Bitfarms : Investor Presentation 10/3/22

September 2022 Production and Mining Operations Update

October 3, 2022

S A F E H A R B O R S TAT E M E N T

Forward-Looking Statements

This presentation contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking information") that are based on expectations, estimates and projections as at the date of this presentation and are covered by safe harbors under Canadian and U.S. securities laws. The information in this presentation about future plans and objectives of the Company is forward-looking information. Other forward-looking information includes, but is not limited to, estimates and forecasts for 2022 and future growth, hash rate, installed hash rate, installed megawatts, growth milestones and expansion plans (including computational goals) and other information concerning: the intentions, plans and future actions of the Company, as well as Bitfarms' ability to successfully mine digital currency, volatility of network difficulty and digital currency prices and the resulting significant negative impact on the Company's operations, the construction and operation of expanded blockchain infrastructure as currently planned, and the regulatory environment of cryptocurrency in the applicable jurisdictions.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events, or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the global economic climate; dilution; the Company's limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating

performance. In addition, particular factors that could impact future results of the business of Bitfarms include, but are not limited to: the construction and operation of blockchain infrastructure may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; cybersecurity attacks such as from malicious actors seeking to exploit vulnerabilities in the computer network operated by Bitfarms or who gain unauthorized access to Bitfarms' digital wallets and custodial accounts; an increase in the cost of electricity may have a significant negative impact on operations; planned or unplanned electrical disruptions may have a significant negative impact on operations; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions, the ability to complete current and future financings, any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company's filings on www.SEDAR.com including the annual information form for the year ended December 31, 2021, filed on March 28, 2022. The Company has also assumed that no significant events occur outside of Bitfarms' normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

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H I G H L I G H T S

3,733 BTC mined in first nine months of 2022, exceeding full year 2021 production.

Achieves September 30, 2022 target of 4.2 Exahash/second.

Initiates production and continues build out at first warehouse in Argentina.

4.2	16	2,065	$40M 1
EH/s at 9/30/22	BTC mined /day	BTC held at 9/30/22	value of BTC
up 180% from 9/30/21	at 9/30/22	at 9/30/22

3,733	~45,300	176
BTC mined YTD as of 9/30/22,	operating miners as	MW at 9/30/22 up from
up from 2,407 at 9/30/21	of 9/30/22	69 MW at 9/30/21

1. BTC price of $19,400 at September 30, 2022	3

V E R T I C A L LY I N T E G R AT E D G L O B A L B I T C O I N M I N I N G C O M PA N Y

10 production sites, in 4 countries, drawing power from predominantly hydro-electricity providers

	Sites	Operating	Contracted for
	9/30/22	12/31/22
CA	Sherbrooke1	84 MW	96 MW
Magog	10 MW	10 MW
Quebec,
Farnham	10 MW	10 MW
	Cowansville	17 MW	17 MW
	St. Hyacinthe	15 MW	15 MW
USA	Washington	20 MW	21 MW
LATAM	Paraguay	10 MW	10 MW
Argentina	10 MW	50 MW
	Total	176 MW	229 MW

	Bringing online Garlock & The	First 50MW warehouse in Rio
	Cuarto, Argentina,
	Bunker Phase 3 in the City of
	commenced production
	Sherbrooke, Quebec
	September 2022
1. Includes 3 sites located in Sherbrooke, Qc		4

S H E R B R O O K E , Q U É B E C

• Hydro Power
• 3 farms in close proximity

•	Contracted:	96 MW
•	Operating:	84 MW
	- De la Pointe	18 MW1
	- The Bunker 1 & 2 36 MW
	- Leger	30 MW

• In Construction:

- The Bunker 3	12 MW
- Garlock	18 MW
• Retiring:	(18 MW)1

LEGER

THE BUNKER

GARLOCK

Notes: As of September 30, 2022	5
1. De la Pointe reduced from 30 MW to 18 MW and is scheduled to be fully retired before February 2023