<SEC-DOCUMENT>0001104659-24-097450.txt : 20240905
<SEC-HEADER>0001104659-24-097450.hdr.sgml : 20240905
<ACCEPTANCE-DATETIME>20240905180006
ACCESSION NUMBER:		0001104659-24-097450
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240905
DATE AS OF CHANGE:		20240905

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bitfarms Ltd
		CENTRAL INDEX KEY:			0001812477
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-93561
		FILM NUMBER:		241282412

	BUSINESS ADDRESS:	
		STREET 1:		110 YONGE STREET
		STREET 2:		SUITE 1601
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5C 1T4
		BUSINESS PHONE:		647-259-1790

	MAIL ADDRESS:	
		STREET 1:		110 YONGE STREET
		STREET 2:		SUITE 1601
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5C 1T4

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Riot Platforms, Inc.
		CENTRAL INDEX KEY:			0001167419
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				841553387
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		3855 AMBROSIA STREET, SUITE 301
		CITY:			CASTLE ROCK
		STATE:			CO
		ZIP:			80109
		BUSINESS PHONE:		303-794-2000

	MAIL ADDRESS:	
		STREET 1:		3855 AMBROSIA STREET, SUITE 301
		CITY:			CASTLE ROCK
		STATE:			CO
		ZIP:			80109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Riot Blockchain, Inc.
		DATE OF NAME CHANGE:	20171004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Bioptix, Inc.
		DATE OF NAME CHANGE:	20161201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Venaxis, Inc.
		DATE OF NAME CHANGE:	20121218
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>tm2423341d1_sc13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Under the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No.&nbsp;12)*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Bitfarms Ltd.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name of Issuer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common Shares</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title of Class&nbsp;of Securities)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>09173B107</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(CUSIP Number)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; color: #333333"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; color: #333333"><B>Riot
    Platforms,&nbsp;Inc.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; color: #333333"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3855
    Ambrosia Street, Suite&nbsp;301<BR>
    </B></FONT><B>Castle Rock, CO 80109</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; color: #333333"><B>Telephone:
    (303) 794-2000</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Attention to:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>William Jackman</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Executive Vice
President, General Counsel and Secretary</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name, Address and Telephone Number of Person <BR>
Authorized to Receive Notices and Communications)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>September&nbsp;3,</B></FONT><B> <FONT STYLE="font-size: 10pt">2024</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Date of Event Which Requires Filing of This Statement)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If the filing
person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of &sect;&sect; 240.13d-1(e), 240.13d-1(f)&nbsp;or 240.13d-1(g), check the following box. <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The remainder of this cover page&nbsp;shall be filled out for a reporting
person&rsquo;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing
information which would alter disclosures provided in a prior cover page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information required on the remainder of this cover page&nbsp;shall
not be deemed to be &ldquo;filed&rdquo; for the purpose of section 18 of the Securities Exchange Act of 1934 (&ldquo;<U>Act</U>&rdquo;)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see
the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP
    No.&nbsp;</FONT><FONT STYLE="font-size: 10pt">09173B107</FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page&nbsp;2
    of 5</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 13D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt 5.4pt; border: black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">NAME OF REPORTING PERSON &nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Riot Platforms, Inc.</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; font-size: 10pt; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
<TD STYLE="padding: 2pt 5.4pt; border-bottom: black 1pt solid; font-size: 10pt; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></TD>
<TD STYLE="padding: 2pt 5.4pt; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; width: 10%"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Wingdings; font-size: 10pt"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;
</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">SEC USE ONLY &nbsp; &nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">SOURCE OF FUNDS &nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">WC</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
<TD STYLE="padding: 2pt 5.4pt; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) &nbsp; &nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
