Bitfarms Mines 387 BTC in February, Exceeding 20,000 BTC

[ad_1] <div id="main-body-container" itemprop="articleBody">       This information launch constitutes a “designated information launch” for functions of the Firm’s prospectus complement dated August 16, 2021, to its quick kind base shelf prospectus dated August 12, 2021. TORONTO, Ontario and BROSSARD, Québec, March 01, 2023 (GLOBE NEWSWIRE) -- <a target="_blank" href="https://www.globenewswire.com/Tracker?data=a8r0MZ6p1NC8SWgjaFzNKi2dImW5EhNlSvhB2serGRkPVTrFbVEzW3Hucjl_-1F0h19f_0mQ3tObwapMmL0ffb__rDTxfiWTh0I-oRt56IJ2I97kdiLYJufUaLbR4tzOSTcrhrT5P9z4cPZvSRBFd5tGMORATRr5L4eVsOunFWi7eEV08OxOCQFoIbKpJ4Kyxkb-v7F2-NqqNmrbODNnkhdnpYCiGo8RKXP2mxRynmYD3RPcRLE2XWDJCpDPjtD3WYz5sJv9ssV5nwMi9AJdm7NEs1MiykY7N9HDpOxdyWujd_w_FAdtIqvlGqeiAbON" rel="nofollow noopener" title="Bitfarms Ltd.">Bitfarms Ltd.</a> (NASDAQ: BITF//TSX: BITF), a world Bitcoin self-mining firm, offered a Bitcoin (BTC) manufacturing and mining operations replace for February 2023. “We're well-positioned for development in 2023 following our 2022 infrastructure investments, our discount in money burn, and our vital deleveraging that started final June,” mentioned Geoff Morphy, CEO of Bitfarms. “In strengthening our stability sheet, we elevated our monetary flexibility to pursue strategic development alternatives that we consider are rising on account of persistent and difficult trade dynamics. As well as, with $22.4 million in credit for the acquisition of miners and 40 MW of constructed capability at our Argentina farm, as quickly as miners will be imported there, we would require minimal capital outlays to convey on substantial extra manufacturing.” Ben Gagnon, Chief Mining Officer of Bitfarms, mentioned, “In February, we mined 387 BTC, growing manufacturing by 30% year-over-year though decreasing the typical BTC mined per day to 13.8 month-over-month. February manufacturing was primarily impacted by unseasonably chilly climate in Quebec as we curtailed over 10,000 MWh throughout an already quick month. Moreover, community issue is up 21.7% yr to this point following one other 10% improve on February 24. Whereas this displays rising confidence within the trade, it additionally emphasizes the benefit of Bitfarms being a low-cost producer.” CFO Jeff Lucas added, “In February, we paid off two miner finance agreements: the $20.6 million facility with BlockFi for $7.75 million and shortly after the $379,000 settlement with Reliz for $118,000. Mixed, these actions have materially lowered our whole indebtedness and alleviated the Firm of $22.3 million in principal and curiosity funds for simply $7.9 million. These and different strategic actions over the past 9 months have lowered our debt 86% from a excessive of $165 million in June 2022 to simply $22.7 million at month finish, considerably strengthening our stability sheet and enhancing money flows by the discount of month-to-month debt funds.” Mining Evaluate As a traditional a part of operations through the winter, vitality curtailment packages impacted manufacturing. Because of very chilly climate in Quebec in early and late February, Bitfarms briefly curtailed operations there, supporting the group by restoring over 10,000 MWh of energy again to the native energy grids. The sustained chilly climate and better ranges of curtailment in February are usually not anticipated to proceed into March. <table style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; border-collapse: collapse; width:100%; border-collapse:collapse ;"><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Key Efficiency Indicators</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">Feb. 2023</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">Jan. 2023</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">Feb. 2022</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Complete BTC Mined</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">387</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">486</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">298</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Month Finish Working EH/s</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">4.7</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">4.7</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">2.3</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">BTC/ Avg. EH/s</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">91</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">110</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">131</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Working Capability (MW)</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">188</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">188</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">116</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Hydropower MW</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">178</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">178</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">116</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Watts/Terahash Effectivity (w/TH)</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">39</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">40</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">43</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; ">BTC Offered</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">387</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">486</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">15</td></tr></table> February 2023 Choose Working Highlights <ul><li>4.7 EH/s on-line as of February 28, 2023, up 104% from February 28, 2022 and no change in comparison with January 31, 2023.</li><li>4.25 EH/s common on-line, in comparison with 4.42 EH/s in January 2023.</li><li>91 BTC/common EH/s, down 17% from 110 in January 2023.</li><li>387 new BTC mined, up 30% from February 2022 and down 20% from January 2023.</li><li>13.8 BTC mined each day on common, equal to about $328,400 per day and roughly $9.2 million for the month based mostly on a BTC worth of $23,800 on February 28, 2023. </li></ul> Mining Operations <ul><li>Mined Bitfarms’ 20,000th BTC with renewable hydropower because the 2017 founding.</li><li>Improved effectivity of newly unencumbered Bitmain miners in Washington 16% from 31 w/TH to 26 w/TH with new firmware.</li><li>Improved total fleet effectivity to 39 w/TH.</li><li>Began facility optimizations, repairs and preparation for spring.</li></ul> Bitfarms’ BTC Month-to-month Manufacturing <table align="center" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; border-collapse: collapse; width:100%; border-collapse:collapse ;"><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Month</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">BTC Mined 2023</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: top ; ">BTC Mined 2022</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">January</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">486</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">301</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">February</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">387</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">298</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Complete YTD</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">873 </td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: top ; ">599</td></tr></table> February 2023 Monetary Replace <ul type="disc"><li style="text-align:justify;">Lowered whole excellent indebtedness to $22.7 million as of February 28, 2023: <ul type="circle"><li style="text-align:justify;">Settled the excellent principal and curiosity resulting from BlockFi, totaling $20.6 million, for a money fee of $7.75 million.</li><li style="text-align:justify;">Paid off the $379,000 financing resulting from Reliz for a money fee of $118,000.</li></ul> </li><li style="text-align:justify;">Offered 387 BTC, producing whole proceeds of $8.3 million.