#1November 14, 2022 Bitfarms TM Q3 2022 Investor Presentation N BITF TSX BITF#2SAFE HARBOR STATEMENT Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission, or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange), Nasdaq or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This presentation contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking information") that are based on expectations, estimates and projections as at the date of this presentation and are covered by safe harbors under Canadian and U.S. securities laws. The information in this presentation about future plans and objectives of the Company is forward-looking information. Other forward-looking information includes, but is not limited to, estimates and forecasts for 2022 and future growth, hash rate, installed hash rate, installed megawatts, growth milestones and expansion plans (including computational goals) and other information concerning: the intentions, plans and future actions of the Company, as well as Bitfarms' ability to successfully mine digital currency, revenue increasing as currently anticipated, the ability to profitably liquidate current and future digital currency inventory, volatility of network difficulty and digital currency prices and the resulting significant negative impact on the Company's operations, the construction and operation of expanded blockchain infrastructure as currently planned, and the regulatory environment of cryptocurrency in the applicable jurisdictions. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events, or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the global economic climate; dilution; the Company's limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors that could impact future results of the business of Bitfarms include, but are not limited to: the construction and operation of blockchain infrastructure may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; cybersecurity attacks such as from malicious actors seeking to exploit vulnerabilities in the computer network operated by Bitfarms or who gain unauthorized access to Bitfarms' digital wallets and custodial accounts; an increase in the cost of electricity may have a significant negative impact on operations; planned or unplanned electrical disruptions may have a significant negative impact on operations; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions, the ability to complete current and future financings, any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company's filings on www.SEDAR.com including the annual information form for the year ended December 31, 2021, filed on March 28, 2022. The Company has also assumed that no significant events occur outside of Bitfarms' normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law. Bitfarms™ 2#3HIGHLIGHTS Positive Adjusted EBITDA of $10 Million Direct cost of production of $9,400 per BTC Canadian expansion projects on track for completion by year end 4.4 EH/s at 11/14/22 up 22% from 6/30/22 15.7 2,064 BTC mined/day for 10/22 BTC held at 10/31/22 $42M value of BTC at 10/31/22 1. BTC price of $20,500 as at October 31, 2022 1,515 BTC mined in Q3 2022, up 21% over Q2 2022 7,000 182 miners installed in Q3 2022 MW at 11/14/22 up 33% from 6/30/22 1 Bitfarms 3#4VERTICALLY INTEGRATED GLOBAL BITCOIN MINING COMPANY 10 production sites in 4 countries drawing power from 3 hydro-electricity providers Sites Operating 11/14/22 Contracted for 12/31/22 1. Includes 3 sites located in Sherbrooke, Qc Sherbrooke Campus¹ 90 MW 96 MW Magog 10 MW 10 MW Quebec, Cowansville 17 MW 17 MW CAN Farnham 10 MW 10 MW St. Hyacinthe 15 MW 15 MW Washington USA 20 MW 21 MW Paraguay 10 MW 10 MW LATAM Argentina 10 MW 50 MW Total 182 MW 229 MW Bringing online Garlock & The Bunker Phase 3 in the City of Sherbrooke, Quebec First warehouse in Rio Cuarto, Argentina, commenced production in September 2022 Bitfarms™ 4#5SHERBROOKE, QUÉBEC . • Hydro Power - 3 farms campus - Contracted • Operating 96 MW 90 MW - de la Pointe 12 MW -The Bunker 1, 2 & 3 42 MW - Leger 30 MW - Garlock 6 MW Nearing energization - The Bunker 3 +6 MW - Garlock +12 MW . • Retiring: - de la Point (-12 MW) 1 971 01010 LEGER THE BUNKER GARLOCK 1. de la Pointe reduced from 30 MW to 12 MW and is scheduled to be fully retired in December 2022 LOGICO Bitfarms 5#6RIO CUARTO, ARGENTINA • Behind the fence, stranded natural gas generation asset 8-year power agreement up to 210 MW Production started, engineering contracts in place and commissioning continues Warehouse | - 10 MW started (of total 50 MW) in September 2022 XXXX Bitfarms 6#7• VILLARRICA, PARAGUAY Hydro power 10 MW Started production in January 2022 125 Petahash Lowest cost facility 300 79 8.8.84 GOO Bitfarms™ 7#8BITFARMS - ONE OF THE LOWEST COST MINERS IN THE INDUSTRY Production Highlights . • 10 farms in production in 4 countries predominantly drawing hydro power . 