| GLOSSARY OF DEFINED TERMS | 4 | |||
| 1 | GENERAL INFORMATION | 9 | ||
| 1.1 | INFORMATION REGARDING BITFARMS | 9 | ||
| 1.2 | EXEMPTION | 9 | ||
| 1.3 | CURRENCY | 9 | ||
| 1.4 | CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 9 | ||
| 2 | CORPORATE STRUCTURE | 11 | ||
| 2.1 | INCORPORATION OF THE COMPANY | 11 | ||
| 2.2 | SUBSIDIARIES | 11 | ||
| 3 | GENERAL DEVELOPMENT OF THE BUSINESS | 12 | ||
| FISCAL 2021 | 12 | |||
| FISCAL 2022 | 18 | |||
| FISCAL 2023 | 21 | |||
| FISCAL 2024 | 25 | |||
| 4 | DESCRIPTION OF BUSINESS | 26 | ||
| 4.1 | GENERAL | 26 | ||
| 4.2 | MINING POOL PARTICIPATION | 27 | ||
| 4.3 | PRODUCTS AND SERVICES | 28 | ||
| 4.4 | CRYPTOCURRENCY BACKGROUND | 29 | ||
| 4.5 | MINING | 29 | ||
| 4.6 | BUSINESS AND STRATEGY | 30 | ||
| 4.7 | MINING PROFITABILITY | 30 | ||
| 4.8 | DIGITAL ASSET MANAGEMENT PROGRAM | 31 | ||
| 4.9 | CUSTODY OF CRYPTO ASSETS | 32 | ||
| 4.10 | HEDGING PROGRAM OF DIGITAL ASSETS | 32 | ||
| 4.11 | SYNTHETIC HODL PROGRAM OF DIGITAL ASSETS | 33 | ||
| 4.12 | CURRENT MINING OPERATIONS | 33 | ||
| 4.13 | COMPETITIVE CONDITIONS | 34 | ||
| 4.14 | HARDWARE AND SOFTWARE | 34 | ||
| 4.15 | REVENUE | 34 | ||
| 4.16 | EMPLOYEES | 35 | ||
| 4.17 | INTANGIBLE PROPERTIES | 35 | ||
| 4.18 | BANKRUPTCY PROCEEDINGS | 35 | ||
| 4.19 | RISK FACTORS | 35 | ||
| 4.20 | SUPPLY OF ELECTRICAL POWER, ELECTRICITY RATES, TERMS OF SERVICE AND THE RÉGIE DE L’ÉNERGIE | 62 | ||
| 4.21 | SPECIALIZED SKILL KNOWLEDGE | 67 |
| As of December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Value of Bitcoin held | $ | 34.0 million | $ | 6.7 million | $ | 152.9 million | ||||||
| Market price of Bitcoin | $ | 42,300 | $ | 16,500 | $ | 46,300 | ||||||
| Year ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Rent expenses | $ | — | $ | 0.3 million | $ | 0.5 million | ||||||
| Name | Class of Securities Owned | Quantity of Securities Owned | % of Class(1) | Options | Option average exercise price in CAD | RSUs(2) | ||||||||||||||||
| Emiliano Joel Grodzki | Common Shares | 6,698,443 | 2 | % | 2,314,900 | $ | 2.12 | 150,000 | ||||||||||||||
| Nicolas Bonta | Common Shares | 8,625,452 | 3 | % | 2,304,900 | $ | 2.13 | 66,666 | ||||||||||||||
| Total | 15,323,895 | 4,619,800 | 216,666 | |||||||||||||||||||
| TSX | Nasdaq | |||||||||||||||||||||||
| Month | High (CAD) | Low (CAD) | Volume | High (US$) | Low (US$) | Volume | ||||||||||||||||||
| January 2023 | 1.68 | 0.57 | 35,388,200 | 1.26 | 0.42 | 121,378,900 | ||||||||||||||||||
| February 2023 | 1.64 | 1.15 | 30,441,600 | 1.23 | 0.86 | 92,200,800 | ||||||||||||||||||
| March 2023 | 1.47 | 0.94 | 34,534,600 | 1.08 | 0.68 | 77,453,200 | ||||||||||||||||||
| April 2023 | 1.80 | 1.15 | 29,015,800 | 1.35 | 0.82 | 105,090,700 | ||||||||||||||||||
| May 2023 | 1.67 | 1.30 | 25,410,300 | 1.23 | 0.96 | 87,520,300 | ||||||||||||||||||
| June 2023 | 2.07 | 1.41 | 37,822,600 | 1.57 | 1.01 | 159,595,300 | ||||||||||||||||||
| July 2023 | 2.84 | 2.06 | 51,038,700 | 2.16 | 1.48 | 297,347,800 | ||||||||||||||||||
| August 2023 | 2.47 | 2.28 | 33,094,600 | 1.85 | 1.19 | 183,225,800 | ||||||||||||||||||
| September 2023 | 1.87 | 1.37 | 21,720,300 | 1.39 | 1.00 | 117,176,200 | ||||||||||||||||||
| October 2023 | 1.74 | 1.26 | 28,614,700 | 1.27 | 0.92 | 151,281,100 | ||||||||||||||||||
| November 2023 | 2.09 | 1.37 | 50,363,700 | 1.55 | 1.01 | 302,926,800 | ||||||||||||||||||
| December 2023 | 4.68 | 1.96 | 147,494,900 | 3.56 | 1.45 | 878,618,400 | ||||||||||||||||||
