Exhibit 99.6

NOTICE TO READER

As of December 31, 2025, Bitfarms Ltd. (“Company”) determined that it would prepare its financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). As a result, pursuant to section 4.3(4) of National Instrument 51-102 - Continuous Disclosure Obligations of the Canadian Securities Administrators, the Company must restate its previously filed interim financial reports for the year ended December 31, 2025 in accordance with U.S. GAAP, such interim financial reports having previously been prepared in accordance with IFRS Accounting Standards.

The attached restated Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 (“Q3 2025 MD&A”) have been prepared in accordance with U.S. GAAP, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed on March 31, 2026 and is available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Other than as expressly set forth above, the Q3 2025 MD&A do not, and do not purport to, update or restate the information in the original MD&A or reflect any events that occurred after the date of the filing of the original MD&A.

BITFARMS LTD.

Management’s Discussion & Analysis (Restated)

For the three and nine months ended September 30, 2025

Q3 2025

TABLE OF CONTENTS

1. INTRODUCTION

The following restated Management’s Discussion and Analysis (the “MD&A”) for Bitfarms Ltd. (together with its subsidiaries, the “Company” or “Bitfarms”) for the three and nine months ended September 30, 2025 (the “Restated MD&A”) is being filed in connection with and should be read in conjunction with the Company’s unaudited restated condensed consolidated financial statements for the three and nine months ended September 30, 2025 and its accompanying notes (the “Financial Statements”). This Restated MD&A is intended to replace and supersede in its entirety the original MD&A for the three and nine months ended September 30, 2025, which was filed by the Company on SEDAR+ and EDGAR on November 12, 2025. This Restated MD&A is available on SEDAR+ and EDGAR as filed on March 31, 2026. This Restated MD&A should also be read in conjunction with the Company’s 2025 annual report on Form 10-k dated March 31, 2026, which is available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.

Effective the fiscal year 2025, the Company has transitioned from presenting its Financial Statements according to International Financial Reporting Standards, as issued by the International Accounting Standards Board (“IFRS Accounting Standards”), to accounting principles generally accepted in the United States of America (“U.S. GAAP”). All comparative figures in this Restated MD&A have been adjusted to U.S. GAAP for consistency. The Company’s Financial Statements and this MD&A are reported in thousands of U.S. dollars and U.S. dollars, respectively, except where otherwise noted.

Bitfarms’ management team (“Management”) is responsible for the preparation and integrity of the Financial Statements including the maintenance of appropriate information systems, procedures and internal controls. Management is also responsible for ensuring that information disclosed externally, including the Financial Statements and MD&A, is complete and reliable.

The Company utilizes non-GAAP financial measures and ratios in assessing operating performance. Non-GAAP financial measures and ratios may exclude the impact of certain items and are used internally when analyzing operating performance. Refer to Section 10 - Non-GAAP and Other Financial Measures and Ratios and Section 21 - Cautionary Note Regarding Non-GAAP and Other Financial Measures and Ratios of this MD&A for more information.

This MD&A contains forward-looking statements. Refer to the risk factors described in Section 18 - Risk Factors of this MD&A and in Section 19 - Risk Factors of the Company’s MD&A for the year ended December 31, 2024, dated March 26, 2025 and to Section 20 - Cautionary Note Regarding Forward-Looking Statements of this MD&A for more information. This MD&A contains various terms related to the Company’s business and industry which are defined in Section 23 - Glossary of Terms of this MD&A.

In this MD&A, the following terms shall have the following definitions:

2. COMPANY OVERVIEW

Founded in 2017, Bitfarms (Nasdaq/TSX: BITF) is a North American, publicly traded energy and compute infrastructure company. Since 2017, Bitfarms develops and operates data centers primarily for Bitcoin mining with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. Having completed planned investments into Bitcoin mining operations, the Company is now focused on converting its existing energy and data center infrastructure to HPC and AI uses. Through the conversion of the Company’s assets to HPC and AI infrastructure projects, the Company aims to realize greater value for its portfolio of North American energy assets in Pennsylvania, United States; Washington State, United States; and Quebec, Canada.

Currently, Bitfarms primarily owns and operates data centers housing computers (referred to as “Miners”) designed for the purpose of validating transactions on the Bitcoin Blockchain (referred to as “Mining”). Bitfarms generally operates its Miners 24 hours per day to produce computational power used for hashing calculations (measured by hashrate) that Bitfarms sells to Mining pool operators under a formula-driven rate commonly known in the industry as Full Pay Per Share (“FPPS”). Under FPPS, Mining pool operators compensate Mining companies for their computational power used for hashing calculations, measured by hashrate, based on what the Mining pool operator would expect to generate in revenue for a given time period if there was no randomness involved. The fee paid by a Mining pool operator to Bitfarms for its computational power used for hashing calculations may be in cryptocurrency, U.S. dollars, or another currency. However, the fees are paid to the Company on a daily basis in Bitcoin (“BTC”). Bitfarms accumulates the cryptocurrency fees it receives or exchanges them for U.S. dollars through reputable and established cryptocurrency trading platforms.

