Mr. Ben Gagnon reports

BITFARMS ANNOUNCES THE RETIREMENT OF JEFF LUCAS, CHIEF FINANCIAL OFFICER, AND THE APPOINTMENT OF JONATHAN MIR AS SUCCESSOR

Bitfarms Ltd. has appointed Jonathan Mir as chief financial officer, effective Oct. 27, 2025. Bitfarms' current CFO, Jeff Lucas, will be retiring, and will remain on as a strategic financial adviser and consultant to the company through Q1 2026 to ensure a smooth transition.

Mr. Mir is a global financial and strategic executive with more than 25 years of capital markets experience in energy infrastructure. Mr. Mir spent most of his career at Lazard Inc., where he served as head of North American power, energy and infrastructure. Most recently, Mr. Mir was a managing director in Bank of America's natural resources and energy transition group. Mr. Mir's multidecade expertise in public and private equity and debt financings for major infrastructure companies and projects will prove invaluable as the company executes on its transition to a North American HPC/AI infrastructure company. At Bitfarms, he will employ his extensive financial and capital markets expertise to help drive the company's HPC/AI infrastructure projects and its North American pivot from Bitfarms NYC office.

Chief executive officer Ben Gagnon stated: "The entire Bitfarms team is enormously grateful to Jeff for the invaluable contributions he has made to our company over the last four years. Jeff has played an integral role in our transition from an international bitcoin miner to the U.S.-focused energy and digital infrastructure company we are today, and we wish him all the best. I am excited to have Jonathan, an impressive financial executive with extensive energy infrastructure-focused capital markets experience, join us as we execute on our HPC/AI growth strategy in Pennsylvania, Quebec and central Washington. Jonathan's deep sectoral knowledge will bring tremendous value to Bitfarms as we embark on this next chapter of our development."

Mr. Lucas said: "It has been a privilege to be the CFO of Bitfarms for the last four years and to have played a significant role in the transformation of this company. During my tenure, the company expanded its operations across four countries, raised and deployed hundreds of millions of dollars, closed multiple acquisitions including the largest public M&A deal between two public miners, and transitioned from a bitcoin miner to an HPC/AI infrastructure pioneer. With approximately $330-million (U.S.) in cash and bitcoin today, and up to $250-million of additional financing available on our project facility for our flagship Panther Creek campus, we believe we have never been better capitalized. I am confident that under Ben and Jonathan's leadership, Bitfarms will continue its long runway of growth."

About Bitfarms Ltd.

Bitfarms is a North American energy and digital infrastructure company that builds and operates vertically integrated, state-of-the-art data centres and energy infrastructure for high performance computing and bitcoin mining.

With a focus on United States growth, Bitfarms' 1.3-gigawatt energy pipeline is more than 80-per-cent U.S.-based and clustered in data center hotspots with robust access to power and fibre infrastructure.

Bitfarms was founded in 2017 and is a proven leader in digital infrastructure with operations throughout the Americas. Bitfarms is headquartered in New York, N.Y., and Toronto, Ont., and traded on the Nasdaq and Toronto Stock Exchange.

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