182 MW representing 4.4 Exahash . . . Clear path to 188 MW representing 5.0 Exahash by year end Considerable future upside from Argentina Direct cost of mining of $9,400 per BTC 115.7 BTC per average Exahash in 10/2022 40.0 Joules/TH in Q3 . 12% improvement from Q3 2021 Bitfarms 8#9BTC MINED & REVENUE 21% increase in production 35% decrease in the average price in BTC All figures is US$ millions unless otherwise stated Mining Revenue & BTC Mined Mining Revenue BTC Mined 1.051 1.045 961 $43,5 $58,4 1.257 1.515 $41,0 $39,7 $32,3 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Bitfarms 9#10BITCOIN PRODUCTION COST Direct cost of production of $9,400 per BTC in Q3 2022 5% decrease from $9,900 in Q2 2022 2% improvement in op. efficiency 2% decrease in energy costs reflecting the strengthening of the U.S. dollar vs. Canadian dollar 1% decrease in average network difficulty All figures is US$ Direct Cost of Production per BTC $8.700 $8.000 $6.900 $9.900 $9.400 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Bitfarms 10#11GENERATING CASH FROM MINING OPERATIONS Continue to generate positive cash from mining operations Q3 2022 Adj. EBITDA 31% of revenue, even with decline in BTC prices All figures is US$ millions unless otherwise stated 68% 66% $29,8 Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA Margin 53% $40,3 $21,4 45% $18,7 31% $10,3 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Bitfarms 11#12INCREASING FINANCIAL FLEXIBILITY September 30, 2022 $76M total liquidity $36M cash • $40M digital assets (value of 2,064 BTC¹) $27M in total debt reduction in Q3 ● $15M in bitcoin-back credit facility • $12M in equipment financing 2 of our highest rate interest equipment loans matured and repaid in full All financial obligations maturing before 2024 halving 1. BTC price of $19,400 as at September 30, 2022 Bitfarms 12#13STRONG MARKET POSITION Operational Excellence 182 MW at 4.4 EH/s outpacing Network growth Mined 4,219 bitcoin in 2022 - 3rd in total production as of October 31, 2022 ~2% of BTC Network Production in 4 countries Financial Strength Maintained low direct cost of production Generated positive cash from mining operations - $10 million in Adjusted EBITDA in Q3 2022 Decreased financial leverage, maintained a flexible balance sheet and financing resources Bitfarms 13#14INVESTMENT HIGHLIGHTS • Growing hashrate faster than the Network Till Huge Market Opportunity . Growth investing in an industry that has historically boasted some of the world's fastest returns on investment Q000 Decentralized Self-Miner • Scale and Expertise Vertically Integrated Efficient Producer Entrepreneurial team Reducing disruption risk with geographic diversification Broader international footprint allows for lower cost expansion options ⚫ Developing and operating 10 farms in 5 years increases knowhow and expertise Powering ~2% of the Bitcoin Network makes us one of the largest global players • • Increasing speed of development with wholly-owned electrical engineering subsidiary • Reducing downtime with authorized in-house repair labs Established footprint to expand in markets with excess stranded electricity production . • Among the most efficient mining operations globally Producing BTC at $9,400 avg. direct cost in Q3 2022 • Securing long-term, consistently low-cost energy contracts Agile and multidisciplinary team of experienced professionals leveraging deep background in data centers, technology and infrastructure, financing and business growth Bitfarms 14#15Appendix Bitfarms 15#162022 PLAN 1.500 1.400 JUN. 30, 2021 SEP. 30, 2021 HASHRATE (PH/S) Actual Goal +180% YoY 3.600 2.200 2.700 4.200 5.000 DEC. 31, 2021 MAR. 31, 2022 JUN. 30, 2022 SEP. 30, 2022 DEC. 31, 2022 Bitfarms 16#17ENTREPRENEURIAL LEADERSHIP TEAM Nicolás Bonta FOUNDER & EXECUTIVE CHAIRMAN Emiliano Grodzki FOUNDER & CHIEF EXECUTIVE OFFICER Geoff Morphy PRESIDENT & CHIEF OPERATING OFFICER Jeffrey Lucas CHIEF FINANCIAL OFFICER Ben Gagnon CHIEF MINING OFFICER Benoit Gobeil SVP, OPERATIONS & INFRASTRUCTURE Damian Polla GENERAL MANAGER - LATAM OPERATIONS Patricia Osorio VP, CORPORATE AFFAIRS Guillaume Reeves DIRECTOR, INFORMATION TECHNOLOGY Andrea Keen Souza VP, HUMAN RESOURCES Philippe Fortier VP, CORPORATE DEVELOPMENT Stephanie Wargo VP, MARKETING & COMMUNICATIONS