Bitfarms Advances U.S. Strategy With Completion Of Stronghold Digital Mining Acquisition

“Bitfarms Advances U.S. Strategy with Completion of Stronghold Digital Mining Acquisition”

Bitfarms Advances U.S. Technique with Completion of Stronghold Digital Mining Acquisition

-1.1 GW PA Progress Pipeline Strategically Situated for HPC/AI and BTC Mining-
– Positions Bitfarms because the main Bitcoin miner in PJM market-

This information launch constitutes a “designated news release” for the needs of the Firm’s second amended and restated prospectus complement dated December 17, 2024, to its quick kind base shelf prospectus dated November 10, 2023.

TORONTO, March 17, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a worldwide Bitcoin and vertically built-in knowledge middle firm, at the moment introduced the profitable completion of its beforehand introduced acquisition of Stronghold Digital Mining, Inc. (“Stronghold” or “SDIG”).

The acquisition of Stronghold yields the next advantages:

Strategic MW Progress

Will increase vitality portfolio to 623 Megawatts Beneath Administration (“MWuM”) with incremental 165 MW of lively producing capability and 142 MW of instantly obtainable import capability
Secures 1.1 GW progress pipeline in Pennsylvania, together with present energy technology capability, present grid import capability and future import capability
PJM demand response applications anticipated to cut back total electrical energy prices

U.S. Portfolio Enlargement

Rebalances year-end 2025 vitality portfolio to 80% North American and 20% worldwide

Development of HPC/AI Technique

Potential to develop two energy campuses totaling almost one gigawatt for HPC/AI
Strategic companions WWT and ASG prioritizing Stronghold websites for potential HPC/AI conversion

EH Progress

Provides almost 1 Exahash Beneath Administration (“EHuM”) by present Canaan internet hosting agreements with 50% revenue cut up, bringing Bitfarms whole to 18 EHuM
Beforehand introduced Stronghold internet hosting agreements at the moment are Bitfarms self-mining

Ben Gagnon, Chief Government Officer of Bitfarms, acknowledged, “The completion of this strategic acquisition further expands our U.S. footprint and makes us the industry leader in the PJM market. With Stronghold’s portfolio of power assets, combined with our operational expertise and balance sheet strength, we are well positioned to create long-term value for our shareholders by executing on our US strategy and developing an HPC/AI business geared for scale. Our combined PJM pipeline, spanning three sites in Pennsylvania, totals over 1 GW with strategically located land, power and fiber that is well-suited for both HPC/AI and Bitcoin mining. This marks the start of an exciting new chapter for Bitfarms, and we’re thrilled to welcome the talented Stronghold team to write that chapter with us.”

Transaction Particulars

Bitfarms acquired Stronghold in a stock-for-stock merger pursuant to which Stronghold shareholders obtained 2.52 shares of Bitfarms for every share of Stronghold they personal and Stronghold grew to become a wholly-owned subsidiary of Bitfarms. Roughly 59,678,164 Bitfarms frequent shares and 10,574,848 Bitfarms warrants are being issued in reference to the consummation of the merger. As well as, roughly $44.5 million was paid at closing to retire excellent Stronghold loans.

In reference to the completion of the transaction, SDIG’s frequent inventory ceased buying and selling on Nasdaq previous to the opening of buying and selling at the moment.

About Bitfarms Ltd.

Based in 2017, Bitfarms is a worldwide Bitcoin and vertically built-in knowledge middle firm that sells its computational energy to a number of mining swimming pools from which it receives fee in Bitcoin. Bitfarms develops, owns, and operates vertically built-in mining amenities with in-house administration and company-owned electrical engineering, set up service, and a number of onsite technical restore facilities.

Bitfarms at the moment has 15 working Bitcoin knowledge facilities in 4 nations: america, Canada, Paraguay, and Argentina. Powered predominantly by environmentally pleasant hydro-electric and long-term energy contracts, Bitfarms is dedicated to utilizing sustainable and sometimes underutilized vitality infrastructure.

