#1Bitfarms TSX-V: BITF/OTC: BFARF Q1 2021 INVESTOR CALL PRESENTATION May 26, 2021 TM#2Caution regarding forward looking statements This presentation (the "Presentation") has been prepared by Bitfarms Ltd., operating under the commercial brand "BitfarmsTM" (the "Company"), and is being delivered for information purposes only. The Presentation is confidential and is made available strictly on the basis that it will not be reproduced, redistributed or disclosed, in whole or in part, to any other person at any time, nor its contents disclosed or used for any purpose, without the prior written consent of the Company. The Presentation does not contain all information that a prospective investor may require. It is an overview only and does not contain all information necessary or desirable for investment decisions. Unless otherwise specified in the Presentation, information contained in the Presentation may not be current. No reliance may be placed for any purpose whatsoever on the information contained in the Presentation or on its completeness, and no liability whatsoever is accepted for any loss howsoever arising from any use of the Presentation or its contents or otherwise in connection therewith. Certain statements contained in the Presentation constitute forward-looking statements and forward- looking information (collectively, "Forward-looking Statements") and the Company cautions recipients of the Presentation about important factors that could cause the Company's actual results to differ materially from those projected in any Forward-looking Statements included in the Presentation. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimates, "intends", "plans", "forecast", "projection" and "outlook") are not historical facts and may be Forward-looking Statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such Forward-looking Statements. No assurance can be given that these expectations will prove to be correct, and such Forward-looking Statements included in the Presentation should not be relied upon. In addition, the Presentation may contain Forward-looking Statements attributed to third party industry sources. Forward-looking statements reflect the Company's current estimates, beliefs and assumptions, which are based on management's perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. The Company's expectation of operating and financial performance in Q1 2021 is based on certain assumptions including assumptions about operational growth, anticipated cost savings, operating efficiencies, anticipated benefits from strategic initiatives, future liquidity, and planned capital investments. The Company's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. The Company can give no assurance that such estimates, beliefs and assumptions will prove to be correct. Neither the Presentation nor any copy of it may be taken or transmitted except in compliance with the applicable securities laws and the prior written consent of the Company. By accepting the Presentation, the recipient represents and warrants that it is a person to whom the Presentation may be delivered or distributed without a violation of the laws of any relevant jurisdiction. No securities commission or other regulatory authority in any jurisdiction has passed upon this information. The Presentation and the information do not constitute an offer of securities for sale in the United States. 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#3Caution regarding Non-IFRS Performance Measures This presentation refers 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 profit 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. See "Reconciliation of Net Income to EBITDA and Adjusted EBITDA" for reconciliation of EBITDA and Adjusted EBITDA to net income in the Company's Q1 2021 Management's Discussion & Analysis. Bitfarms 3#4Operational & Financial Highlights Q1 2021 ADD 1940 Bitfarms#51,000 800 Coins Mined & Hash Power Growth Q1 Bitcoin Mined* 600 1,087 400 200 598 PH/ S 1200 1000 Growth in operational hash power 780 780 780 800 600 400 0 Q1 