#1As reported March 21, 2023 Bitfarms TM Q4 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 2023 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, 2022, filed on March 21, 2023. 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#3INVESTMENT HIGHLIGHTS Geographic Diversification Broader international footprint allows for lower cost expansion options Reducing disruption risk with geographic diversification across the Americas Leveraging an international management team of experts in technology, infrastructure, financing and business growth ㅁㅁ • Scale and Expertise 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 • Agile and multidisciplinary leadership team Vertically Integrated Increasing speed of development with wholly- owned electrical engineering subsidiary Reducing downtime with authorized in-house repair labs Assuring superior uptime with the use of proprietary miner management software Efficient Producer Maintaining one of the lowest direct cost of production by being among the most efficient mining operations globally Producing BTC at ~ $10,000 avg. direct cost in 2022 Securing long-term, consistently low-cost energy contracts Financial Discipline • Strong balance sheet for strategic growth • Highest standard of financial controls and reporting . Audited by a Big 4 accounting firm Bitfarms 3#4OPERATIONAL HIGHLIGHTS Mined 5,167 BTC in 2022 Mined 20,000+ BTC since inception through Feb. 2023 Averaged direct cost of production of $10,000 per BTC in 2022 Provided guidance for exahash/second to reach 6.0 by year-end 2023 4.7 188 EH/S as of 03/20/2023 MW as of 03/20/2023 50,205 operational miners as of 03/20/2023 15.6 BTC mined/day in Q4 2022 1,434 BTC mined in Q4 2022 Bitfarms 4#5VERTICALLY INTEGRATED GLOBAL BITCOIN MINING COMPANY 10 production sites in 4 countries drawing power from 3 hydro-electricity providers 1. Includes 3 farms located in Sherbrooke, Qc 0 00 Operating MW Farms Miners 03/20/23 Sherbrooke Campus¹ 96 MW 25,095 Magog 10 MW 2,672 Quebec, Cowansville 17 MW 4,500 CAN Farnham 10 MW 2,507 St. Hyacinthe 15 MW 3,945 Washington USA 20 MW 6,107 Paraguay 10 MW 3,060 LATAM Argentina 10 MW 2,319 Total 188 MW 50,205 Bitfarms 5#6FARM HIGHLIGHTS QUÉBEC, CANADA Completed the Garlock facility, energizing 18 MW, representing full capacity Energized the remaining 12 MW capacity at The Bunker, bringing it to 48 MW and the total to 96 MW for Sherbrooke Exploring expansion opportunities in Canada WASHINGTON, USA • Operating 20 MW • Generating approximately 600 PH/s VILLARRICA, PARAGUAY Imported and installed 2,888 new miners, bringing the total hashrate to 288 PH/s at January 31, 2023 Sold the used miners in Q1 2023 Bitfarms™ 6#7RIO CUARTO, ARGENTINA . Stranded natural gas generation asset 8-year power agreement Started production in Q3 2022, engineering contracts in place and commissioning continues Warehouse 1: 10 MW (of total 50 MW) started in September 2022 Plan to expand to 50 MW Q3 2023 Flexibility to contractually expand to 100 MW ELECTRONIC HOT PLAT TEMP 2 ON OFF 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 188 MW representing 4.7 exahash/second 91 BTC per average exahash/second in February 2023 39 watts/terahash in February 2023 20,000+ BTC mined since inception through February 2023 . $142M of revenue in 2022 Bitfarms 8#9BTC MINED & REVENUE 20% increase in average total network difficulty from Q3 2022 to Q4 2022 15% decrease in the average price in BTC from Q3 2022 to Q4 2022 All figures is US$ millions unless otherwise stated 961 Mining Revenue & BTC Mined Mining Revenue BTC Mined 1,257 $41.0 $ 39.7 1,515 1,434 $32.3 $25.9 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Bitfarms™ 9#102022 BTC MINED & REVENUE Reported Q4 2022 results Revenue of $25.9M . Net loss of $17M Mining Revenue & Adjusted EBITDA Mining Revenue Adjusted EBITDA Positive Adjusted $41.0 EBITDA of $1M $ 39.7 All figures is US$ millions unless otherwise stated. $21.4 $ 18.7 $ 32.3 $ 10.3 $ 25.9 $ 1.1 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Bitfarms 10#11BITCOIN PRODUCTION COST • Direct cost of production of $11,100 per BTC in Q4 2022 16% increase of direct cost of production per BTC vs. 20% increase in average network difficulty from Q3 2022 to Q4 2022 2% decrease in energy costs reflecting the