<SEC-DOCUMENT>0001213900-23-082158.txt : 20231101
<SEC-HEADER>0001213900-23-082158.hdr.sgml : 20231101
<ACCEPTANCE-DATETIME>20231101160123
ACCESSION NUMBER:		0001213900-23-082158
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20231101
FILED AS OF DATE:		20231101
DATE AS OF CHANGE:		20231101

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bitfarms Ltd
		CENTRAL INDEX KEY:			0001812477
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40370
		FILM NUMBER:		231368090

	BUSINESS ADDRESS:	
		STREET 1:		1376 BAYVIEW AVE
		STREET 2:		UNIT 1
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4G 3A1
		BUSINESS PHONE:		416 804-8535

	MAIL ADDRESS:	
		STREET 1:		1376 BAYVIEW AVE
		STREET 2:		UNIT 1
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4G 3A1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea187590-6k_bitfarms.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 4.25pt 48.95pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0 48.95pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 48.95pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 4.25pt 48.9pt 0 48.95pt; text-align: center">FORM 6-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.6pt 145.15pt 0 145.35pt; text-align: center"><B>REPORT OF FOREIGN PRIVATE
ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 48.95pt; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 48.95pt; text-align: center"><B>For the month of November 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.6pt 48.85pt 0 48.95pt; text-align: center"><B>Commission File Number: 001-40370
</B></P>

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</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 4.25pt 48.95pt 0 48.9pt; text-align: center">BITFARMS LTD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 48.95pt 0 48.9pt; text-align: center">(Exact Name of Registrant as Specified
in Its Charter)</P>

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</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.6pt 48.95pt 5pt; text-align: center"><B>110 Yonge Street, Suite 1601, Toronto,
Ontario, Canada M5C 1T4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 48.95pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"><BR STYLE="clear: both">
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.05pt; text-align: center">Form 20-F <FONT STYLE="font-family: Wingdings">&uml;</FONT>&#9;Form
40-F <FONT STYLE="font-family: Wingdings">x</FONT></P>

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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 28.45pt 0 8pt">&nbsp;<BR STYLE="clear: both"></P>

