#1Nasdaq: BITF TSX-V: BITF Bitfarms Q3 2021 Investor Presentation As of November 15, 2021 TM#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 Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture 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 2021 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, 2020, filed on April 7, 2021. 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#3VERTICALLY INTEGRATED GLOBAL BITCOIN MINER Current Production Sites ST. HYACINTHE MAGOG SHERBROOKE 1 COWANSVILLE FARNHAM DOGODIOL BORDE ררררר WASHINGTON Bitfarms 3#4Breaking Quarterly Records As of Nov. 12, 2021 Bitcoin per Day, Petahash/Second 2.0 EH/s 12 BTC/day 10 farms operational & in development 721 394 MW planned 2,780 BTC held $178.4M BTC Value¹ 1 $64,200/BTC approximates market price at Nov. 12, 2021 2 Direct cost of Bitcoin based on electricity costs and hosting costs (excluding electricity consumed by hosting clients) divided by the total number of Bitcoin mined Note: All dollar figures are expressed in US Dollars throughout. 828 990 6.7 6.3 5.8 1,415 1,312 8.2 Direct Cost per Bitcoin² $9,000 $ 8,400 $7,500 $7,500 11.6 $6,900 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Bitfarms Petahash Petahash/second Bitfarms 4#5Expanding Facilities and Megawatt Capacity 394 MWs under development 394 2016 Founders started mining in a garage 2017 Bitfarms Ltd. inception First facility in Canada Cowansville Farnham St. Hyacinthe Sherbrooke Magog Washington Paraguay Megawatts (MW) 210 Nov. 12, 2021 6 farms, 106 MW Argentina operational 4 farms, 288 MW in construction 10 24 12 106 24 64 34 14 10 10 10 10 ཙུཋ ཋ ཋ* 69 96 96 10 10 10 30 30 15 15 15 10 10 10 17 17 2017 2018 2019 2020 NOV. 12, 2021 2022* * Projections as of Nov. 12, 2021 Bitfarms 5#66 operating farms: 5 in Canada and 1 in US • 4 farms under construction in Canada, Paraguay and Argentina Fueling Hashrate Growth to Capture Share Expanding global diversification and decentralization Petahash/second (PH/s) Actively targeting North & South America and Europe Actual ■Goal 2,000 1,450 965 3,000 780 JUN. 30, 2020 DEC. 31, 2020 JUN. 30, 2021 NOV. 12, 2021 MAR. 31 2022* * Projections as of Nov. 12, 2021 8,000 DEC. 31, 2022* Bitfarms 6#7International Expansion US: 24 MW Fully operational - acquired Nov. 2021 Option for 75 MW Paraguay: 10 MW Under construction Initial production expected in Dec. 2021 Argentina: 210 MW 4 data centers Final phase completion expected by Dec. 31, 2022 Separate electrical, same location inside gates of private power company Concurrent construction Turn-on sequentially In rural county using over supply and, otherwise, idle facility 2X+ capacity planned by Dec. 31, 2022 iP tr#8Vertical Integration Saves Time and Cost Self-mining, hosting: · Avoids third-party profit sharing Optimizes maintenance with onsite electricians Maintains site operations with fewer staff Site development: 4 years experience developing sites and building electrical infrastructure in Québec Electrical contractor: Volta Électrique, 100%-owned subsidiary Provides expertise, lowers site construction costs and contributes revenue Authorized MicroBT repair center: Shortens downtime with rapid turnaround Creates opportunity for another profit center H2C VOLTA -PAR- ÉLECTRIQUE Bitfarms V 8#9Development and Operational Expertise Optimizing mining fleet and facilities for greatest computational throughput Proprietary software: • Real-time performance monitoring Rebuilt for scale in 2021 Proven ability to scale: 0 to 5 fully operational farms in 4 years Experience: Designed, built and managed facilities Refining farm design/layout for next iterations. Rapid deployment: Ability to move quickly with in-house resources Volta Électrique MicroBT authorized repair center 回回 the hit in in Bitfarms 9#10Securing Low-cost Energy to be Low-cost Producer $6,900/BTC avg. direct production cost in Q3 '21 Canada: 4 cents/KW on average No expiration date to contracts · Green hydro power from Hydro Québec USA: O exposure to natural gas and oil price fluctuations 3 cents/KW on average Green hydro power Current average production cost $4,000/BTC O exposure to natural gas and oil price fluctuations Argentina: 2.2 cents/KW locked in for the first 4 years • 8-year contract • Power from private energy company using locally-sourced natural gas Paraguay: 3.6 cents/KW • 5-year contract Green hydro power Q Hydro Québec 10 10#11Operating at Industrial Scale ✰ Purchasing long-lived assets Short payback periods Low costs of production Maximizes long-term operating leverage ✰ Leveraging scale to enhance buying clout Size contributes to excellent supplier relationships ✰ Investing in new facilities and upgrades Executing aggressive buildout to increase hashrate Optimizing fleet infrastructure across multiple locations Securing access to capital Maintaining Bitcoins in treasury Adds to total liquidity and increases assets 2,780 BTC held at Nov. 12, 2021 - valued at $178.4M at $64.2k/BTC Pursuing financing options Non-dilutive sources of capital leveraging base of BTC and mining equipment Publicly-traded shares on Nasdaq and TSX Venture exchanges Provides deeper access to low-cost capital • Greater financial flexibility Bitfarms™ 11#12Financial Highlights Backbone Mining revenue & BTC mined (1) $ US (M) 20 15 $27.2 10 $5.7 $9.8 45 SEG22225, 50 1,200 1,051 1,000 40 759 35 800 30 577 598 535 600 #BTC Mined $43.5 S US $ (M) $35.5 400 $45 $40 $30 223322225 $20 $15 $10 200 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Gross Mining Margin (3) $25 90% 80% 70% 60% 50% 40% 82% 80% 79% 30% 53% 20% 26% 10% 0% Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 US $ (M) EBITDA (2) 100% 92% 80% 60% 39.8 40% 20% 8% $- (8%) (5%) (0.5) (3.0) is $-5 (05) (11%) $-10 (20%) Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Adjusted EBITDA (4) 69% 67% 71% 80% 70% $20 60% 50% $15 29.9 34% 40% 23.8 $10 19.8 30% 20% $5 3% 10% 3.6 02 0% Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 (1) Revenue is recognized when cryptocurrency is received in exchange for mining activities. Unsold cryptocurrency is accounted as an intangible asset under the revaluation model, initially at fair value upon receipt, with subsequent revaluation losses being recorded through profit or loss. Revaluation gains are recorded through other comprehensive income, or profit or loss to the extent that they reverse a prior revaluation loss. (2) EBITDA is calculated as net income before interest expense, income tax expense, and depreciation and amortization. EBITDA is a non-IFRS performance measure. (3) Gross mining margin is calculated as revenue less mining energy and infrastructure costs for Backbone standalone divided by revenue. Gross mining margin is a non-IFRS performance measure. (4) Adjusted EBITDA defined as EBITDA adjusted to exclude: (i) share-based compensation; (ii) non-cash finance expenses; (iii) asset disposition gain/loss; and iv) other non-cash expenses. Bitfarms 12 122#13Strong Balance Sheet Liquidity at Sept. 30. 2021 + $43.3M cash + $101.2M digital assets¹ = $144.5M total liquidity Cash flows for the nine months ended Sept. 30, 2021 include + $114.5M from private placements in H1 2021 + $60.4M from the exercise of warrants and stock options + $35.2M from ATM, 6.3M shares at average $5.75 per share + $10.9M in new long-term debt - $75.0M paid for mining hardware - $56.5M paid for PPE 1 $21.4M to retire long-term debt and other liabilities 1 $43,800/BTC approximates market price at Sept. 30, 2021 and $64,200/BTC approximates market price at Nov. 12, 2021 As of Nov. 12, 2021 • 2,780 BTC held • $178.4M BTC Value¹ Bitfarms 13 الله#14Decentralized self-miner Retaining greater rewards and avoiding third party fees Reducing disruption risk with geographic diversification Huge market opportunity Investing in growth and increasing access to growth capital Powering ~1% of the Bitcoin network leaves room to grow Scale and expertise Developing and operating 6 farms in 4 years increases design and technical knowledge Powering ~1% of the Bitcoin network creates leverage in mining pool BITCOIN MINING PURE-PLAY FOCUSED ON GROWING HASHRATE Vertically integrated Increasing speed of development with wholly-owned electrical engineering subsidiary Reducing downtime with authorized in-house repair lab . Low-cost producer Securing long-term, low-cost energy contracts Producing BTC at $6,900 avg. direct cost in Q3'21 Entrepreneurial team Leveraging deep background in data centers, technology, financing and business growth Bitfarms 14#15Appendix Bitfarms 15#16Entrepreneurial Leadership Team 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. 