<TD STYLE="padding: 2pt 5.4pt; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">CITIZENSHIP OR PLACE OF ORGANIZATION &nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Nevada</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD ROWSPAN="4" STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; font-size: 10pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NUMBER OF <BR> SHARES <BR> BENEFICIALLY <BR> OWNED BY <BR> EACH <BR> REPORTING <BR> PERSON<BR> WITH</FONT></TD>
<TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: top; font-size: 10pt; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
<TD STYLE="padding: 2pt 5.4pt; vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; width: 79%"><P STYLE="margin-top: 0; margin-bottom: 0">SOLE VOTING POWER &nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">90,110,912</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
<TD STYLE="padding: 2pt 5.4pt; border-bottom: black 1pt solid; border-right: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">SHARED VOTING POWER </P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0">0</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
<TD STYLE="padding: 2pt 5.4pt; border-bottom: black 1pt solid; border-right: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">SOLE DISPOSITIVE POWER </P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0">90,110,912</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
<TD STYLE="padding: 2pt 5.4pt; border-bottom: black 1pt solid; border-right: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">SHARED DISPOSITIVE POWER &nbsp;</P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0">0</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON </P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">90,110,912</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; font-size: 10pt; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
<TD STYLE="padding: 2pt 5.4pt; border-bottom: black 1pt solid; font-size: 10pt; width: 85%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
<TD STYLE="padding: 2pt 5.4pt; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; width: 10%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) &nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">19.9%</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 2pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">TYPE OF REPORTING PERSON &nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">CO</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP
    No.&nbsp;</FONT><FONT STYLE="font-size: 10pt">09173B107</FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page&nbsp;3
    of 5</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 13D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1. Security and Issuer.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
Amendment No.&nbsp;12 to Schedule 13D (&ldquo;<U>Amendment No.&nbsp;12</U>&rdquo;) relates to the Schedule 13D filed on May&nbsp;28, 2024
(as amended by Amendment No.&nbsp;1, dated May&nbsp;29, 2024, Amendment No.&nbsp;2, dated June&nbsp;4, 2024, Amendment No.&nbsp;3 dated
June&nbsp;5, 2024, Amendment No.&nbsp;4 dated June&nbsp;12, 2024, Amendment No.&nbsp;5 dated June&nbsp;13, 2024, Amendment No.&nbsp;6
dated June&nbsp;24, 2024, Amendment No.&nbsp;7 dated July&nbsp;31, 2024, Amendment No.&nbsp;8 dated August&nbsp;5, 2024, Amendment No.&nbsp;9
dated August&nbsp;9, 2024, Amendment No.&nbsp;10 dated August&nbsp;14, 2024 and Amendment No.&nbsp;11 dated August&nbsp;21, 2024, the
 &ldquo;<U>Schedule 13D</U>&rdquo;) by </FONT>Riot Platforms,&nbsp;Inc., a Nevada corporation (the &ldquo;<U>Reporting Person</U>&rdquo;),
relating to the Common Shares, no par value per share (the &ldquo;<U>Common Shares</U>&rdquo;), of Bitfarms Ltd., a corporation incorporated
under the Canada Business Corporations Act and continued under the Business Corporations Act (Ontario) (the &ldquo;<U>Company</U>&rdquo;),
whose principal executive offices are located at 110 Yonge Street, Suite&nbsp;1601, Toronto, Ontario, M5C 1T4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as specifically amended by this Amendment
No.&nbsp;12, the Schedule 13D is unchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. Source and Amount of Funds or Other Consideration.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 3 of the Schedule 13D is hereby amended and
restated to read in full as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information disclosed under Item 4 of the
Schedule 13D (as amended by Amendment No.&nbsp;12) is hereby incorporated by reference into this Item 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">T</FONT><FONT STYLE="background-color: white">he
aggregate purchase price of the Common Shares held by the Reporting Person reported herein was US$202,180,487. </FONT>The Common Shares
beneficially owned by the Reporting Person were purchased using funds out of its working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. Purpose of Transaction.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 4 of the Schedule 13D is hereby amended and
supplemented by adding the following information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 3, 2024, the Reporting Person issued a press release
(the &ldquo;<U>Press Release</U>&rdquo;) that included an open letter to the shareholders of the Company. The Press
