Bitfarms Ltd. — Governance Information 2021

Sep 21, 2021

AMENDED AND RESTATED BY-LAW NO. 2

A by-law respecting the borrowing of money, the issuing of securities and the securing of liabilities by

BITFARMS LTD.

(herein called the " Corporation ")

BE IT ENACTED as a by-law of the Corporation as follows:

1. Borrowing Powers - Without limiting the borrowing powers of the Corporation as set forth in the Act, the board may, subject to the articles and any unanimous shareholder agreement, from time to time, on behalf of the Corporation, without the authorization of the shareholders:

   • a) borrow money on the credit of the Corporation;

   • b) issue, re-issue, sell, pledge or hypothecate debt obligations of the Corporation, whether secured or unsecured;

   • c) give a guarantee on behalf of the Corporation to secure performance of an obligation of any person; and

   • d) mortgage, hypothecate, pledge or otherwise create a security interest in all or any property of the Corporation, owned or subsequently acquired, to secure any obligation of the Corporation or of any person.

2. Delegation of Powers - The articles, the by-laws and any unanimous shareholder agreement, the board may, from time to time, delegate any or all of the powers hereinbefore specified, to a director, a committee of directors or one or more officers of the Corporation.

3. Effective Date - Subject to its being confirmed by the shareholders, this by-law shall come into force when enacted by the board, subject to the provisions of the Act.

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The foregoing by-law is hereby enacted by the directors of the Corporation as evidenced by the respective signatures hereto of all of the directors of the Corporation in accordance with the provisions of section 129(1) of the Business Corporations Act (Ontario).

Enacted by the board on this 27[th] day of August, 2021.

“Emiliano Joel Grodzki”Emiliano Joel Grodzki“Pierre Seccareccia”Pierre Seccareccia	“Brian Howlett”Brian Howlett	“Nicolas Bonta”
		Nicolas Bonta“Andres Finkielsztain”
		Andres Finkielsztain

Confirmed by the shareholders of the Corporation on the 25[th] day of June, 2021.

“ Emiliano Joel Grodzki ” Emiliano Joel Grodzki Chief Executive Officer