<P STYLE="font: 10pt Wingdings; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 48.85pt 0 48.95pt; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 48.85pt 0 48.95pt; text-align: center"><B>DOCUMENTS INCLUDED AS PART OF
THIS FORM 6-K</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On November 1, 2023, the Registrant filed with the Canadian Securities
Regulatory Authorities on the System for Electronic Data Analysis and Retrieval (SEDAR) a material change report that includes a copy
of a press release, a copy of which is attached hereto as Exhibit 99.1.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">See the Exhibits listed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 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="width: 12%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Exhibits</B></FONT></TD>
    <TD STYLE="width: 88%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;No.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ea187590ex99-1_bitfarms.htm" STYLE="-sec-extract: exhibit">Material Change Report dated November 1, 2023</A></FONT></TD></TR>
  </TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 48.9pt 0 48.95pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 48.9pt 0 48.95pt; text-align: center">SIGNATURE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 8pt">Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 8pt">&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>&nbsp;</TD>
    <TD COLSPAN="3"><B>BITFARMS LTD.</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ L. Geoffrey Morphy</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;L. Geoffrey Morphy</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;President and Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Date: November 1, 2023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 8pt"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea187590ex99-1_bitfarms.htm
<DESCRIPTION>MATERIAL CHANGE REPORT DATED NOVEMBER 1, 2023
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 51-102F3</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1</B></TD><TD STYLE="text-align: justify"><B>Name and Address of Company </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Bitfarms Ltd. (&ldquo;Bitfarms&rdquo; or the &ldquo;Company&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">110 Yonge Street, Suite 1601</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Toronto, Ontario M5C 1T4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 2</B></TD><TD STYLE="text-align: justify"><B>Date of Material Change </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">November 1, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 154.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 3</B></TD><TD STYLE="text-align: justify"><B>News Release </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The press release attached as Schedule &ldquo;A&rdquo;
was released on November 1, 2023 by a newswire company in Canada.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 4</B></TD><TD STYLE="text-align: justify"><B>Summary of Material Change </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The material change is described in the press release
attached as Schedule &ldquo;A&rdquo;.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5</B></TD><TD STYLE="text-align: justify"><B>Full Description of Material Change </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The material change is described in the press release
attached as Schedule &ldquo;A&rdquo;.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 6</B></TD><TD STYLE="text-align: justify"><B>Reliance of subsection 7.1(2) of National Instrument 51-102 </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 7</B></TD><TD STYLE="text-align: justify"><B>Omitted Information </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 8</B></TD><TD STYLE="text-align: justify"><B>Executive Officer </B></TD></TR></TABLE>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9</B></TD><TD STYLE="text-align: justify"><B>Date of Report </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt 0.5pt; text-align: justify; text-indent: -0.5pt">November 1, 2023.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt 0.5pt; text-align: justify; text-indent: 154.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt 0.5pt; text-align: center; text-indent: -0.5pt">Schedule &ldquo;A&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55pt; text-align: center; text-indent: -0.55pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B><IMG SRC="image_001.jpg" ALT="" STYLE="height: 46.5pt; width: 177.75pt"></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 14pt"><B>Bitfarms
Earns 398 BTC in October 2023</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -0.5pt">- Reached 54 MW at Rio Cuarto
facility and 240 MW total operating capacity -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -0.5pt">- Increases hashrate 3% to 6.3
EH/s -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Toronto,
Ontario and Brossard, Qu&eacute;bec (November 1, 2023)</B> - Bitfarms Ltd. (<U>NASDAQ: BITF//TSX: BITF</U>), </FONT><FONT STYLE="background-color: white">a
global vertically integrated Bitcoin mining company</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">, provides a monthly
update for October 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt; text-align: justify; text-indent: 0in">&ldquo;In October, we increased
our hashrate to 6.3 EH/s as we completed energization of our Baie-Comeau, Qu&eacute;bec facility at 11 MW and boosted Rio Cuarto from
51 MW to 54 MW. We ended October with 240 MW of operating capacity, up 31% from a year ago,&rdquo; said Geoff Morphy, CEO of Bitfarms.
&ldquo;With long-term and low-cost energy contracts totaling 574 MW, we still have significant room to expand our portfolio and build
new farm infrastructure that would more than double our current 240 MW in production.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt; text-align: justify; text-indent: 0in">&ldquo;We&rsquo;ve been
steadfast this year in increasing our financial flexibility and strengthening our balance sheet while executing our 2023 growth plan.
We have cost-effectively grown our hashrate and farm infrastructure while prudently paying down debt. Our disciplined strategy of carefully
timing fleet upgrades has embedded optionality as next generation miners coming to market now could generate dramatic production increases
at our existing state of the art facilities. In short, we are well-positioned to invest for the remainder of 2023 and into 2024 and take
advantage of disruptive opportunities around the April halving,&rdquo; added Morphy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt; text-align: justify; text-indent: 0in">Ben Gagnon, Chief Mining
Officer of Bitfarms, said, &ldquo;With Argentina and Baie Comeau now fully operational, we have executed on our 2023 growth plan. As
we look to 2024 and the halving, we are paying close attention to the rapid growth of network hashrate which historically has preceded
many bull runs. On cue, network difficulty is up 9.4% during the month, outpacing hashrate growth of 3.2%. Anticipating that these macro
conditions were likely to occur, we remained disciplined in our approach to growth and capital expenditures which has made us well positioned
to take full advantage of the acquisition of new gen miners announced on October 2, 2023.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt; text-align: justify; text-indent: 0in"><B>Mining Review </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">October
production of 398 BTC declined 3.2% from the 411 BTC earned in September as network difficulty increased 9.4% in October compared to 2.7%
in September, reflecting the continuing strong demand for miners going into the 2024 halving</FONT><FONT STYLE="font-size: 10pt">. </FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">For the ten months ended October 31<SUP>st</SUP>, network difficulty increased
76.6% while the BTC price was up approximately 107.8%, resulting in a 23.3% improvement in production economics as measured by USD/TH/day.
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 37%; border: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Key Performance Indicators</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>October 2023</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>September 2023</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>October 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total BTC earned</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">398</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">411</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">486</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Month End Operating EH/s</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BTC/Avg. EH/s</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating Capacity (MW)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">240</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">233</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">182</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hydropower MW</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">186</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">183</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">172</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Watts/Terahash Efficiency (w/TH)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BTC Sold</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">341</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">362</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">486</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 19.9pt 11.7pt 0; text-indent: 0in"><B><U>October 2023 Select Operating Highlights</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11.7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.3 EH/s online as of October 31, 2023, up 50%