Release, which is filed as Exhibit 1 hereto, is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. Interest in Securities of the Issuer.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5(a)&nbsp;and (b)&nbsp;of the Schedule 13D is hereby amended and
restated to read in full as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;and (b)&nbsp;The aggregate number and percentage of the Common
Shares that are beneficially owned by the Reporting Person and as to which the Reporting Person has sole voting power, shared voting power,
sole dispositive power and shared dispositive power are set forth on the cover page&nbsp;of this Statement, and such information is incorporated
herein by reference. The percentages used herein are calculated based on an aggregate of 452,818,655 Common Shares outstanding, based
on reports from the Company&rsquo;s transfer agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP
    No.&nbsp;</FONT><FONT STYLE="font-size: 10pt">09173B107</FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page&nbsp;4
    of 5</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 13D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5 of the Schedule 13D is hereby amended and supplemented by adding
the following information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&nbsp;The following information concerning
the Common Shares purchased by (or on behalf of) the Reporting Person during the 60-day period prior to this filing is added:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Trade Date</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Shares Purchased</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Weighted Average Price <BR>
per Share (US$)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Price Range (US$)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 25%; font: 10pt Times New Roman, Times, Serif; text-align: center">09/03/2024</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center">304,998</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center">2.09</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 24%; font: 10pt Times New Roman, Times, Serif; text-align: center">2.06 &ndash; 2.15</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 7. Material to Be Filed as Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt; text-align: justify"><A HREF="tm2423341d1_ex1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;1:</FONT></A></TD>
    <TD STYLE="width: 90%; font-size: 10pt; text-align: justify"><A HREF="tm2423341d1_ex1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release of the Reporting Person, dated September&nbsp;3, 2024 </FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP No.&nbsp;</FONT><FONT STYLE="font-size: 10pt">09173B107</FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page&nbsp;5
    of 5</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 13D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After reasonable inquiry and to the best of my
knowledge and belief, the undersigned certifies that the information set forth in this Statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: September&nbsp;5, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Riot Platforms,&nbsp;Inc. </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Colin Yee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
<TD STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 42%">Colin Yee</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD>Title:</TD>
<TD>Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-1
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<FILENAME>tm2423341d1_ex1.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit 1</B>&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Riot Issues Open
Letter to Fellow Bitfarms Shareholders Ahead of Upcoming Special Meeting</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>Details the Need
for Further Change at Bitfarms in Order to Fix Broken Governance and Enhance Value for All Shareholders</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>Reduces Proposed
Slate of New Directors From Three to Two in Light of Bitfarms&rsquo; Recent Moves in Response to Public Pressure from Riot</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>Warns Bitfarms
Not to Take Any Additional Actions to Entrench the Existing Board Prior to the October&nbsp;29 Special Meeting</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>Additional Information
Available at www.ABetterBitfarms.com</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">CASTLE ROCK, Colo., September&nbsp;3,
2024 &ndash; Riot Platforms,&nbsp;Inc. (NASDAQ: RIOT) (&ldquo;Riot&rdquo;) today issued an open letter to Bitfarms Ltd. (NASDAQ/TSX:
BITF) (&ldquo;Bitfarms&rdquo; or the &ldquo;Company&rdquo;) shareholders. The full text of the letter is below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Dear Fellow Bitfarms Shareholders,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Riot currently owns approximately 19.9%
of Bitfarms, making us Bitfarms&rsquo; largest shareholder. As we approach the October&nbsp;29 special meeting of Bitfarms&rsquo; shareholders
(the &ldquo;Special Meeting&rdquo;), we want to share our perspectives on the recent actions taken by Bitfarms, including changes to
its Board of Directors (the &ldquo;Bitfarms Board&rdquo;) and the proposed acquisition of Stronghold Digital Mining,&nbsp;Inc. (&ldquo;Stronghold&rdquo;).