As described in Note 3 to the Financial Statements, the Company acquired Stronghold Digital Mining, Inc. (“Stronghold”) on March 14, 2025 (the “Stronghold Transaction”). Through the acquisition of Stronghold, the Company now owns and operates two refuse power generation facilities in Pennsylvania, United States with a combined capacity of 473 MW. Both facilities qualify as an “Alternative Energy System” under Pennsylvania, United States law because mining refuse is classified as a Tier II Alternative Energy Source (large-scale hydropower is also classified in this tier). The Company sells its electricity into the Pennsylvania, New Jersey, Maryland Interconnection (“PJM”) Merchant Market under a professional services agreement with Customized Energy Solutions, Ltd. To support each site’s data centers, the Company’s primary fuel source at these facilities is waste which is provided by various third parties. Waste tax credits (“WTCs”) are earned by the Company by utilizing refuse to generate electricity. The Company either consumes the energy internally to support computational activities related to hashing calculations or sells the energy it produces to the local energy supplier (the “Grid”).

To support and accelerate the development of the Company’s HPC/AI infrastructure projects, the Company undertook several significant initiatives. In October 2025, the Company raised $588.0 million and $50.0 million through the issuance of convertible notes and the conversion of its credit facility with Macquarie Equipment Capital, Inc. (“Macquarie”), respectively. In November 2025, the Company advanced its HPC/AI infrastructure strategy by acquiring the Sharon property in Pennsylvania, United States, for $38.7 million and entered into a purchase commitment of $128.7 million, payable in the next 12 months, for the development and expansion of HPC data center projects with a large publicly traded American multinational provider of critical infrastructure and services for data centers. Refer to Section 5 - Recent and Subsequent Events for more details.

2. COMPANY OVERVIEW (Continued)

Bitfarms currently has 13¹ operating Bitcoin data centers situated in three countries: Canada, the United States and Paraguay, powered by long-term competitively priced power contracts.

The Company’s ability to operate and secure power through its production sites as of November 12, 2025 are summarized below. The Company intends to allocate some or all of this power pipeline to its HPC/AI infrastructure strategy.

3. FINANCIAL HIGHLIGHTS FROM CONTINUING OPERATIONS¹

There have not been any distributions or cash dividends declared for the periods disclosed above.

4. THIRD QUARTER 2025 FINANCIAL RESULTS AND OPERATIONAL HIGHLIGHTS FROM CONTINUING OPERATIONS¹

Financial

Operations

Corporate Share Buyback Program

Expansions

Divestitures

4. THIRD QUARTER 2025 FINANCIAL RESULTS AND OPERATIONAL HIGHLIGHTS FROM CONTINUING OPERATIONS (Continued)

Other

5. RECENT AND SUBSEQUENT EVENTS

Management has evaluated subsequent events from October 1, 2025 to November 12, 2025.

During the period from October 1, 2025 to October 7, 2025, the Company issued 10,445,797 common shares through the 2024 ATM Program in exchange for gross proceeds of $35.8 million at an average share price of approximately $3.43. The Company received net proceeds of $34.7 million after paying commissions of $1.1 million to the sales agent. The 2024 ATM Program was terminated on October 7, 2025 after $375.0 million of gross proceeds was reached.

In October 2025, the Company issued $588.0 million aggregate principal amount of convertible senior notes (the “Convertible Notes”), which included the full exercise of the purchasers’ option to purchase up to an additional $88.0 million aggregate amount of Convertible Notes. The Convertible Notes are unsecured, bear interest at 1.375% per annum payable semi-annually and mature on January 15, 2031.

Prior to October 15, 2030, the Convertible Notes may be converted only upon the occurrence of certain events. Thereafter, holders may convert their notes at any time until maturity. Upon conversion, the Company may settle the obligation in cash, common shares, or a combination of both, at its discretion. The initial conversion rate is 145.6876 common shares per $1,000 principal amount (equivalent to a conversion price of approximately $6.86 per share), representing a 30% premium over the $5.28 reference price (the last reported sale price per common share of Bitfarms on Nasdaq on October 16, 2025), subjected to adjustments upon the occurrence of certain events.