strengthening of the U.S. dollar vs. Canadian dollar All figures is US$; Q2 and Q3 costs reflect adjustment for Paraguay electricity costs. Direct Cost of Production per BTC vs Network Hashrate Direct Cost of Production per BTC Hashrate 214 213 255 195 $11,100 $10,100 $9,600 $8,700 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Bitfarms 11#12INCREASING FINANCIAL FLEXIBILITY ALL DEBT OBLIGATIONS MATURE BEFORE THE 2024 HALVING Liquidity as of Dec. 31, 2022 $38M total liquidity ($31M cash and $7M digital assets ¹) Lower Indebtedness 2022: $47M in debt at December 31, 2022 $118M of debt reduced since peak in June 2022 Subsequent to year end: $23M in debt at February 28, 2023, down 86% since June 2022 $21M of miner financing reduced in February 2023, settled for $8M in cash to save $13M in principal & interest Miner Purchase Agreements as of Dec. 31, 2022 $45M of capital obligations for miners extinguished $22M in credits for miner purchases secured Value of 405 BTC in custody based on a BTC price $16,500 on Dec. 31, 2022. Bitfarms™ 12#13STRONG MARKET POSITION • Operational Excellence 188 MW at 4.7 EH/s Mined 5,167 BTC in 2022 and 873 BTC in 2023 as of Feb. 2023 ~2% of BTC Network Production at 10 farms in 4 countries Financial Strength Maintaining one of the lowest direct cost of production Generated positive cash from mining operations and $1M in Adj. EBITDA in Q4 2022 Decreased debt leverage in 2022, maintaining a flexible balance sheet and financing resources Bitfarms 13#14Appendix#15HASHRATE EVOLUTION 1,500 2,700 2,200 HASHRATE (PH/S) Actual Goal +180% YoY 4,700 4,500 4,200 3,600 6,000 SEP. 30, 2021 DEC. 31, 2021 MAR. 31, 2022 JUN. 30, 2022 SEP. 30, 2022 DEC. 31, 2022 MAR. 21, 2023 DEC. 31, 2023 Bitfarms 15#16SHERBROOKE, QUÉBEC . • Hydro Powers 3 farms campus • Operating 96 MW • The Bunker 48 MW • Leger 30 MW • Garlock 18 MW 01910 LEGER THE BUNKER GARLOCK Bitfarms 16#17VILLARRICA, PARAGUAY • . Hydro power 10 MW Started production in January 2022 288 Petahash B PELIGRO Bitfarms™ 17#18ENTREPRENEURIAL LEADERSHIP TEAM Geoff Morphy PRESIDENT & CHIEF EXECUTIVE OFFICER Jeffrey Lucas Ben Gagnon Benoit Gobeil CHIEF FINANCIAL OFFICER CHIEF MINING OFFICER SVP, OPERATIONS & INFRASTRUCTURE Patricia Osorio VP & CORPORATE SECRETARY Damian Polla GENERAL MANAGER - LATAM OPERATIONS Jeff Gao VP, RISK MANAGEMENT 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 Guillaume Reeves DIRECTOR, INFORMATION TECHNOLOGY Bitfarms 18#19BOARD OF DIRECTORS DEPTH IN CORPORATE GOVERNANCE AND FINANCIAL MANAGEMENT Nicolás Bonta CHAIRMAN OF THE BOARD OF DIRECTORS & FOUNDER 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 BOARD MEMBER AND FOUNDER 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 Howlett, CPA. CMA is a financial professional with over 30 years experience serving as senior officer and director of many public companies. He currently serves as President, CEO and a director of Hemlo Explorers Inc. and he is a director of Nighthawk Gold Corp. He was previously the President and CEO of 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. Edie Hofmeister INDEPENDENT DIRECTOR Ms. Hofmeister has advised large and small multi-national extractive companies on legal and ESG matters for over twenty years. Most recently she served as Executive Vice President Corporate Affairs and General Counsel for Tahoe Resources where she led the Legal, Sustainability and Government Affairs departments and helped grow Tahoe from a junior exploration company to a mid- cap precious metals producer. Bitfarms 19#20• . GLOSSARY BTC BTC/day = Bitcoin or Bitcoin per day EH or EH/s = Exahash or exahash per second MW or MWh = Megawatts or megawatt hour PH or PH/s = Petahash or petahash per second TH or TH/S = Terahash or terahash per second NON-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 "Gross margin", "Operating margin", "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 Realized & change in unrealized gains or loss on disposition & revaluation of digital assets Gain on disposition of marketable securities & discount expense on VAT receivable Other non-recuring items that do not reflect the core performance of the business. "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™ 20#21ب 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