We also want to provide an update on our campaign to bring urgently needed change to the Bitfarms Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Further Board Change Is Needed</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Our focus remains on fixing Bitfarms&rsquo;
broken governance to enhance value for all shareholders. In order to achieve this objective, additional fresh perspectives are required
in Bitfarms&rsquo; boardroom.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Since we initiated our campaign, two
of Bitfarms&rsquo; three co-founders &ndash; Emiliano Grodzki and Nicolas Bonta &ndash; have resigned from the Bitfarms Board. Notably,
Mr.&nbsp;Grodzki only resigned after shareholders voted not to re-elect him by a significant margin at Bitfarms&rsquo; May&nbsp;31, 2024
annual and special meeting of shareholders. Bitfarms subsequently appointed Fanny Philip to replace Mr.&nbsp;Grodzki, appointed Ben Gagnon
as Chief Executive Officer and a member of the Bitfarms Board to replace Mr.&nbsp;Bonta, and made other executive leadership changes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">While these changes represent a step
in the right direction, they have been reactive and insufficient to address Bitfarms&rsquo; broken governance. These actions followed
Riot&rsquo;s sustained public pressure and would not have occurred had Riot not challenged the entrenchment of the Bitfarms Board. The
evidence is clear: Bitfarms needs additional truly independent directors with the experience and expertise to ensure that decisions about
the Company&rsquo;s strategy moving forward reflect what is best for all shareholders &ndash; not just what is best for legacy directors
whose focus is maintaining their own positions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Consider the following examples of the
Bitfarms Board&rsquo;s defensive posture and prioritizing entrenchment over engagement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bitfarms&rsquo;
                                            failed off-market poison pill:</B> The unilateral adoption of a shareholder rights plan (the
                                            &ldquo;Poison Pill&rdquo;) with a 15% threshold ran counter to established legal and governance
                                            standards. This entrenching Poison Pill was rightfully invalidated and cease traded by the
                                            Ontario Capital Markets Tribunal in response to Riot&rsquo;s application. Had Riot not acted,
                                            the Poison Pill would have prejudiced all Bitfarms&rsquo; shareholders and set a damaging
                                            precedent for the Canadian capital markets. The Bitfarms Board knew better but disregarded
                                            these concerns.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A
                                            unilateral Board refresh: </B>On June&nbsp;27, 2024, Bitfarms announced the addition of Fanny
                                            Philip to the Bitfarms Board. Bitfarms chose to make this appointment without consulting
                                            Riot, its largest shareholder, even though the Bitfarms Board knew that we had proposed a
                                            slate of highly qualified director nominees and specifically asked that we be consulted before
                                            any board changes were made.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
                                            concerning Stronghold acquisition announcement: </B>Shareholders should seriously question
                                            the timing of Bitfarms&rsquo; announcement of its agreement to acquire Stronghold, notwithstanding
                                            the pending Special Meeting, and the price that it was willing to pay. The US$175 million
                                            transaction (including US$50 million of assumed debt) represents a greater than 100% premium
                                            to Stronghold&rsquo;s closing share price on the day prior to the announcement, which greatly
                                            exceeds the premiums of precedent all-stock transactions in which sellers participate in
                                            any potential upside. Moreover, while announced as a &ldquo;highly accretive&rdquo; transaction
                                            with &ldquo;compelling economics,&rdquo; shareholders have not yet been provided an estimate
                                            of capital expenditures that will be required to fund the development of Stronghold&rsquo;s
                                            sites. These points are especially troubling given that Stronghold was effectively &ldquo;for
                                            sale&rdquo; for a significant period of time, with its strategic review process publicly
                                            announced earlier this year, and clearly no other participant in the sector was willing to
                                            pay such an inflated price. As Bitfarms&rsquo; largest shareholder, we are concerned that
                                            the Bitfarms Board did not enter into this transaction with the best interests of Bitfarms&rsquo;