</li><li style="margin-bottom:11.7pt;">Held 405 BTC in custody at February 28, 2023, representing a complete worth of roughly $9.6 million based mostly on a BTC worth of $23,800. </li></ul> Conferences and Occasions Bitfarms plans to attend the next upcoming occasions: <ul><li>March 12-14: Roth 35th Annual Convention, Laguna Nigel, California</li><li style="margin-bottom:11.7pt; text-align:justify;">March 22-23: Sidoti’s March 2023 Small Cap Digital Convention</li></ul> About Bitfarms Ltd. Based in 2017, Bitfarms is a world, publicly traded (NASDAQ/TSX: BITF) Bitcoin self-mining firm. Bitfarms runs vertically built-in mining operations with in-house administration and company-owned electrical engineering, set up service, and onsite technical restore. The Firm’s proprietary knowledge analytics system delivers best-in-class operational efficiency and uptime. Bitfarms has 10 mining services all over the world, that are positioned in 4 nations: Canada, the US, Paraguay, and Argentina. Powered by predominantly environmentally pleasant hydro-electric and long-term energy contracts, Bitfarms is dedicated to utilizing renewable, domestically based mostly, and sometimes underutilized vitality infrastructure. To study extra about Bitfarms’ occasions, developments, and on-line communities: Web site: <a target="_blank" href="https://www.globenewswire.com/Tracker?data=_hSxoxVkmtr0X5hMPiPkG51paPX2fzTq8TJKVxVWdwlTGnHKzwPiR77gySNcBJvGNkb-IxQs0XhFh8XQ6-ur08q2dPiNqTbEBjVBgJSmikGp4dp9B9k_BKYF-Mc1JpWYKKcXTB_y9XOqN8FvbTsn_IwiT5SlK3W0MHhBkKBKHA7dl_T_M9fUIPenOo73f3JtQPme-IUwJp2eep4pAnXck_FDhMTs5wgeljZx1DnZ1KIlv8l0C346FR6au2AhRWAhvnT3kA6Qp7-W_NsAJ8_VJzYwjCSGEAxxAy-HvLQZBE5Lxg1h-wb_ElzWSUWzQOSKojJB4Nay6THJNpK6gQB4Pw==" rel="nofollow noopener" title="www.bitfarms.com">www.bitfarms.com</a> <a target="_blank" href="https://www.globenewswire.com/Tracker?data=i2uKAzy5aznpzvNdoOuo50U54L9aBPJ8rcCZPHu_993eNh2WpxiuCC0WrJ_3gl0H7ntKeP9sQOIAJSSoNISFgqrLRsLgYT30b4bjumgzEbvgY6UPew6RuinwFYm39csnRn9oAb_D-EHLf0ZKnwL1M_Lomo0Z7NPy-29fMjIRtb5SRTngTsK3pFFuxZNE_Nh3kJ3OfEHm4q_HT0_-4BNehxZSfg-DsrWrPYiTan85VpznlXdGa9IBFZ79ogxGyQf-An06aVhP0R1ac-UQV_Zs9TuT53WlY5L9WdFz1L5NWwBmuGs5Qnwkab3H_bzqsjAWbIIwZ7ADmCveVWp9Wvpb7uC9vuWot2tDgrHRmiT0KdQ4KIL9ELzMFfsiT4BcppvZ4IiOgNvP3CIZihX_ImWsag==" rel="nofollow noopener" title="">https://www.facebook.com/bitfarms/</a> <a target="_blank" href="https://www.globenewswire.com/Tracker?data=i2uKAzy5aznpzvNdoOuo524_bi6b8yAH1Gnivz8G0I7-MkDAqdgsikoRpItpxW36QMAhNhmQLXNz1qWFq62rzsvZsWkCgI2aq9jLZVFM1mO5MiBNH09v95Bf7huWtyf33RsIoS1XPaXhUtrw1A2DYp-iiiJw3RT9LrDn_MFnG6HqI93MHxV9KCDq2CoLkTkNfGNifjcXgUaBeyk6589j2M1gBVn4uETul3b5_WiED75kwuHj-4LCEqz7ncP9BK_w4UeYD2zyTDSkIwyk9yujzn6mNdeMy_aWEfNsPW0oEcrWE3E7p1Q--H2CJxjBgFlL4AIjumzRhh984qTdSJsoA2NjuzbgT2y7aexJJohypdBFuWam6OO6KH5R5TuRrZJcFdBciQCV-o0L8jpK4uD_vA==" rel="nofollow noopener" title="">https://twitter.com/Bitfarms_io</a> <a target="_blank" href="https://www.globenewswire.com/Tracker?data=i2uKAzy5aznpzvNdoOuo51YDIdtbfY5_X_mYY_lDYb1C1Efe9QlfnLBcSWxg37MJ1kFkrwM1pDvv5bs4_iZA4-gzNAe4lvLaed1AxYxuvz_adXlpOoKc2IqNaC2667Am53n_M0rWznk8dfgC2EDSa5Q6YBVyHttbsqOQ82s5lHCrKi7E7iIvJUtYY2buxYflfRVQSlC1CDdlhWHl6qdUgFlCBbM60P2QZfpH4pxFnj1jhvfmlSLQG9x4fiFGqnfduazJhKLG2n_ni0Wtepe3VFjkRyjiEMg-Tt9-smmqkhC8SvIkr_0va3FjSdww_IAV7AqA0nN7eP4Y6RHEZBSXMUj6pg_Eurk2CoU6Mz5tPQ-PRK_o-FKYbJo1XWa4Hjy2uzrV9TWEUDjfrOdg6tFhLiG6Ey00pTZvWuVDGXQ3eyE=" rel="nofollow noopener" title="">https://www.instagram.com/bitfarms/</a> <a target="_blank" href="https://www.globenewswire.com/Tracker?data=i2uKAzy5aznpzvNdoOuo53IZsxpsNONcMZuljgHeM6A94ElWrDnhoM2XaKDr0lE7L7732jJKWN3DWq8giDcq--8QcKagSRAVhEfn0WQmf5ot3VmUsAZG_ii2tIM1bN8ra6imL5THmOk3ovb6zwIAOOomutc2BjMr-gkxXMAWr8Cmxg0q-9PjMZcqVDj3WjG5QXn2IiVvRceLnjzoLPa7ldvO5uJwoH1v_yEXeqtXASTvAR9ozzrHAF4yD0vddl6UR2QXMVDsUC3WlGMnFIIYl_KCof2b7nYdrR20_KXqp3GzWl4tm2Gx2pubXNXJJj6UNziO_vipoTBwWr9PWsiBqP4if2chLZfFOrKb3eGMIrSMdzH3IfD-LxQsWTg5Mq3IqhIGFVABB_8scyKN5kK56qBEEMcDRitNmupSmRMd6CbBGFfLOWMLr5XcQ0-JW91o" rel="nofollow noopener" title="">https://www.linkedin.com/company/bitfarms/</a> Glossary of Phrases <ul><li>BTC BTC/day = Bitcoin or Bitcoin per day</li><li>EH or EH/s = Exahash or exahash per second</li><li>MW or MWh = Megawatts or megawatt hour</li><li>PH or PH/s = Petahash or petahash per second</li><li>TH or TH/s = Terahash or terahash per second </li></ul> Cautionary Assertion Buying and selling within the securities of the Firm must be thought of extremely speculative. No inventory trade, securities fee or different regulatory authority has permitted or disapproved the data contained herein. Neither the Toronto Inventory Alternate, Nasdaq, or some other securities trade or regulatory authority accepts accountability for the adequacy or accuracy of this launch. Ahead-Trying Statements This information launch comprises sure “forward-looking info” and “forward-looking statements” (collectively, “forward-looking