Bitfarms Reaches 7 EH/s with Completion of Fleet Upgrade at Garlock and Farnham Facilities

Corporate energy efficiency improves 9% to 31 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, April 12, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ/TSX: BITF), a global vertically integrated Bitcoin mining company, today announced the completion of its first two farm upgrades with over 5,000 Bitmain T21 miners installed and operating in Québec.

“Our Bitmain miner installations kickstart our transformative fleet upgrade and have improved energy efficiency by approximately 51% at both our Garlock and Farnham farms,” said Geoff Morphy, President and CEO of Bitfarms. “The 51% improvement in site energy efficiency demonstrates the transformative nature of our upgrade plan and how well it positions Bitfarms leading into and after the upcoming halving event.”

Upgrade Highlights:

• At Garlock, the Company installed 3,168 T21s.
• At Farnham, the Company installed 1,710 T21s and 100 M53S+ hydro miners.
• In Q2 2024, more than 30,000 additional T21s are scheduled to be delivered to the Company’s existing locations including its newest development in Paso Pe, Paraguay.
  

Bitfarms’ Chief Mining Officer, Ben Gagnon, stated, “Leveraging our existing facilities and the strength of our operations team, Bitfarms has already energized over 5,000 T21s with installations at our third location underway. As we deploy an additional 30,000 miners this quarter, we expect to drive rapid increases in both our hashrate and energy efficiency, while executing towards our 12 EH/s and 21 EH/s targets in 2024.”

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global Bitcoin mining company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

Bitfarms currently has 11 operating Bitcoin mining facilities and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.