Bitfarms Ltd. provided an update regarding its expansion project in South America. On October 26, 2020, Bitfarms announced the signing of a non-binding memorandum of understanding to secure electricity at approximately USD 0.02 per kWh with the plan to pursue the development of a 60 MW Bitcoin mining facility in Argentina. During the past six-months, considerable due diligence and contractual work has been undertaken to determine the viability of the expansion project. The Company has since signed a significantly enhanced power purchase agreement with a utility-grade private power producer in Argentina pursuant to which Bitfarms is entitled to draw up to 210 MW of electricity at its discretion. The initial term of the contract is eight years. During the first four years, the effective cost of the electricity will be USD 0.022 per kWh.