                                            shareholders in mind. Based on the transaction terms, the Stronghold acquisition appears
                                            to be yet another action designed to entrench the Bitfarms Board.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A
                                            continued lack of engagement with Riot:</B> We have still seen no change in posture from
                                            the Bitfarms Board regarding its willingness to work constructively with Riot to consider
                                            beneficial changes to the Bitfarms Board and/or a mutually beneficial combination that could
                                            maximize value for all Bitfarms shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>The Path Forward &ndash; Electing
Riot&rsquo;s Nominees</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Previously, we announced that we would
nominate three independent and highly qualified nominees for election to the Bitfarms Board at the Special Meeting. With the resignations
of Messrs.&nbsp;Bonta and Grodzki, our campaign to fix Bitfarms&rsquo; broken governance has already resulted in progress towards addressing
the founder-led culture that we believe has been harmful to the Bitfarms Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As a result, we will be reducing our
proposed slate of new directors from three to two &ndash; Amy Freedman and John Delaney (the &ldquo;Nominees&rdquo;). Both Nominees are
fully independent of Riot and Bitfarms and will bring much needed public company board experience, corporate governance oversight, transaction
experience and business expertise to the Bitfarms Board. We will be running the Nominees to replace two Bitfarms directors: co-founder
Andres Finkielsztain and Fanny Philip. In particular, Mr.&nbsp;Finkielsztain, as one of the three co-founders, bears responsibility for,
among other things, Bitfarms&rsquo; botched CEO succession process that led to it having five CEOs in five years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Bitfarms Needs to Halt its Defensive
Tactics and Let Shareholders Be Heard</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">With the Special Meeting less than two
months away, we sincerely hope that Bitfarms will allow its shareholders to have their say, and will not seek to take any steps that
adversely affect investors or that are intended to gain an unfair advantage in the director election. Specifically, the <U>Bitfarms Board
should not enter into any financing transaction prior to the completion of the Special Meeting. Riot is deeply concerned that any transaction
the current Bitfarms Board will pursue will be punitively dilutive to all Bitfarms&rsquo; shareholders when there are other more attractive
financing options available</U>. If the Bitfarms Board insists on taking any such action to further entrench itself at the expense of
shareholders, Riot will not hesitate to hold the incumbent directors personally accountable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">***</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We look forward to mailing our solicitation
materials and giving shareholders a chance to vote for our two Nominees in the near future. We are confident that, together, we can help
ensure a Better Bitfarms moving forward.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Yours sincerely,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Benjamin Yi, Executive Chairman</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Jason Les, Chief Executive Officer</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">***</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>About Riot Platforms,&nbsp;Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Riot&rsquo;s (NASDAQ:
RIOT) vision is to be the world&rsquo;s leading Bitcoin-driven infrastructure platform. Our mission is to positively impact the sectors,
networks and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows
Riot to achieve best-in-class execution and create successful outcomes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Riot, a Nevada
corporation, is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. Riot has Bitcoin mining
operations in central Texas and electrical switchgear engineering and fabrication operations in Denver, Colorado.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">For more information,
visit <U>www.riotplatforms.com</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt"><B>Cautionary
Note Regarding Forward Looking Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Statements contained
herein that are not historical facts constitute &ldquo;forward-looking statements&rdquo; and &ldquo;forward-looking information&rdquo;
(together, &ldquo;forward-looking statements&rdquo;) within the meaning of applicable U.S. and Canadian securities laws that reflect
management&rsquo;s current expectations, assumptions, and estimates of future events, performance and economic conditions. Such forward-looking
statements rely on the safe harbor provisions of Section&nbsp;27A of the U.S. Securities Act of 1933 and Section&nbsp;21E of the U.S.
Securities Exchange Act of 1934 and the safe harbor provisions of applicable Canadian securities laws. Because such statements are subject
to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.