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. Geoff Morphy PRESIDENT Geoff has 35 years of experience in senior management roles of banks, corporate advisory firms and industry. He has served on the boards of several private and publicly traded companies located in North America and Europe. Geoff has an ICD designation and was a former director of Bitfarms. He became an officer of Bitfarms in August 2020. Jeffrey Lucas CHIEF FINANCIAL OFFICER Jeffrey has extensive international finance and operational experience with public companies listed on the NYSE and Nasdaq. He previously worked in high-yield investment banking with L.F. Rothschild and in institutional money management as a securities analyst with Wells Capital Management. He is a CFA charterholder, CPA and earned an MBA from Harvard Business School, a BA in Economics from Tufts University, and studied at the London School of Economics. Ben Gagnon CHIEF MINING OFFICER Ben started building and operating Bitcoin mining facilities in mainland China in 2015. Ben brings over 6 years of real-world Bitcoin mining experience and is a recognized industry thought leader. His expertise is regularly requested at conferences and from industry leaders around the world. Benoit Gobeil DIRECTOR OF OPS Benoit is a master electrician and started Volta Électrique in 2010. The company serves as Bitfarms in-house electrical engineering and maintenance firm. Benoit's significant experience in project management and his electrical skills are instrumental in his role of Director of Operations at Bitfarms, keeping our facilities running. Nathaniel Port SENIOR VICE-PRESIDENT, FINANCE AND ACCOUNTING Nathaniel joined Bitfarms in its first year of operations and helped the Company navigate its initial listing process on the TSXV as well as the onboarding of two Big 4 audit firms. Prior to joining Bitfarms, Nathaniel worked at a local audit firm. Nathaniel is a CPA, John Molson School of Business alumnus and member of the CPA Canada CFE National Honour Roll. Bitfarms 16#17Board 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. 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. 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 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. Bitfarms 17#18Washington State, USA 24 MW/1 farm Operational facility Hydro power Acquired Nov. 2021 Replaced hosting # agreement 75 MW expansion MOU Bitfarms 18#19Cowansville, Québec · • 17 MW/1 farm Operational facility Hydro power Rebuilt facility May-Oct. 2021 Up from 4MW original Leveraging site development and design expertise 100 Bitfarms 19#20Sherbrooke, Québec 96 MW/3 farm agreement Hydro power 18 MW/1 farm operational, to be retired 78 MW/2 farms under construction: Leger & The Bunker 18 MW/1 farm planned The Bunker Leger Bitfarms 20 20#21Paraguay 10 MW/1 farm Hydro power Expect build out within next month Start of production expected before December 31, 2021 Bitfarms™ 21#22Argentina 210 MW/1 farm 4 buildings Private power company, natural gas 2.2 US cents/kwh pricing locked for 4 years Engineering contracts signed and construction started Expect to house 55,000 miners MA Bitfarms 22#23Miners • Miner delivery 1,290 in Q3 2021 3,679 in Q4 2021 to date 3,191 expected in last 2 weeks of Nov. 48,000 ordered for 2022 delivery • • 4,000 monthly $38.5/TH avg. price 0000 00 0000000 00000 A SA DIDIS SUND SENSSA ROAD 1201 Bitfarms 23#24Non-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: (i) interest expense; (ii) income tax expense; and (iii) 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: (i) share-based compensation; (ii) non-cash finance expenses; (iii) asset impairment charges; and (iv) 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 Revenue minus energy expenses for the Backbone segment of the Company. "Gross mining margin" is defined as the percentage obtained when dividing Gross mining margin by Revenue for the Backbone segment of the Company. 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. Note: All dollar figures are expressed in US Dollars throughout. Bitfarms™ 24#25Bitfarms Corporate Office 18 King Street East, Suite 902 Toronto, Ontario MSC 1C4 Canada Operations and Accounting Office of North-America Suite 312, 9160 Boulevard Leduc Brossard, Québec J4Y 0E3 Canada Operations and Accounting Office of South-America 3123 Castex Street, PB. Buenos Aires, Argentina TM