Bitfarms Appoints Ben Gagnon As Chief Executive Officer Amid Leadership Transition and Shareholder Dispute

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Such factors include, among others, risks relating to: discretion of Galaxy Digital LLC in respect of future borrowings under the new credit facility (including as to the terms of such borrowings); the global economic climate; dilution; the Company’s limited operating history; future capital needs and uncertainty of additional financing including the Company’s ability to utilize the Company’s at-the-market offering (the “ATM Program”) and the prices at which the Company may sell Common Shares in the ATM Program as well as capital market conditions in general; 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; dilution in relation to the ATM Program and from other equity issuances; and volatile securities markets impacting security pricing unrelated to operating performance. On June 21, 2021, Bitfarms started trading on the Nasdaq Stock Market. Bitfarms has a diversified production platform with five industrial scale facilities located in Québec and one in Washington state. Founded in 2017, Bitfarms is a global Bitcoin self-mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company-owned electrical engineering and installation services to deliver high operational performance and uptime. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four accounting firm.