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Bitfarms Announces Appointment of Chief Financial Officer, Management Promotions and Grant of Options

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TORONTO, Ontario and BROSSARD, Québec, June 03, 2021 (GLOBE NEWSWIRE) — Bitfarms Ltd. (“Bitfarms”, or the “Firm”) (TSXV: BITF // OTC:BFARF), as we speak proclaims the appointment of Jeffrey Lucas as Chief Monetary Officer, efficient June 14, 2021, in addition to two administration promotions.

Mr. Lucas brings to Bitfarms in depth worldwide monetary and operational expertise with public corporations listed on the NYSE and Nasdaq. He shall be answerable for the oversight of the finance, accounting, and reporting capabilities with the mandate to boost capital, improve our company communications, develop our investor relations actions, enhance analyst protection, and help and combine acquisitions as a part of constructing a better stage of economic and operational excellence all through the Firm.

Previous to his company roles, Mr. Lucas labored in excessive yield funding banking with L. F. Rothschild and in institutional cash administration as a securities analyst with Wells Capital Administration. He’s a Chartered Monetary Analyst and Licensed Public Accountant, having acquired that certification whereas with PricewaterhouseCoopers as a member of their know-how and industrials practices. Mr. Lucas earned an MBA with emphasis on finance from Harvard Enterprise College and a BA in Economics from Tufts College and studied on the London College of Economics.

Jeff’s expertise in main and driving operational change at excessive progress, transformational industrial and know-how corporations will allow him to make a direct impression at Bitfarms as we develop internationally and put together for our anticipated upcoming itemizing on Nasdaq. We stay up for Jeff’s robust management and he shall be a superb addition to our govt administration staff,” mentioned Emiliano Grodzki, Bitfarms’ CEO. “As well as, I want to thank Mauro Ferrara, our interim CFO, for his contributions to Bitfarms over the previous seven months. He stepped into our Firm at a difficult time by which the trade was experiencing important change and evolution. “We’re happy that Mauro will assist us in transition, with a attainable ongoing function as a part of our finance employees to be decided. We stay up for our continued work with Mauro and need him the easiest for his profession.”

Additional strengthening our govt staff, Director of Mining Operations, Ben Gagnon, has been named because the Firm’s Chief Mining Officer and Nathaniel Port, Director of Finance has been named Senior Vice President of Finance and Accounting, each efficient June 1, 2021.

“I’m notably happy to announce the promotions of Nathaniel and Ben,” mentioned Mr. Grodzki, “We’re lucky to have this caliber of expertise on our staff. Every has contributed considerably to Bitfarms’ progress and improvement and shall be instrumental to attaining our strategic progress plans for 2021 and past.”

Mr. Gagnon has been working within the Bitcoin mining trade since 2015. His appreciable mining and worldwide expertise consists of establishing mining operations in China, Canada, and the US, in addition to founding a number of Bitcoin corporations and creating applied sciences, together with mining as a service, destructive emissions mining (in any other case known as turn-key flare gasoline mitigation) and immersion cooling know-how.

Mr. Gagnon joined Bitfarms in December 2019 as Director of Enterprise Improvement. Recognizing his in depth expertise and early contributions to Bitfarms, he was promoted to Director of Mining Operations, the place he performed a pivotal function in creating and managing our mining technique and operations.

Mr. Gagnon has a B.Sc. in Economics and Worldwide Enterprise from the Kelley College of Enterprise at Indiana College and an M.Sc. in Web Computing and E-commerce with a specialty in Cyber Safety from Hong Kong College.

Mr. Port joined Bitfarms in 2018 as certainly one of its earliest workers. He’s answerable for Bitfarms’ monetary reporting and dealing capital administration and serves as the first interface with the Firm’s Huge 4 audit agency. Mr. Port was instrumental in creating Bitfarms’ finance operate and contributed considerably in direction of the Firm’s strategic monetary targets, notably Bitfarms’ itemizing as the primary cryptocurrency firm on the TSX Enterprise Trade to finish a long-form prospectus with the Ontario Securities Fee, and the Firm’s anticipated upcoming itemizing on the Nasdaq World Market.

Previous to becoming a member of Bitfarms, Mr. Port labored in in public accounting managing audit engagements for purchasers primarily within the manufacturing and know-how sectors. He graduated with distinction from Concordia College’s John Molson College of Enterprise and positioned on CPA Canada’s Nationwide Honour Roll.

The Firm has granted Mr. Lucas 364,050 incentive inventory choices, pursuant to the Firm’s Inventory Choice Plan (the “Choices”). The Choices are exercisable into one widespread share of the Firm at a value of $5.45, for a interval of 5 years from the date of grant and are topic to vesting situations.

About Bitfarms Ltd.

Based in 2017, Bitfarms is a Bitcoin mining firm, working vertically built-in mining operations with onsite technical restore, proprietary knowledge analytics and Firm-owned electrical engineering and set up companies to ship excessive operational efficiency and uptime.