from October 31, 2022, and up 3.0% from September 30, 2023.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11.7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.9 EH/s average online, up 1.0% from September
2023.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11.7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">67.4 BTC/average EH/s, down 4.3% from 70.4 in
September 2023.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11.7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">BTC earned<FONT STYLE="font-family: Times New Roman, Times, Serif">, down 3.2% from September 2023 and
down 18.1% from October 2022.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11.7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.8 BTC </FONT>earned <FONT STYLE="font-family: Times New Roman, Times, Serif">daily
on average, equivalent to about $437,800 per day and approximately $13.6 million for the month based on a BTC price of $34,200 on October
31, 2023.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Installed 2,100 miners.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At Paso Pe, Paraguay, civil work and construction
continued to advance on schedule.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11.7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At Rio Cuarto, Argentina:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11.7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.25pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: justify">Increased capacity by 3 MW to 54 MW and hashrate to 1.6 EH/s.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11.7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At Baie-Comeau, Qu&eacute;bec:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11.7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.25pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: justify">Completed remaining installations and ramped phase 1 operating capacity to its full 11 MW.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt 35.25pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt 35.25pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 19.9pt 11.7pt 0; text-align: justify; text-indent: 0in"><B><U>Bitfarms&rsquo;
BTC Monthly Production</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 19.9pt 11.7pt 0; text-align: justify; text-indent: 0in">The table below
presents an overview of BTC earned in each of the first ten months of 2023 and 2022, respectively.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 31%; border: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Month</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 37%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>BTC Earned 2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>BTC Earned 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-size: 10pt">January</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">486 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">301</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-size: 10pt">February</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">387</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">298</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-size: 10pt">March</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">424</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">363</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-size: 10pt">April</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">379</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">405</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-size: 10pt">May</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">459</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">431</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-size: 10pt">June</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">385</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">420</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-size: 10pt">July</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">378</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">500</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-size: 10pt">August</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">383</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">534</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-size: 10pt">September</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">411</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">481</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-size: 10pt">October</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">398</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">486</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Total YTD</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>4,090</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>4,219</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 19.9pt 11.7pt 0; text-align: justify; text-indent: 0in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 19.9pt 11.7pt 0; text-align: justify; text-indent: 0in"><B><U>October 2023
Financial Update</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 19.9pt">Sold 341 BTC of the 398 BTC earned, generating total proceeds of $10.0 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 19.9pt">Added 57 BTC to treasury, increasing HODL to 760 BTC, representing approximately
$26.0 million based on a BTC price of $34,200 at October 31, 2023.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 19.9pt">Initiated our Synthetic HODL&trade; strategy with the purchase of 35 long-dated
BTC call options.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11.7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 19.9pt">Reduced total outstanding indebtedness by $1.9 million, resulting in a remaining
balance of $7.9 million at October 31, 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 19.9pt 11.7pt 0.5pt; text-align: justify; text-indent: -0.5pt"><B><U>Conferences
and Events</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 19.9pt 11.7pt 0.5pt; text-align: justify; text-indent: 0in">Bitfarms plans
to attend the following upcoming events:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 19.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">November 14: Benzinga
Future of Crypto, New York</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11.7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 19.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">November 16: Blockchain
Jungle, San Jose, Costa Rica</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55pt; text-indent: -0.55pt; background-color: #FEFEFE"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55pt; text-indent: -0.55pt; background-color: #FEFEFE"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55pt; text-indent: -0.55pt; background-color: #FEFEFE"><B>About Bitfarms
Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55pt; text-align: justify; text-indent: -0.55pt; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55pt; text-align: justify; text-indent: -0.55pt; background-color: #FEFEFE">Founded
in 2017, Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF) Bitcoin mining company that contributes its computational power to one
or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining farms
with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers.
The Company&rsquo;s proprietary data analytics system delivers best-in-class operational performance and uptime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55pt; text-align: justify; text-indent: -0.55pt; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55pt; text-align: justify; text-indent: -0.55pt; background-color: #FEFEFE">Bitfarms
currently has 11 farms, which are located in four countries: Canada, the United States, Paraguay, and Argentina. Powered by predominantly
environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable, locally based, and
often underutilized energy infrastructure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in 0.5pt; text-align: justify; text-indent: -0.5pt; background-color: #FEFEFE">To
