Bitfarms (BITF) Provides August 2024 Production and Operations Update

Bitfarms Ltd. (NASDAQ/TSX: BITF), a global leader in vertically integrated Bitcoin data center operations, is pleased to announce its latest monthly production report alongside an important update on its fleet upgrade and expansion initiatives. All financial references in this release are in U.S. dollars.

Strategic Expansion and Energy Portfolio Enhancement

Ben Gagnon, Chief Executive Officer of Bitfarms, emphasized the strategic significance of recent developments: “The acquisition of Stronghold Digital Mining marks an important advancement for Bitfarms, solidifying our position as a dominant player in both the Bitcoin mining and HPC/AI sectors. This acquisition will enable us to enhance and rebalance our energy portfolio, targeting an expansion to 950 MW by the end of 2025, with nearly 50% of our capacity based in the U.S. Additionally, we are positioning ourselves for multi-year growth with total expansion capacity of up to 1.6 GW, approximately 66% of which is located in the U.S., a substantial increase from the current 6%.”

Gagnon further elaborated on the Company’s strategy: “By vertically integrating with power generation, advancing our energy trading capabilities, and securing two sites with substantial multi-year expansion potential, Bitfarms is executing a strategy that positions us to diversify our operations beyond Bitcoin mining and maximize long-term shareholder value.”

In addition to the strategic acquisition, Bitfarms has assumed control of its first mega-site located in Sharon, PA, which offers access to up to 120 MW. Gagnon noted, “With this transaction, we have finalized the acquisition of 110 MW, with 30 MW expected to come online by the end of 2024. We have also signed a Letter of Intent for an additional 10 MW site, which will increase our total site capacity to 120 MW by 2025.”

These developments underscore Bitfarms’ commitment to expanding its operational footprint and optimizing its energy strategy, further reinforcing its position as a leader in the industry.

Mining Review

Bitcoin difficulty decreased 1.3% in the month. August mining operations generated 233 BTC compared to 253 BTC in July as a result of the increase in average network difficulty during the month, partially offset by higher corporate hashrate due to the receipt of 2,744 T21 miners from Bitmain to replace the underperforming miners which are currently being installed.

August 2024 Select Operating Highlights

Paraguay,

Bitfarms’ BTC Monthly Production

August 2024 Financial Update

Upcoming Conferences and Events

Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center 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 facilities 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 12 operating Bitcoin data centers 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.

To learn more about Bitfarms’ events, developments, and online communities:

www.bitfarms.com

https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Glossary of Terms

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