Bitfarms Appoints Vice President of Corporate and Grants of Options

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This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated August 16, 2021 to its short form base shelf prospectus dated August 12, 2021.

TORONTO, Ontario and BROSSARD, Québec, Nov. 19, 2021 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a global Bitcoin self-mining company, appointed Patricia Osorio as Vice President of Corporate, reporting to President Geoff Morphy.

Morphy said, “Patricia will work closely with the executive team and board in managing our global activities. In addition to supporting our corporate governance initiatives, she will assist with global business development and integration. I had the pleasure of working with Patricia while she was corporate secretary at a global, publicly traded, clean tech company based in Montreal. She will be a great asset as we continue to expand our operational footprint in Canada, the United States, Latin America, and other jurisdictions. I am excited about her future contribution to Bitfarms.”

About Patricia Osorio

Osorio brings 18 years of corporate experience in Canada, including corporate governance roles with Canadian companies with activities overseas (Africa and Latin America). Most recently, she served as Corporate Secretary for Dundee Sustainable Technologies, a publicly traded, Montreal-based company focused on environmentally friendly technologies for the treatment of material from the mining industry.

Osorio, an accredited Colombian lawyer, earned her Bachelor of Laws (LL.B.) in October 1997 at Universidad Pontificia Bolivariana, Medellín, Antioquia and was called to the Colombian Barreau in February 1998. She is fluent in English, French and Spanish.

Options Grant

The Company further announces the granting of stock options (“Options”) to certain officers and employees of the Company. Options to purchase an aggregate of 120,000 common shares were granted pursuant to the Company’s Stock Option Plan. The Options are exercisable into one common share of the Company at a price of CAD$9.81 for a period of five years from the date of grant and are subject to vesting conditions.

AboutBitfarms Ltd.

Founded in 2017, Bitfarms is a global Bitcoin self-mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics and company-owned 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. On February 24, 2021, Bitfarms was honoured to be announced as a Rising Star by the TSX-V. On June 21, 2021, Bitfarms started trading on the Nasdaq Stock Market.

Bitfarms has a diversified production platform with five industrial scale facilities located in Québec. Each Canadian facility is over 99% powered with environmentally friendly hydro power and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play Bitcoin mining company audited by a Big Four audit firm.

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

Website: www.bitfarms.com

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

CautionaryStatement

Trading in the securities of the Company should be considered highly speculative. Nostock exchange, securities commission or other regulatory authority has approved ordisapprovedtheinformationcontainedherein.NeithertheTSXVentureExchangenoritsRegulation Services Provider (as that term is defined in the policies of the TSX VentureExchange), Nasdaq, or any other securities exchange or regulatory authority acceptsresponsibilityfortheadequacyoraccuracyofthisrelease.

Forward-LookingStatements

This news release contains certain “forward-looking information” and “forward-lookingstatements”(collectively,“forward-lookinginformation”)thatarebasedonexpectations,estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and U.S. securities laws. The information in thisrelease regarding expectations in respect to its expansion plans (including computational goals), anticipated miningcapacity and receipt of new miners, and about other future plans and objectives of theCompanyareforward-lookinginformation.Otherforward-lookinginformationincludes,butis not limited to, information concerning: the intentions, plans and future actions of theCompany, as well as Bitfarms’ ability to successfully mine digital currency, revenueincreasing as currently anticipated, the ability to profitably liquidate current and futuredigitalcurrencyinventory,volatilityofnetworkdifficultyanddigitalcurrencypricesandthepotentialresultingsignificantnegativeimpactontheCompany’soperations,theconstruction and operation of expanded blockchain infrastructure as currently planned,and theregulatoryenvironmentfor cryptocurrencyinthe applicablejurisdictions.

Anystatementsthatinvolvediscussionswithrespecttopredictions,expectations,beliefs,plans, projections, objectives, assumptions, future events or performance (often but notalwaysusingphrasessuchas“expects”,or“doesnotexpect”,“isexpected”,“anticipates”or“doesnotanticipate”,“plans”,“budget”,“scheduled”,“forecasts”,“estimates”,“believes”or“intends”orvariationsofsuchwordsandphrasesorstatingthatcertainactions,eventsorresults“may”or“could”,“would”,“might”or“will”be takentooccurorbeachieved)arenotstatementsofhistoricalfactandmaybeforward-lookinginformationandareintendedtoidentifyforward-lookinginformation.