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

www.bitfarms.com
https://www.facebook.com/bitfarms/
http://x.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Glossary of Phrases

MWuM = Megawatts Beneath Administration, {the electrical} capability at the moment being utilized or obtainable to make the most of in Bitfarms knowledge facilities which incorporates instantly obtainable grid import capability and lively technology capability
EHuM = Exahash Beneath Administration, which incorporates Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party internet hosting shoppers
EH or EH/s = Exahash or exahash per second
MW or MWh = Megawatts or megawatt hour
HPC/AI = Excessive Efficiency Computing / Synthetic Intelligence
PJM = Pennsylvania-New Jersey-Maryland Interconnection

Ahead-Trying Statements

This information launch accommodates sure “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) which might be based mostly on expectations, estimates and projections as on the date of this information launch and are coated by protected harbors beneath Canadian and United States securities legal guidelines. The statements and data on this launch relating to the constructive influence of the Stronghold acquisition and the power to realize entry to extra electrical energy and develop hashrate of the Stronghold enterprise, goal hashrate, alternatives referring to the Firm’s geographical diversification and enlargement, the deserves of the rebalancing operations to North America and projected progress, the North American vitality and compute infrastructure technique, alternatives referring to the potential of the Firm’s knowledge facilities for HPC/AI, efficiency of the crops and tools upgrades and the influence on working capability together with the goal hashrate and multi-year enlargement capability, the alternatives to leverage Bitfarms’ confirmed experience to efficiently improve vitality effectivity and hashrate, and different statements relating to future progress, plans and goals of the Firm are forward-looking info. Any statements that contain discussions with respect to predictions, expectations, beliefs, plans, projections, goals, assumptions, future occasions or efficiency (typically however not all the time utilizing phrases corresponding to “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “may” or “could”, “would”, “might” or “will” be taken to happen or be achieved) usually are not statements of historic reality and could also be forward-looking info and are supposed to determine forward-looking info.

This forward-looking info relies on assumptions and estimates of administration of the Firm on the time they have been made, and includes recognized 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 embrace, amongst others, dangers referring to: an lack of ability to use the Firm’s knowledge facilities to HPC/AI alternatives on a worthwhile foundation; a failure to safe long-term contracts related to HPC/AI clients on phrases that are financial or in any respect; the development and operation of the Firm’s amenities might not happen as at the moment deliberate, or in any respect; an lack of ability to efficiently combine the enterprise of Stronghold Digital Mining, Inc. as contemplated, or in any respect; enlargement might not materialize as at the moment anticipated, or in any respect; the anticipated deserves of the HPC/AI technique, the advantages and applications of the PJM deregulated market and the goals of diversification normally will not be realized as deliberate; efforts to enhance and optimize the efficiency of apparatus will not be profitable; the digital foreign money market; the power to efficiently mine digital foreign money; income might not enhance as at the moment anticipated, or in any respect; it will not be doable to profitably liquidate the present digital foreign money stock, or in any respect; a decline in digital foreign money costs might have a major unfavourable influence on operations; a rise in community problem might have a major unfavourable influence on operations; the volatility of digital foreign money costs; the anticipated progress and sustainability of hydroelectricity for the needs of cryptocurrency mining within the relevant jurisdictions; the lack to keep up dependable and economical sources of energy for the Firm to function cryptocurrency mining property; the dangers of a rise within the Firm’s electrical energy prices, price of pure fuel, modifications in foreign money alternate charges, vitality curtailment or regulatory modifications within the vitality regimes within the jurisdictions during which the Firm operates and the antagonistic influence on the Firm’s profitability; future capital wants and the power to finish present and future financings, together with Bitfarms’ potential to make the most of an at-the-market providing program ( “ATM Program”) and the costs at which securities could also be offered in such ATM Program, in addition to capital market circumstances normally; share dilution ensuing from an ATM Program and from different fairness issuances; the chance {that a} materials weak point in inside management over monetary reporting may lead to a misstatement of the Firm’s monetary place that will result in a cloth misstatement of the annual or interim consolidated monetary statements if not prevented or detected on a well timed foundation; any rules or legal guidelines that can stop Bitfarms from working its enterprise; historic costs of digital currencies and the power to mine digital currencies that might be per historic costs; and the adoption or enlargement of any regulation or regulation that can stop Bitfarms from working its enterprise, or make it extra expensive to take action. For additional info regarding these and different dangers and uncertainties, consult with the Firm’s filings on www.sedarplus.ca (that are additionally obtainable on the web site of the U.S. Securities and Change Fee at www.sec.gov), together with the restated MD&A for the year-ended December 31, 2023, filed on December 9, 2024. Though the Firm has tried to determine 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 supposed, together with components which might be at the moment unknown to or deemed immaterial by the Firm. There might be no assurance that such statements will show to be correct as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on any forward-looking info. The Firm undertakes no obligation to revise or replace any forward-looking info aside from as required by regulation. Buying and selling within the securities of the Firm ought to be thought of extremely speculative. No inventory alternate, securities fee or different regulatory authority has accepted or disapproved the knowledge contained herein. Neither the Toronto Inventory Change, Nasdaq, or some other securities alternate or regulatory authority accepts duty for the adequacy or accuracy of this launch.

Investor Relations Contacts:

Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
[email protected]

Media Contacts:

Caroline Brady Baker
Director, Communications
[email protected]