Bitcoin miner Bitfarms announces CAD$40mn in private placement with US institutional investors

Toronto, Ontario and Brossard, Québec (February 8, 2021) – Bitfarms Ltd., a Canadian publicly listed bitcoin mining  operation, has entered into subscription agreements with certain institutional investors for gross  proceeds of approximately CAD$40.0 million in a private placement in the United States of its equity securities. It comprised of 11,560,695 common shares along with warrants to purchase an aggregate of up to 11,560,695 common shares at a purchase price of CAD$3.46 per common  share and associated warrant.

The warrants have an exercise price of USD$3.01 per common  share and exercise period of three and one-half years. The net proceeds of the private  placement will be used by the Company principally to acquire additional miners, expand  infrastructure, and improve its working capital position.

The private placement is expected to close on or about February 10, 2021, subject to satisfaction of customary closing conditions and approval of the TSX Venture Exchange.

“We are pleased to announce our third financing, having just closed two financings in January of  CAD$20.0 million each (see press releases of January 7 and January 13, 2021). This additional financing will allow us to further grow our miner count and expand infrastructure. We are very pleased to continue to expand our institutional presence in the United States.”, said Emiliano  Grodzki, CEO of Bitfarms.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the private placement in the United States.

Bitfarms has sights set on growth and expansion towards its mission to provide 3 Exahash of computing power by the end of 2021, which will continue to contribute to the rapid growth of the global, decentralized financial economy.

Notes

The securities being offered have not been, nor will they be, registered under the United States  Securities Act of 1933, as amended, and such securities may not be offered or sold within the  United States except pursuant to an exemption from the registration requirements of the U.S.  Securities Act of 1933 and applicable state securities laws. This press release does not  constitute an offer to sell or the solicitation of an offer to buy securities, nor shall it constitute an  offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Bitfarms Ltd.

Bitfarms is one of the largest public bitcoin mining operations in the world and is listed on the  TSX-V. Founded in 2017 it has five industrial scale facilities across Quebec, Canada and is  responsible for infrastructure activities of approximately 1% of the entire Bitcoin mining industry  and daily Bitcoin mined. Bitfarms run vertically integrated mining operations with onsite technical  repair, data analytics and engineers to deliver the computing power needed to drive the rapid  growth of the global decentralized financial economy.

Bitfarms has sights set on growth and expansion towards its mission to provide 3 Exahash of computing power by the end of 2021, which will continue to contribute to the rapid growth of the global, decentralized financial economy.

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