The Convertible Notes are not redeemable prior to October 20, 2028, except in the event of certain changes in Canadian tax law. After that date, the Company may redeem the Convertible Notes, in whole or in part, for cash if the market price of its common shares exceeds 130% of the conversion price for a specified period. In the event of a fundamental change, holders may require the Company to repurchase their notes for cash.

Net proceeds from the offering were approximately $568.9 million.

In October 2025, in connection with the Convertible Notes, the Company entered into capped call transactions, with a cap price of $11.88 per share (representing a 125% premium over the reference price).

5. RECENT AND SUBSEQUENT EVENTS (Continued)

In October 2025, the Company converted its Credit Facility with Macquarie as described in Note 14 to the Financial Statements to an up to $300.0 million project-specific financing facility for the development of its data center campus in Panther Creek, Pennsylvania, United States. The Company drew an additional $50.0 million from the converted facility, for a total of $100.0 million drawn and issued an additional 2,197,127 warrants with a strike price of $5.69 and a term of 5 years. As a result of the project-specific financing facility’s requirements, the restricted cash balance increased from $25.0 million to $50.0 million.

In October 2025, the Company acquired the property it was leasing in Sharon, Pennsylvania, from the landlord for a total consideration of $38.7 million consisting of $5.0 million in cash and $33.7 million worth of the Company’s shares as at the date of the close. This resulted in the issuance of 8,500,000 shares of the Company to the seller.

In October 2025, the Company exercised its option to redeem the fourth and last installment of the Bitcoin pledged in relation to the purchase of Miners under the November 2024 Order. The Company redeemed 89 Bitcoin for $8.3 million.

Also in November 2025, the Company exercised its option to redeem the third and fourth installments of the Bitcoin pledged in relation to the purchase of Miners under the March 2025 Swap Order. The Company redeemed 14 Bitcoin for $1.2 million.

Additionally, during October 2025, the Company exercised its option to redeem the first installment of the Bitcoin pledged in relation to the purchase of Miners under the July 2025 Swap Order. The Company redeemed 14 Bitcoin for $1.5 million.

In November 2025, the Company entered into a purchase commitment of $128.7 million, payable over the next 12 months, for the development and expansion of HPC data center projects with a large publicly traded American multinational provider of critical infrastructure and services for data centers. Under the terms of the agreement, the provider will deliver a range of services that include engineering, project management assistance, procurement and manufacturing, site management support and factory acceptance testing, all contributing, in addition to other expenses, to the construction of a fully integrated 18 MW hybrid-built data center in Washington State, United States.

6. PRODUCTION AND MINING OPERATIONS¹

Key Performance Indicators

* Average Watts represents the average energy consumption of deployed Miners

Q3 2025 v. Q3 2024

YTD Q3 2025 v. YTD Q3 2024

* Watts represents the energy consumption of deployed Miners

** Includes 21 MW operated on behalf of a third party through a hosting contract at the Panther Creek Bitcoin data center (as of September 30, 2024: nil)

7. HPC DATA CENTER AND BITCOIN MINING EXPANSION PROJECTS

The Company describes its expansion plans below under the sections entitled “United States Expansion”, “Paraguay Update” and “Canada Expansion”. These expansion projects do not include updates from 2024 or earlier.

Cautionary statements

The estimated costs and timelines to achieve these expansion plans may change based on, among other factors, the cost and supply of equipment, the ability to import equipment into countries where it operates in a cost-effective and timely manner, the supply of electrical and other supporting infrastructure equipment, the availability of construction materials, currency exchange rates and the impact of geopolitical events on the supply chains described above. The Company’s expansion plans rely on, among other factors, a consistent supply of electricity at cost-effective rates; refer to Section 19 - Risk Factors (Section Economic Dependence on Regulated Terms of Service and Electricity Rates Risks) of the MD&A for the year ended December 31, 2024, dated March 26, 2025 for further details, including a description of these and other factors. Also refer to Section 20 - Cautionary Note Regarding Forward-Looking Statements.

In January 2025, the Company engaged two established consultants in HPC/AI infrastructure, Appleby Strategy Group (“ASG”) and World Wide Technology (“WWT”), to conduct independent evaluations of the Company’s data centers and energy assets for potential partial or total conversion to HPC data centers. In parallel, ASG and WWT are conducting feasibility assessments, data center engineering, site map planning, construction budgeting, and accelerate marketing and development strategies. Combined, they will support the building of the Company’s operational capabilities and will market the Company’s sites to potential HPC data centers, offtake counterparties or partners.

In April 2025, WWT completed the first phase of its feasibility assessments and provided its findings to the Company which confirmed the suitability of all US sites and most Canadian sites for potential conversion to HPC data centers.

