Ms. Tracy Krumme reports

BITFARMS ANNOUNCES RESULTS OF SPECIAL MEETING OF SHAREHOLDERS

Bitfarms Ltd. today released the results of its special meeting of shareholders of the company, held virtually on Nov. 20, 2024. A total of 230,227,376 common shares, representing 50.83 per cent of the issued and outstanding common shares of the company were represented at the special meeting.

Pursuant to a settlement agreement between the company and Riot Platforms Inc. dated Sept. 23, 2024, at the special meeting, shareholders were asked: (i) to approve an expansion of the board of directors from five members to six members, (ii) to elect an independent director nominated by the board to serve as the sixth member of the board, and (iii) to ratify the company's shareholder rights plan adopted on July 24, 2024. More details regarding the settlement agreement may be found in the press release of the company dated Sept. 23, 2024.

Based on the proxies received and the votes cast at the special meeting, shareholders voted for the following:

• The expansion of the board from five members to six members, with votes for totalling 225,261,549 common shares, representing 97.84 per cent of the votes cast, and votes against totalling 4,965,822 common shares, or 2.16 per cent (proxies representing a total of five common shares were not voted in respect of this item of business);
• The election of Andrew J. Chang as independent director with votes for totalling 159,301,723 (98.65 per cent) common shares and votes withheld totalling 2,172,110 common shares (proxies representing a total of 68,753,543 common shares were not voted in respect of this item of business);
• The ratification of the company's shareholder rights plan adopted on July 4, 2024, with votes for totalling 159,185,101 common shares (98.58 per cent) and votes against totalling 2,288,734 common shares (1.42 per cent) (proxies representing a total of 68,753,541 common shares were not voted in respect of this item of business).

Appointment of Andrew J. Chang to Bitfarms board of directors

Mr. Chang is a 20-year veteran of the technology industry with experience as an investor, operating executive, entrepreneur and adviser. He was a founding partner of Liberty City Ventures, a leading venture capital fund. Mr. Chang also served as chief operating officer of Paxos, a blockchain infrastructure platform that has powered solutions for PayPal, Stripe and more. At Paxos, he helped grow the team from eight to 190 employees and launched the first regulated blockchain focused trust company and the first regulated stablecoin in the United States. During that time, Paxos raised $500-million in capital and its most recent valuation is $2.4-billion.

Before joining Paxos, Mr. Chang served as a lead strategic partner development manager at Google, working in business development for display ad products. Prior to that, he was the chief operating officer of ConditionOne and an associate at TechStars (New York). He also has experience managing innovation in research, analytics and digital media at WPP PLC-owned Kantar Video and at 360i, a digital marketing agency.

Mr. Chang earned his MBA from New York University's Leonard N. Stern School of Business, where he was president of the student body, and a BS from Boston College.

"Bitfarms has built an impressive operation in bitcoin mining, and I'm thrilled to work with the board to define the company's next chapter," stated incoming independent director Andrew Chang. "There are incredible growth opportunities ahead and Bitfarms is well positioned for success."

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global vertically integrated bitcoin data centre company that contributes its computational power to one or more mining pools from which it receives payment in bitcoin. Bitfarms develops, owns and operates vertically integrated data centres with in-house management and company-owned electrical engineering, installation service, and multiple on-site technical repair centres. The company's proprietary data analytic system delivers best-in-class operational performance and uptime.

Bitfarms currently has 12 operating bitcoin data centres and two under development situated in four countries: Canada, the United States, Paraguay and Argentina. Powered predominantly by environmentally friendly hydroelectric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

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