Words and phrases such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;combined company,&rdquo; &ldquo;create,&rdquo; &ldquo;drive,&rdquo;
 &ldquo;expect,&rdquo; &ldquo;forecast,&rdquo; &ldquo;future,&rdquo; &ldquo;growth,&rdquo; &ldquo;intend,&rdquo; &ldquo;hope,&rdquo; &ldquo;opportunity,&rdquo;
 &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;proposal,&rdquo; &ldquo;synergies,&rdquo; &ldquo;unlock,&rdquo; &ldquo;upside,&rdquo;
 &ldquo;will,&rdquo; &ldquo;would,&rdquo; and similar words and phrases are intended to identify forward-looking statements. These forward-looking
statements may include, but are not limited to, statements concerning: uncertainties as to whether Bitfarms will enter into discussions
with Riot regarding a proposed combination of Riot and Bitfarms; the outcome of any such discussions, including the terms and conditions
of any such potential combination; and uncertainties as to the outcome of the Special Meeting. Such forward-looking statements are not
guarantees of future performance or actual results, and readers should not place undue reliance on any forward-looking statement as actual
results may differ materially and adversely from forward-looking statements. Detailed information regarding the factors identified by
the management of Riot, which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking
statements in this press release, may be found in Riot&rsquo;s filings with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;),
including the risks, uncertainties and other factors discussed under the sections entitled &ldquo;Risk Factors&rdquo; and &ldquo;Cautionary
Note Regarding Forward-Looking Statements&rdquo; of Riot&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31,
2023, filed with the SEC on February&nbsp;23, 2024, and the other filings Riot has made or will make with the SEC after such date, copies
of which may be obtained from the SEC&rsquo;s website at <U>www.sec.gov</U>. All forward-looking statements contained herein are made
only as of the date hereof, and Riot disclaims any intention or obligation to update or revise any such forward-looking statements to
reflect events or circumstances that subsequently occur, or of which Riot hereafter becomes aware, except as required by applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Information in Support of Public
Broadcast Exemption under Canadian Law</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">The
information contained in this press release does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable
corporate and securities laws. Shareholders of the Company are not being asked at this time to execute a proxy in favour of the Nominees
or in respect of any other matter to be acted upon at the Special Meeting. In connection with the Special Meeting, Riot intends to file
a dissident information circular in due course in compliance with applicable corporate and securities laws. Notwithstanding the foregoing,
Riot has voluntarily provided in, or incorporated by reference into, this press release the disclosure required under section 9.2(4)&nbsp;of
National Instrument 51-102 &ndash; <I>Continuous Disclosure Obligations</I> (&ldquo;NI 51-102&rdquo;) and has filed a document (the &ldquo;Document&rdquo;)
containing disclosure prescribed by applicable corporate law and disclosure required under section 9.2(6)&nbsp;of NI 51-102 in respect
of the Nominees, in accordance with corporate and securities laws applicable to public broadcast solicitations. The Document is hereby
incorporated by reference into this press release and is available under the Company&rsquo;s profile on SEDAR+ at <U>www.sedarplus.ca</U>.
