Bitfarms Brief: B.Riley Initiated Coverage at Buy, US$4 PT; Shares Currently Down More Than 1% On TSX at C$3.95 -December 14, 2023 at 02:44 pm EST

Bitfarms Ltd. is a Canada-based global vertically integrated bitcoin mining company. The Company develops, owns, and operates vertically integrated mining farms with inhouse management and Company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers operational performance and uptime. The Company operates through the cryptocurrency mining segment. The Company operates server farms comprised of computers (Miners) designed for the purpose of validating transactions on the Bitcoin (BTC) Blockchain (Mining). The Company also operates Miners about 24 hours a day producing computational power (measured by hashrate) which it sells to Mining Pools. The Company has approximately 11 operating farms and two farms in development located in four countries: Canada, the United States, Paraguay, and Argentina.