Bitfarms Ltd. — Regulatory Filings 2021

Aug 12, 2021

UNDERTAKING

DATE: August 12, 2021 TO: Ontario Securities Commission AND TO: ALBERTA SECURITIES COMMISSION FINANCIAL AND CONSUMER AFFAIRS AUTHORITY OF SASKATCHEWAN MANITOBA SECURITIES COMMISSION BRITISH COLUMBIA SECURITIES COMMISSION QUÉBEC AUTORITÉ DES MARCHES FINANCIERS FINANCIAL AND CONSUMER SERVICES COMMISSION (NEW BRUNSWICK) NOVA SCOTIA SECURITIES COMMISSION OFFICE OF THE SUPERINTENDENT OF SECURITIES (PRINCE EDWARD ISLAND) OFFICE OF THE SUPERINTENDENT OF SECURITIES (NEWFOUNDLAND AND LABRADOR) OFFICE OF THE YUKON SUPERINTENDENT OF SECURITIES OFFICE OF THE SUPERINTENDENT OF SECURITIES (NORTHWEST TERRITORIES) OFFICE OF THE SUPERINTENDENT OF SECURITIES (NUNAVUT) RE: Bitfarms Ltd. (the “Issuer”) Short form base shelf prospectus ( the “Prospectus”) SEDAR Project #3186538

In connection with the filing of the Prospectus dated August 12, 2021, the undersigned, for and on behalf of the Issuer, undertakes that it will not distribute warrants that, according to their terms as described in the applicable prospectus supplement, are “novel” specified derivatives within the meaning of Canadian securities legislation, separately to any member of the public in Canada, unless the offering is in connection with and forms part of the consideration for an acquisition or merger transaction or unless such prospectus supplement containing the specific terms of the warrants to be distributed separately is first approved by or on behalf of the securities commissions or similar regulatory authorities in each of the Provinces and Territories of Canada where the warrants will be distributed.

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[ Bitfarms Ltd. – Undertaking re warrants ]

Dated this 12[th] day of August, 2021.

BITFARMS LTD.

per: (signed) “ Jeffrey Lucas ” Name: Jeffrey Lucas Title: Chief Financial Officer

[ Bitfarms Ltd. – Undertaking re warrants ]