The registered office of the Company is 110 Yonge Street, Suite&nbsp;1601, Toronto, ON M5C 1T4 Canada.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Neither
Riot nor any director or officer of Riot is requesting that Company shareholders submit a proxy at this time. Once formal solicitation
of proxies in connection with the Special Meeting has commenced, proxies may be revoked by a registered holder of Company shares: (a)&nbsp;by
completing and signing a valid proxy bearing a later date and returning it in accordance with the instructions contained in the accompanying
form of proxy; (b)&nbsp;by depositing an instrument in writing that is signed by the shareholder or an attorney who is authorized by
a document that is signed in writing or by electronic signature; (c)&nbsp;by transmitting by telephonic or electronic means a revocation
that is signed by electronic signature in accordance with applicable law, as the case may be: (i)&nbsp;at the registered office of the
Company at any time up to and including the last business day preceding the day the Special Meeting or any adjournment or postponement
of the Special Meeting is to be held, or (ii)&nbsp;with the chair of the Special Meeting on the day of the Special Meeting or any adjournment
or postponement of the Special Meeting; or (d)&nbsp;in any other manner permitted by law. In addition, proxies may be revoked by a non-registered
holder of Company shares at any time by written notice to the intermediary in accordance with the instructions given to the non-registered
holder by its intermediary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">This
press release and any solicitation made by Riot in advance of the Special Meeting is, or will be, as applicable, made by Riot, and not
by or on behalf of the management of the Company. Proxies may be solicited by proxy circular, mail, telephone, email or other electronic
means, as well as by newspaper or other media advertising and in person by managers, directors, officers and employees of Riot who will
not be specifically remunerated therefor. In addition, Riot may solicit proxies by way of public broadcast, including press release,
speech or publication and any other manner permitted under applicable Canadian laws, and may engage the services of one or more agents
and authorize other persons to assist it in soliciting proxies on their behalf.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Riot
has entered into agreements with Okapi Partners LLC (&ldquo;Okapi&rdquo;) and Shorecrest Group Ltd. (&ldquo;Shorecrest&rdquo;) in connection
with solicitation and advisory services in respect of the requisitioned meeting, for which Okapi will receive a fee not to exceed US$1,200,000
and Shorecrest will receive a fee not to exceed US$110,000, in each case together with reimbursement for reasonable and out-of-pocket
expenses, and under which each of Okapi and Shorecrest will be indemnified against certain liabilities and expenses, including certain
liabilities under securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">The
costs incurred in the preparation and mailing of any circular or proxy solicitation by Riot will be borne directly and indirectly by
Riot. However, to the extent permitted under applicable law, Riot intends to seek reimbursement from Bitfarms of all expenses it incurs
in connection with the solicitation of proxies for the election of the Nominees at the Special Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">None
of Riot, any director or officer of Riot nor any associate or affiliate of the foregoing (i)&nbsp;has any material interest, direct or
indirect, by way of beneficial ownership of securities of the Company or otherwise, in any matter to be acted upon at the Special Meeting,
other than the election of directors, or (ii)&nbsp;has or has had any material interest, direct or indirect, in any transaction since
the beginning of the Company&rsquo;s last completed financial year or, other than the proposal submitted by Riot to Bitfarms on April&nbsp;22,
2024 and referred to in Riot&rsquo;s press release dated May&nbsp;28, 2024 (which proposal has since been withdrawn by Riot), in any
proposed transaction that has materially affected or will materially affect the Company or any of the Company&rsquo;s affiliates.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt"><B>No
Offer to Purchase or Sell Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">This
press release is for informational purposes only and is not intended to and does not constitute an offer to sell or the solicitation
of an offer, or an intention to offer, to subscribe for or buy or an invitation to purchase or subscribe for any securities, nor shall
there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. Such an offer to purchase
securities would only be made pursuant to a registration statement, prospectus, tender offer, takeover bid circular, management information
circular or other regulatory filing filed by Riot with the SEC and available at <U>www.sec.gov</U> or filed with applicable Canadian
securities regulatory authorities on SEDAR+ and available at <U>www.sedarplus.ca</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Contacts</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Investor Contacts:</B><BR>
Phil McPherson<BR>
303-794-2000 ext. 110<BR>
<U>IR@Riot.Inc</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Okapi Partners</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Bruce Goldfarb / Chuck Garske, (877)
285-5990</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>info@okapipartners.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Shorecrest Group</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">1-888-637-5789 (North American Toll-Free)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>contact@shorecrestgroup.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Media Contact:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Longacre Square Partners</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Joe Germani / Dan Zacchei</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>jgermani@longacresquare.com</U> /
<U>dzacchei@longacresquare.com</U></FONT></P>

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