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Hashrate Evolution and Corporate Governance

BITCOIN 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

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