Marc-André Ammann VP, FINANCE & ACCOUNTING Paul Magrath VP, TAX Bitfarms 17#18BOARD OF DIRECTORS Depth in corporate governance and financial management Nicolás Bonta EXECUTIVE CHAIRMAN Nico is a founder of Bitfarms as a well a successful entrepreneur and business builder. Nico brings over 20 years of business experience having built a successful chain of hotels in South America and is responsible for developing strategic opportunities for growth of the company. Emiliano Grodzki CHIEF EXECUTIVE OFFICER Emiliano is a founder of Bitfarms as well as a business builder and innovator. With over 20 years of experience having successfully built multi-million-dollar private businesses, Emi is responsible for setting the company's overall vision and strategy. Brian Howlett INDEPENDENT & LEAD DIRECTOR Brian is a CPA with 30+ years' experience. Brian has served as senior officer and director of numerous public companies. He currently serves as President and CEO of Hemlo Explorers Inc and Voyageur Mineral Explorers Inc. He also serves as a director of Nighthawk Gold Inc, Stone Gold Inc and Dundee Sustainable Technologies Inc. Andrés Finkielsztain INDEPENDENT DIRECTOR & HEAD OF GOVERNANCE, COMPLIANCE & NOMINATION COMMITTEE Andres was a Founder and Portfolio Manager of Soros Brothers Investments LLC, a New York based Fund created in 2011 for the benefit of Alexander and Gregory Soros, sons of George Soros. Mr. Finkielsztain previously worked at J.P. Morgan for over 10 years in various capacities within asset management. Prior to JPM, Andres was an analyst for Emerging Markets at Soros Fund Management LLC. He also sits at the Board of Directors of a publicly listed company, Goldmoney Inc. Pierre Seccareccia INDEPENDENT DIRECTOR & HEAD OF AUDIT COMMITTEE Pierre, a former Managing Partner for PwC, has extensive experience in financial consulting & management. Since 2003, Pierre has served as a full-time independent corporate director for various public and private entities. Bitfarms 18#19NON-IFRS PERFORMANCE MEASURES This presentation makes reference to certain measures that are not recognized under IFRS and do not have a standardized meaning prescribed by IFRS. They are therefore unlikely to be comparable to similar measures presented by other companies. The Company uses non-IFRS measures including "EBITDA," "EBITDA margin," "Adjusted EBITDA," "Adjusted EBITDA margin," "Gross mining profit," and "Gross mining margin" as additional information to complement IFRS measures by providing further understanding of the Company's results of operations from management's perspective. EBITDA and EBITDA margin are common measures used to assess profitability before the impact of different financing methods, income taxes, depreciation of capital assets and amortization of intangible assets. Adjusted EBITDA and Adjusted EBITDA margin are measures used to assess profitability before the impact of all of the items in calculating EBITDA in addition to certain other non-cash expenses. Gross mining profit and Gross mining margin are measures used to assess profitability after power costs in cryptocurrency production, the largest variable expense in mining. Management uses non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare annual operating budgets. "EBITDA" is defined as net income (loss) before: • Interest expense • Income tax expense Depreciation and amortization "EBITDA margin" is defined as the percentage obtained when dividing EBITDA by Revenue. "Adjusted EBITDA" is defined as EBITDA adjusted to exclude: Share-based compensation • Non-cash finance expenses Asset impairment charges • • Foreign currency translation adjustment Other non-cash expenses "Adjusted EBITDA margin" is defined as the percentage obtained when dividing Adjusted EBITDA by Revenue. "Gross mining profit" is defined as Gross profit excluding depreciation and amortization and other minor items included in cost of sales that do not directly relate to mining related activities. "Gross mining margin" is defined as the percentage obtained when dividing Gross mining profit by Revenues from mining related activities. These measures are provided as additional information to complement IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. Bitfarms 19#20بـ Bitfarms TM Corporate Office 18 King Street East, Suite 902 Toronto, Ontario, MSC 1C4, Canada Operations and Accounting Office of North-America 9160 Boulevard Leduc, Suite 312 Brossard, Quebec, J4Y OE3, Canada Operations and Accounting Office of South-America 3123 Castex Street, PB Buenos Aires, Argentina N BITF TSX BITF