/TH -

This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.

TORONTO, Ontario and BROSSARD, Québec, March 25, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ/TSX: BITF), a global vertically integrated Bitcoin mining company, today announces a CEO transition. L. Geoffrey Morphy, President, Chief Executive Officer and Director, will be departing upon completion of an executive search and will lead the Company during the interim. Mr. Morphy will continue to focus on our corporate growth strategy, ensuring execution towards our growth targets and a smooth transition of leadership. The Board has formed a CEO search committee of independent directors that will act expeditiously with an identified executive search firm.

“Bitfarms is evolving to meet the needs of rapidly increasing investor interest in Bitcoin and Bitcoin mining worldwide,” said Chairman Nicolas Bonta. “We are committed to expanding our business to drive greater returns and maximize shareholder value. There is a huge opportunity in front of us and we are committed to moving forward with a seamless transition while executing on our strategic goals.”

Bonta continued, “We thank Geoff for his leadership, commitment to strong governance and dedication to expanding the Company’s operations. Since joining the company in 2020, Morphy modernized Bitfarms management infrastructure and transformed its mining portfolio, leading to significant growth, international diversification, and operating efficiencies. Morphy oversaw the international expansion into the U.S., Paraguay, and Argentina as well as expanding in Quebec. Morphy has been an integral part of the Company's success, and it is due to his stewardship that the Company is now opportunely poised for this CEO transition. We are confident in the strength of our management team and the dedication of our employees to continue to drive Bitfarms to be the top performer in the industry.”