info”) which are based mostly on expectations, estimates and projections as on the date of this information launch and are lined by protected harbors underneath Canadian and United States securities legal guidelines. The statements and knowledge on this launch relating to monetary flexibility, strategic development alternatives, growth of manufacturing in Argentina and different future plans and targets of the Firm are forward-looking info. Different forward-looking info contains, however isn't restricted to, info regarding: the intentions, plans and future actions of the Firm, in addition to Bitfarms’ capacity to efficiently mine digital forex, income growing as presently anticipated, the flexibility to profitably liquidate present and future digital forex stock, volatility of community issue and digital forex costs and the potential ensuing vital detrimental affect on the Firm’s operations, the development and operation of expanded blockchain infrastructure as presently deliberate, and the regulatory surroundings for cryptocurrency within the relevant jurisdictions. Any statements that contain discussions with respect to predictions, expectations, beliefs, plans, projections, targets, assumptions, future occasions or efficiency (typically however not all the time utilizing phrases equivalent to “expects”, or “doesn't anticipate”, “is anticipated”, “anticipates” or “doesn't anticipate”, “plans”, “finances”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “might” or “may”, “would”, “may” or “will” be taken to happen or be achieved) are usually not statements of historic truth and could also be forward-looking info and are supposed to establish forward-looking info. This forward-looking info relies on assumptions and estimates of administration of the Firm on the time they had been made, and entails recognized and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency, or achievements of the Firm to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking info. Such elements embody, amongst others, dangers referring to: the Firm’s excellent indebtedness (together with in respect of any defaults thereunder); the worldwide financial local weather; dilution; the Firm’s restricted working historical past; future capital wants and uncertainty of extra financing, together with the Firm’s capacity to make the most of the Firm’s at-the-market providing (the “ATM Program”) and the costs at which the Firm might promote Widespread Shares within the ATM Program, in addition to capital market circumstances basically; dangers referring to the technique of sustaining and growing Bitcoin holdings and the affect of depreciating Bitcoin costs on working capital; the aggressive nature of the trade; forex trade dangers; the necessity for the Firm to handle its deliberate development and growth; the consequences of product growth and want for continued know-how change; the flexibility to take care of dependable and economical sources of energy to run its cryptocurrency mining belongings; the affect of vitality curtailment or regulatory adjustments within the vitality regimes within the jurisdictions during which the Firm operates; safety of proprietary rights; the impact of presidency regulation and compliance on the Firm and the trade; community safety dangers; the flexibility of the Firm to take care of correctly working methods; reliance on key personnel; international financial and monetary market deterioration impeding entry to capital or growing the price of capital; share dilution ensuing from the ATM Program and from different fairness issuances; and risky securities markets impacting safety pricing unrelated to working efficiency. As well as, explicit elements that would affect future outcomes of the enterprise of Bitfarms embody, however are usually not restricted to: the development and operation of services might not happen as presently deliberate, or in any respect; growth might not materialize as presently anticipated, or in any respect; the digital forex market; the flexibility to efficiently mine digital forex; income might not improve as presently anticipated, or in any respect; it is probably not attainable to profitably liquidate the present digital forex stock, or in any respect; a decline in digital forex costs might have a big detrimental affect on operations; a