In July 2025, the Company engaged T5 to oversee construction as the Owner’s Representative for the Panther Creek HPC development following a thorough review process conducted with multiple data center developers. T5 was chosen for their multi-decade experience developing and operating HPC data centers and their unique end-to-end services offering. As Owners Representative for the site, T5 will be responsible for managing all of the contracting, permitting and construction for the Panther Creek data center campus. The engagement with T5 is designed such that the engagement can continue to expand in scope across general contracting, site commissioning and site operations and maintenance.

In August 2025, the Company entered into a binding purchase agreement for 181 acres of contiguous land at the Panther Creek campus for $3.5 million, which is anticipated to be more than sufficient land for multiple phases of HPC/AI development in this campus.

In October 2025, the owner of the 181 acres agreed to amend the plot map extending into an adjacent property owned by the same owner, which would give the Company approximately 20 additional acres for no additional cost. Subject to local approvals, this change would increase the purchased property from 181 acres to approximately 201 acres.

7. HPC DATA CENTER AND BITCOIN MINING EXPANSION PROJECTS (Continued)

In October 2025, WWT completed the second phase of its HPC development consulting engagement with the Company, providing defined service offerings for colocation data center services and information/operational technology stack high-level designs.

In November 2025, the Company opted to convert its Washington State Bitcoin data center to HPC/AI workloads as early as December 2026. Refer to Section 7B - HPC Data Center and Bitcoin Mining Expansion Projects (United States Expansion) for more details

In November 2025, the Company entered into a purchase commitment of $128.7 million, payable over the next 12 months, for the development and expansion of HPC data center projects with a large publicly traded American multinational provider of critical infrastructure and services for data centers. Under the terms of the agreement, the provider will deliver a range of services that include engineering, project management assistance, procurement and manufacturing, site management support and factory acceptance testing, all contributing, in addition to other expenses, to the construction of a fully integrated 18 MW hybrid-built data center in Washington State, United States.

Macquarie Credit Facility

In April 2025, the Company entered into an agreement for a credit facility up to $300.0 million from Macquarie for HPC development at the Panther Creek campus and drew down the initial tranche of $50.0 million. The Company issued 5,330,946 warrants convertible for a fixed number of common shares at an exercise price of $1.17, and paid $3.2 million in transaction fees which will be deferred and/or amortized over the term of the credit facility.

In October 2025, the Company amended the facility to, among other things, limit the borrowers and guarantors under the credit facility’s loan agreement to certain subsidiaries of the Company holding Panther Creek project-specific assets, other than as unsecured guarantee of the Company and limited guarantees and collateral provided by certain subsidiaries of the Company. The Company accessed an additional $50.0 million of the credit facility to expedite the procurement of essential equipment and further its HPC data center projects, bringing the cumulative borrowed funds to $100.0 million. The Company issued 2,197,127 warrants convertible for a fixed number of common shares at an exercise price of $5.69, a 23% premium to the closing price on October 24, 2025.

The subsequent tranche(s) of the credit facility will allow the Company to draw up to an additional $200.0 million and will be drawable as the Company achieves specific development milestones at its Panther Creek location. The Company will contribute $50.0 million in kind, or in cash, to be held by the Company’s dedicated Panther Creek subsidiary and issue additional warrants equivalent to 10% of the amount drawn up to $125.0 million. The maturity of each tranche is 2 years from the date of closing and each facility bears interest at 8% per annum. The funding facility is expected to provide the necessary capital for the Company to fund the initial portion of the Panther Creek data centers development and buildout.

7. HPC DATA CENTER AND BITCOIN MINING EXPANSION PROJECTS (Continued)

Convertible Senior Notes

In October 2025, the Company issued $588.0 million aggregate principal amount of convertible senior notes (the “Convertible Notes”), which included the full exercise of the purchasers’ option to purchase up to an additional $88.0 million aggregate amount of Convertible Notes. The Convertible Notes are unsecured, bear interest at 1.375% per annum payable semi-annually and mature on January 15, 2031.

Prior to October 15, 2030, the Convertible Notes may be converted only upon the occurrence of certain events. Thereafter, holders may convert their notes at any time until maturity. Upon conversion, the Company may settle the obligation in cash, common shares, or a combination of both, at its discretion. The initial conversion rate is 145.6876 common shares per $1,000 principal amount (equivalent to a conversion price of approximately $6.86 per share), representing a 30% premium over the $5.28 reference price (the last reported sale price per common share of Bitfarms on Nasdaq on October 16, 2025), subjected to adjustments upon the occurrence of certain events.