learn more about Bitfarms&rsquo; events, developments, and online communities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in 0.5pt; text-indent: -0.5pt; background-color: #FEFEFE">Website:&nbsp;www.bitfarms.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in 0.5pt; text-indent: -0.5pt; background-color: #FEFEFE">https://www.facebook.com/bitfarms/<BR>
https://twitter.com/Bitfarms_io<BR>
https://www.instagram.com/bitfarms/<BR>
https://www.linkedin.com/company/bitfarms/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in 0.5pt; text-align: justify; text-indent: -0.5pt; background-color: #FEFEFE"><B><I>Glossary
of Terms</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.25in; background-color: #FEFEFE"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>BTC BTC/day = Bitcoin or Bitcoin per day</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.25in; background-color: #FEFEFE"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>EH or EH/s = Exahash or exahash per second</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.25in; background-color: #FEFEFE"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>MW or MWh = Megawatts or megawatt hour</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.25in; background-color: #FEFEFE"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>PH or PH/s = Petahash or petahash per second</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.25in; background-color: #FEFEFE"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>TH or TH/s = Terahash or terahash per second</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.25in; background-color: #FEFEFE"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>w/TH = Watts/Terahash efficiency
(includes </I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">cost of powering supplementary equipment</FONT></I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: justify; text-indent: 0in; background-color: #FEFEFE"><B><I>Cautionary
Statement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in 0.5pt; text-align: justify; text-indent: -0.5pt; background-color: #FEFEFE"><I>Trading
in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities
exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release</I>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in 0.5pt; text-align: justify; text-indent: -0.5pt; background-color: #FEFEFE"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in 0.5pt; text-align: justify; text-indent: -0.5pt; background-color: #FEFEFE"><B><I>Forward-Looking
Statements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt 0.5pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="background-color: #FEFEFE"><I>This
news release contains certain &ldquo;forward-looking information&rdquo; and &ldquo;forward-looking statements&rdquo; (collectively, &ldquo;forward-looking
information&rdquo;) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe
harbors under Canadian and United States securities laws. The statements and information in this release regarding enhancement of mining
facilities, growth opportunities and prospects, including as to the Company&rsquo;s </I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">plans
to expand</FONT> <FONT STYLE="background-color: #FEFEFE">operating capacity in multiple jurisdictions, upgrading and deployment of miners
as well as the timing therefor, improved financial liquidity and performance and other statements regarding future plans and objectives
of the Company are forward-looking information. Other forward-looking information includes, but is not limited to, information concerning:
the intentions, plans and future actions of the Company, as well as Bitfarms&rsquo; ability to successfully mine digital currency, revenue
increasing as currently anticipated, the ability to profitably liquidate current and future digital currency inventory, volatility of
network difficulty and digital currency prices and the potential resulting significant negative impact on the Company&rsquo;s operations,
the construction and operation of expanded blockchain infrastructure as currently planned, and the regulatory environment for cryptocurrency
in the applicable jurisdictions.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt 0.5pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="background-color: #FEFEFE"><I>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 &ldquo;expects&rdquo;, or &ldquo;does not expect&rdquo;, &ldquo;is expected&rdquo;,
&ldquo;anticipates&rdquo; or &ldquo;does not anticipate&rdquo;, &ldquo;plans&rdquo;, &ldquo;budget&rdquo;, &ldquo;scheduled&rdquo;, &ldquo;forecasts&rdquo;,
&ldquo;estimates&rdquo;, &ldquo;prospects&rdquo;, &ldquo;believes&rdquo; or &ldquo;intends&rdquo; or variations of such words and phrases
or stating that certain actions, events or results &ldquo;may&rdquo; or &ldquo;could&rdquo;, &ldquo;would&rdquo;, &ldquo;might&rdquo;
or &ldquo;will&rdquo; 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.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt 0.5pt; text-align: justify; text-indent: -0.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt 0.5pt; text-align: justify; text-indent: -0.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.7pt 0.5pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="background-color: #FEFEFE"><I>This
forward-looking information is based on assumptions and estimates of management of the Company at the time they were 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 availability of financing opportunities, risks associated with economic conditions,
dependence on management and conflicts of interest, the ability to service debt obligations and maintain flexibility in respect of debt
covenants; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology
sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; conflict
of interests with directors and management; government regulations; the global economic climate; dilution; the Company&rsquo;s limited
operating history; future capital needs and uncertainty of additional financing, as well as capital market conditions in general; risks
relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital;
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; the ability to maintain reliable and economical sources of
power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions
in which the Company operates; 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 facilities 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; the
anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the
inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an
increase in the Company&rsquo;s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory
changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company&rsquo;s profitability;
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&rsquo;s filings on www.SEDAR.com
(which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the annual information
form for the year</I>-ended December 31, 2022, filed on March 21, 2023. The <I>Company has also assumed that no significant events occur
outside of Bitfarms&rsquo; 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 any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than
as required by law<IMG SRC="image_002.jpg" ALT="" STYLE="height: 0.75pt; width: 0.75pt">.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; background-color: white"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; background-color: white"><B>Contacts:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt; text-indent: -0.5pt; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt; text-indent: -0.5pt; background-color: white"><B>LHA Investor
Relations<BR>
</B>David Barnard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt; text-indent: -0.5pt; background-color: white">+1 415-433-3777</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5pt">Investors@bitfarms.com</TD><TD></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt; text-indent: -0.5pt; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt; text-indent: -0.5pt; background-color: white"><B>Actual Agency
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt; text-indent: -0.5pt; background-color: white">Khushboo Chaudhary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt; text-indent: -0.5pt; background-color: white">+1 646-373-9946</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5pt">mediarelations@bitfarms.com</TD><TD></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; background-color: white"><B>Qu&eacute;bec Media: Tact</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt; text-indent: -0.5pt; background-color: white">Louis-Martin Leclerc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt; text-indent: -0.5pt; background-color: white">+1 418-693-2425</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5pt">lmleclerc@tactconseil.ca</TD><TD></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt; text-align: justify; text-indent: -0.5pt; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt; text-align: justify; text-indent: -0.5pt; background-color: #FEFEFE"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
