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Hashrate Evolution and Corporate Governance

INCREASING 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

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