Q1 2020 2021 200 965 1,193 0 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 *Chart displays only Bitcoin mined. Please refer to the notes to Q1 2021 and 2020 consolidated financial statements for details on all Cryptocurrency mined. Hashrate based on standard operating mode. ✰ Operational hash power is calculated as of the end of period. Bitfarms 5#6Power usage Efficiency 97% of all electricity consumed by Bitfarms in Q1 2021 was used for computing power. YTD 2021 PUE 99% 99% 97% 97% 100% 95% 95% 80% 60% 40% 20% 0% Cowansville St. Hyacinthe Farnham Sherbrooke Magog Bitfarms Bitfarms 6#7Q1 2021 Financial Highlights Revenue(1) US $ (M) $30 $25 $20 읆 빎 읇 넚 읎었다. $10 100% Gross Mining Margin (3) 80% 60% 40% 9.2 Q1 2020 47% 20% 0% 90 Q1 2020 28.4 Q1 2021 EBITDA (2) Adjusted EBITDA (4) 80% Q1 2021 US $ (M) US $ (M) $3.0 30% 20% $2.0 20% $1.0 1.8 10% $- 0% (11%) $-1.0 -10% (3.0) $-2.0 -20% $-3.0 -30% $-4.0 -40% Q1 2020 Q1 2021 $20 $15 80% 69% 60% $10 $19.7 40% - 30% $5 20% is 2.8 Q1 2020 Q1 2021 (1) Revenue is recognized when cryptocurrency is received in exchange for its 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. Net loss for Q1 2021 was $7.6M versus a net loss of $2.4M in Q1 2020. (2) EBITDA is calculated as net income before interest expense, income tax expense, and depreciation and amortization. EBITDA is a non-IFRS performance measure. See slide 3. (3) Gross mining margin is calculated as mining revenue less mining energy and infrastructure costs for Backbone standalone, divided by mining revenue. Gross mining margin is a non-IFRS performance measure. See slide 3. (4) Adjusted EBITDA defined as EBITDA adjusted to exclude: (i) share-based compensation; (ii) non-cash finance expenses; (iii) asset impairment charges; and (iv) other non-cash expenses. Adjusted EBITDA is a non-IFRS performance measure. See slide 3. 0% Bitfarms 7#8Financial Position & Capital Structure Bitfarms Ownership Other Shareholders 85.5% Insiders 14.5% *All figures expressed in Canadian dollars. (1) Based on TSXV closing share price as of May 25, 2021 (2)As of May 25, 2021 ($USD) Cash Digital Assets Other Current Assets Q1 2021 $53.0M $32.4M $4.8M Total Current Assets $90.2M PP&E and Intangible Assets $45.8M Long-Term Deposits & Equipment Prepayments $22.8M ROU Assets $5.2M TICKER: TSXV:BITF * Total Assets $164.0M Share Price (1) Shares O/S (2) $5.38 AP, Accrued Liabilities & Others $3.9M 159.2M Current Portion of LTD & Lease Liability $6.4M Total Current Liabilities $10.3M Market Capitalization $856.5M Long-term Debt $0.1M Lease Liabilities $9.4M Other Non-Current Liabilities $2.3M Total Liabilities $22.1M Equity Total Liabilities & Equity $141.9M $164.0M Bitfarms 80#9Recent and Subsequent Events Notable Events - Post Q1 2021 to date On May 7th, obtained approval for Nasdaq Global Market tier listing and awaiting final clearance to commence trading Raised CAD$75M on May 20, 2021, via private placement with US institutional investors to fuel growth Acquired miners during the quarter, increasing hash rate from 1.2EH/s at the end of Q1 2021 to over 1.4EH/s as of today ✰ Through our Bitcoin retention program, have accumulated approximately 1,000 Bitcoin as of today, with an approximate value of $40M Bitfarms 9#10Strategy Growth Bitfarms 10 ONDACH THE KZ14038B0120 YEA OR DO MADE IN NA AXIAL FAM#11Expansion Pipeline 1-Facility size includes Phase 1 & Phase 2 EXPANSION OF OPERATIONS - 2020 Saint-Hyacinthe Phase 2, Quebec, Canada В Facility Size 40k Sq. Ft Power Capacity 5 MW Property info TET Leased Energy Source Hydroelectric EXPANSION OF OPERATIONS - 2021 Cowansville Phase 2, Quebec, Canada В Facility Size¹ Power Capacity O 25k Sq. Ft 13 MW Property info ET Leased Sherbrooke Phase 3-6, Quebec, Canada Facility Size 80K Sq. Ft Power Capacity 66 MW B Property info Owned & Leased Energy Source [Hydroelectric Energy Source Hydroelectric Bitfarms#12Bitfarms Corporate Office 18 King Street East, Suite 902 Toronto, Ontario MSC 1C4 Canada Operations and Accounting Office Suite 312, 9160 Boulevard Leduc Brossard, Québec J4Y OE3 Canada TM