Thisforward-lookinginformationisbasedonassumptionsandestimatesofmanagementof the Company at the time they were made, and involves known and unknown risks,uncertainties and other factors which may cause the actual results, performance orachievementsoftheCompanytobemateriallydifferentfromanyfutureresults,performanceorachievementsexpressedorimplied bysuchforward-lookinginformation.Suchfactorsinclude,amongothers,risksrelatingto:theglobaleconomicclimate;dilution;theCompany’slimitedoperatinghistory;futurecapitalneedsanduncertaintyofadditionalfinancing including the Company’s ability to utilize the Company’s at-the-market offering(the “ATM Program”) and the prices at which the Company may sell Common Shares inthe ATM Program as well as capital market conditions in general; the competitive natureoftheindustry;currencyexchangerisks;theneedfortheCompanytomanageitsplannedgrowth and expansion;the effectsof product development and needfor continuedtechnology change; protection of proprietary rights; the effect of government regulationand compliance on the Company and the industry; network security risks; the ability ofthe Company to maintain properly working systems; reliance on key personnel; globaleconomic and financial market deterioration impeding access to capital or increasing thecost of capital; dilution in relation to the ATM Program and from other equity issuances;andvolatilesecuritiesmarketsimpactingsecuritypricingunrelatedtooperatingperformance.Inaddition,particularfactorsthatcouldimpactfutureresultsofthebusinessof Bitfarms include, but are not limited to: the construction and operation of blockchaininfrastructuremaynotoccurascurrentlyplanned,oratall;expansionmaynotmaterializeas currently anticipated, or at all; the digital currency market; the ability to successfullymine digital currency; revenue may not increase as currently anticipated, or at all; it maynot be possible to profitably liquidate the current digital currency inventory, or at all; adeclineindigitalcurrencypricesmayhaveasignificantnegativeimpactonoperations; anincreaseinnetworkdifficultymayhaveasignificantnegativeimpactonoperations;thevolatilityofdigitalcurrencyprices;theanticipatedgrowthandsustainabilityofhydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions,the ability to complete current and future financings, any regulations or laws that willpreventBitfarmsfromoperatingitsbusiness;historicalpricesofdigitalcurrenciesandtheabilitytominedigitalcurrenciesthatwillbeconsistentwithhistoricalprices;aninabilitytopredictandcounteracttheeffectsofCOVID-19onthebusinessoftheCompany,includingbutnotlimitedtotheeffectsofCOVID-19onthepriceofdigitalcurrencies,capitalmarketconditions, restriction on labour and international travel and supply chains; and, theadoption or expansion of any regulation or law that will prevent Bitfarms from operatingits business, or make it more costly to do so.For further information concerning theseand other risks and uncertainties, refer to the Company’s filings on www.SEDAR.comincluding the annual information form for the year ended December 31, 2020, filed onApril7,2021.TheCompanyhasalsoassumedthatnosignificanteventsoccuroutsideofBitfarms’ normal course of business. Although the Company has attempted to identifyimportantfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseexpressedin forward-looking statements, there may be other factors that cause results not to be asanticipated, estimated or intended. There can be no assurance that such statements willprovetobeaccurateasactualresultsandfutureeventscoulddiffermateriallyfromthoseanticipated in such statements. Accordingly, readers should not place undue reliance onany forward-looking information. The Company undertakes no obligation to revise orupdateanyforward-lookinginformationother thanasrequiredbylaw.

Contacts

Investor Relations:

LHAInvestorRelations
David Barnard
+1 415-433-3777
Investors@bitfarms.com

USMedia:

YAPGlobal
Mia Grodsky, Account Executive
mia@yapglobal.com

QuébecMedia:

RyanAffairespubliques
Valérie Pomerleau, Public Affairs and Communications
valerie@ryanap.com