Having demonstrated fast progress and stellar operations, Bitfarms turned the primary Bitcoin mining firm to finish its lengthy kind prospectus with the Ontario Securities Fee and began buying and selling on the TSX-V in July 2019. On February 24, 2021, Bitfarms was honoured to be introduced as a Rising Star by the TSX-V.

Bitfarms has a diversified manufacturing platform with 5 industrial scale amenities situated in Québec. Every facility is 100% powered with environmentally pleasant hydro energy and secured with long-term energy contracts. Bitfarms is presently the one publicly traded pure-play mining firm audited by a Huge 4 audit agency.

To be taught extra about Bitfarms’ occasions, developments, and on-line communities:

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Outlined Phrases

Cautionary Assertion

Buying and selling within the securities of the Firm needs to be thought of extremely speculative. No inventory alternate, securities fee or different regulatory authority has authorized or disapproved the data contained herein. Neither the TSX Enterprise Trade nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts accountability for the adequacy or accuracy of this launch.

Ahead-Trying Statements

This information launch incorporates sure “forward-looking info” and “forward-looking statements” (collectively, “forward-looking info”) which can be primarily based on expectations, estimates and projections as on the date of this information launch. The knowledge on this launch relating to expectations in respect to the longer term stage of Bitcoin stock and about future plans and targets of the Firm are forward-looking info. Different forward-looking info consists of, however will not be restricted to, info regarding: the intentions, plans and future actions of the Firm, in addition to Bitfarms’ skill to efficiently mine digital forex, income growing as presently anticipated, the power to profitably liquidate present and future digital forex stock, volatility of community issue and digital forex costs and the potential ensuing important destructive impression on the Firm’s operations, the development and operation of expanded blockchain infrastructure as presently deliberate, and the regulatory surroundings for cryptocurrency within the relevant jurisdictions.

Any statements that contain discussions with respect to predictions, expectations, beliefs, plans, projections, targets, assumptions, future occasions or efficiency (typically however not all the time utilizing phrases akin to “expects”, or “doesn’t count on”, “is predicted”, “anticipates” or “doesn’t anticipate”, “plans”, “price range”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “could” or “might”, “would”, “may” or “will” be taken to happen or be achieved) will not be statements of historic truth and could also be forward-looking info and are meant to establish forward-looking info.

This forward-looking info is predicated on assumptions and estimates of administration of the Firm on the time they had been made, and includes identified and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking info. Such components embody, amongst others, dangers regarding: the worldwide financial local weather; dilution; the Firm’s restricted working historical past; future capital wants and uncertainty of further financing; the aggressive nature of the trade; forex alternate dangers; the necessity for the Firm to handle its deliberate progress and growth; the results of product improvement and want for continued know-how change; safety of proprietary rights; the impact of presidency regulation and compliance on the Firm and the trade; community safety dangers; the power of the Firm to take care of correctly working methods; reliance on key personnel; world financial and monetary market deterioration impeding entry to capital or growing the price of capital; and unstable securities markets impacting safety pricing unrelated to working efficiency. As well as, explicit components that might impression future outcomes of the enterprise of Bitfarms embody, however will not be restricted to: the development and operation of blockchain infrastructure could not happen as presently deliberate, or in any respect; growth could not materialize as presently anticipated, or in any respect; the digital forex market; the power to efficiently mine digital forex; income could not enhance as presently anticipated, or in any respect; it might not be attainable to profitably liquidate the present digital forex stock, or in any respect; a decline in digital forex costs could have a big destructive impression on operations; a rise in community issue could have a big destructive impression on operations; the volatility of digital forex costs; the anticipated progress and sustainability of hydroelectricity for the needs of cryptocurrency mining within the relevant jurisdictions, the power to finish present and future financings, any laws or legal guidelines that may forestall Bitfarms from working its enterprise; historic costs of digital currencies and the power to mine digital currencies that shall be per historic costs; an incapability to foretell and counteract the results of COVID-19 on the enterprise of the Firm, together with however not restricted to the results of COVID-19 on the worth of digital currencies, capital market situations, restriction on labour and worldwide journey and provide chains; and, the adoption or growth of any regulation or regulation that may forestall Bitfarms from working its enterprise, or make it extra expensive to take action. For additional info regarding these and different dangers and uncertainties, confer with the Firm’s filings on together with the annual info kind for the yr ended December 31, 2020, filed on April 7, 2021. The Firm has additionally assumed that no important occasions happen exterior of Bitfarms’ regular course of enterprise. Though the Firm has tried to establish essential components that might trigger precise outcomes to vary materially from these expressed in forward-looking statements, there could also be different components that trigger outcomes to not be as anticipated, estimated or meant. There may be no assurance that such statements will show to be correct as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers mustn’t place undue reliance on any forward-looking info. The Firm undertakes no obligation to revise or replace any forward-looking info apart from as required by regulation.


Investor Relations:

+1 516 222 2560

US Media:

Jules Abraham, Director of Public Relations

YAP World
Mia Grodsky, Account Government

Québec Media:

Ryan Affaires publiques
Marc Duchesne, Directeur / Director

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