rise in community issue might have a big detrimental affect on operations; the volatility of digital forex costs; the anticipated development and sustainability of hydroelectricity for the needs of cryptocurrency mining within the relevant jurisdictions; the lack to take care of dependable and economical sources of energy for the Firm to function cryptocurrency mining belongings; the dangers of a rise within the Firm’s electrical energy prices, price of pure gasoline, adjustments in forex trade charges, vitality curtailment or regulatory adjustments within the vitality regimes within the jurisdictions during which the Firm operates and the opposed affect on the Firm’s profitability; the flexibility to finish present and future financings, any laws or legal guidelines that may forestall Bitfarms from working its enterprise; historic costs of digital currencies and the flexibility to mine digital currencies that can be according to historic costs; an incapability to foretell and counteract the consequences of COVID-19 on the enterprise of the Firm, together with however not restricted to the consequences of COVID-19 on the worth of digital currencies, capital market circumstances, restriction on labour and worldwide journey and provide chains; and, the adoption or growth of any regulation or regulation that may forestall Bitfarms from working its enterprise, or make it extra pricey to take action. For additional info regarding these and different dangers and uncertainties, seek advice from the Firm’s filings on <a target="_blank" href="https://www.globenewswire.com/Tracker?data=msaZQablYUC3VT4JO23EwJ1CA9PZ_Lf93hQa-3WVgd1S39jqfmj1JQpsbJSIE4veuQT5ygOCNPgfGKlqP2Wc5A==" rel="nofollow noopener" title="">www.SEDAR.com</a> (that are additionally obtainable on the web site of the U.S. Securities and Alternate Fee at <a target="_blank" href="https://www.globenewswire.com/Tracker?data=Gv-msYkApPV5Ky6hL14IreDC8KoRAvNVns1oL8ka_6El_n2kAOXu5kG-K9GofmmsvTkZptYIBcl-xFHW3WvSSw==" rel="nofollow noopener" title="">www.sec.gov</a>), together with the annual info kind for the year-ended December 31, 2021, filed on March 28, 2022. The Firm has additionally assumed that no vital occasions happen exterior of Bitfarms’ regular course of enterprise. Though the Firm has tried to establish vital elements that would trigger precise outcomes to vary materially from these expressed in forward-looking statements, there could also be different elements that trigger outcomes to not be as anticipated, estimated or supposed. There will be no assurance that such statements will show to be correct as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, readers mustn't place undue reliance on any forward-looking info. The Firm undertakes no obligation to revise or replace any forward-looking info apart from as required by regulation<img alt="" data-mce-src="https://www.globenewswire.com/api/ImageRender/DownloadFile?resourceId=c39ef25c-b8ff-4ffc-881e-8dae51b384cb&size=3" height="1.0px" name="GNW_RichHtml_IMG" src="https://ml.globenewswire.com/Resource/Download/c39ef25c-b8ff-4ffc-881e-8dae51b384cb" width="1.0px"/>. Contacts: LHA Investor Relations David Barnard +1 415-433-3777 <a target="_blank" href="https://www.globenewswire.com/Tracker?data=a0RYy9hPuoi4lw-W-CP_qzQvkjli20nbM73M_AM8j2mDpwyehrLk9EE3IEcbQqTY6fF15MWrDfi74rBOfVQewmsPAJcF81OldqlMDnH3gnA=" rel="nofollow noopener" title="Investors@bitfarms.com">Investors@bitfarms.com</a> Precise Company Lisa Helfer +1 646-373-9946 <a target="_blank" href="https://www.globenewswire.com/Tracker?data=EU9pRtssavGOpHMbYGnn_UaN_5WQ6DLVqybrNPwpeiO0qlLJ-j5JlMVFxMvRJ_mULHb_imsP6brvpCpJaemqqKtAw2SZicfsA9REktWQBc92N3PV9hW9W-T2w2KCDwtQ" rel="nofollow noopener" title="mediarelations@bitfarms.com">mediarelations@bitfarms.com</a> Québec Media: Tact Louis-Martin Leclerc +1 418-693-2425 <a target="_blank" href="https://www.globenewswire.com/Tracker?data=4NdG8ZCeBDnFH6llSZPxkM9NMTlnR9vg2RA-0_IFrA3CVlSOX2L19KYSIO3OnpHG4kvdkSFRe4_gtSNNIklQeEc9HCHdtaDlUpbqBPoyoUY=" rel="nofollow noopener" title="lmleclerc@tactconseil.ca">lmleclerc@tactconseil.ca</a> <img src="https://ml.globenewswire.com/media/OGY1MjlkNjEtZTczOS00N2IyLWFjN2QtMmQwYjdhZjI4NzZhLTEyMDgzNTM=/tiny/Bitfarms-Ltd-.png" referrerpolicy="no-referrer-when-downgrade"/>

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