The Convertible Notes are not redeemable prior to October 20, 2028, except in the event of certain changes in Canadian tax law. After that date, the Company may redeem the Convertible Notes, in whole or in part, for cash if the market price of its common shares exceeds 130% of the conversion price for a specified period. In the event of a fundamental change, holders may require the Company to repurchase their notes for cash.

Net proceeds from the offering were approximately $568.9 million.

Acquisition of Stronghold

On March 14, 2025, the Company acquired Stronghold in a stock-for-stock merger transaction (the “Transaction”). The Transaction was unanimously approved by the Board of Directors of both companies and was approved by shareholders representing a majority of the outstanding shares of Stronghold on February 27, 2025.

Stronghold shareholders received 2.52 shares of Bitfarms for each share of Stronghold held. The Company issued 59,866,609 common shares and 12,893,650 warrants in connection with the consummation of the Merger. In addition, the Company paid $51.1 million on closing to retire Stronghold’s outstanding loans and other closing costs.

The Stronghold Transaction initially added to the Company’s operations up to 307 MW of potential power capacity, with an additional 648 MW of incremental potential power capacity, for a total of 955 MW of potential power capacity. This transaction is aligned with the Company’s strategic objectives to diversify its operations and expand its presence in the United States through vertical integration of power generation and energy arbitrage capabilities. Further, the transaction solidifies Bitfarms’ standing in the Bitcoin Mining sector and positions it well for expansion into the HPC data center sector with two strategically located facilities with energy infrastructure and expansion capacity. As of November 12, 2025, the two refuse power generation plants have a combined energized and secured contracted growth capacity of 473 MW.

During the first quarter of 2025, approximately 14,500 S21 Pro Bitmain Miners were installed at the Stronghold Scrubgrass and Panther Creek Bitcoin data centers. Following the closing of the Stronghold Transaction on March 14, 2025, the Panther Creek Hosting Agreement and Scrubgrass Hosting Agreement were terminated, settling the $15.6 million Refundable Hosting Deposits to the Company.

7. HPC DATA CENTER AND BITCOIN MINING EXPANSION PROJECTS (Continued)

Scrubgrass and Panther Creek 2025 update

During the second quarter of 2025, approximately 3,400 S21+ and 6,000 S21 Pro Bitmain Miners were installed at the Scrubgrass and Panther Creek Bitcoin data centers.

In October 2025, the Company entered into an Electricity Supply Agreement (“ESA”) with PPL Electric Utilities Corporation (“PPL”) to secure an additional 350 MW of secured contracted growth capacity at the Company’s Panther Creek location, with 50 MW to be delivered by the end of 2026, and 300 MW by the end of 2027.

Sharon 2025 update

In January 2025, the Company installed 3,300 miners and energized 12 MW at the Sharon data center. In May 2025, the Company energized an incremental 18 MW expansion project, bringing the total energized capacity to 30 MW with 8,000 Miners installed.

In May 2025, the Company was registered for PJM’s Peak Saver and Synchronized Reserves Dispatchable Programs. In August 2025 the Company initiated its customer base load baseline qualification run, and in October the Company successfully passed PJM’s baseline requirements for registration in the Price Response (Economic Demand Response) Dispatchable Program and is now in the registration process with PJM. Participation in these programs includes both demand response and energy arbitrage strategies that the Company plans to develop in the coming months across its PJM portfolio. These programs are anticipated to contribute to maximizing the value of its PJM assets through more effective control of energy prices and will be accretive to the Company’s flexible HPC data center strategy currently under development in PJM.

In July 2025, the Company entered into an agreement with a vendor for the procurement of all equipment required to develop the 80 MW substation to increase capacity from 30 MW to 110 MW by the end of 2026. In September 2024, the Company executed a contract with a group of vendors for the construction, installation and commissioning of the 80 MW substation.

In October 2025, the Company acquired the Sharon property from the landlord for a total consideration of $38.7 million consisting of $5.0 million in cash and $33.7 million worth of the Company’s shares as at the date of the close. This resulted in the issuance of 8,500,000 shares of the Company to the seller. Following the termination of the long-term lease agreement for the site, the Company anticipates average annual rent savings of $1.8 million for each of the remaining years.

Sharon Position as of September 30, 2025

As of September 30, 2025, the Company had placed deposits of $1.4 million with the energy supplier and suppliers for construction costs and for electrical components. As of September 30, 2025, property, plant and equipment (“PPE”) included $16.3 million related to the Sharon data center for facility construction and infrastructure equipment costs.

Washington 2025 update

The Company completed the upgrade of a portion of its current fleet of Miners in Washington during February 2025 with new T21 Miners. In August 2025, the Company secured a binding agreement for an adjacent land parcel for $1.9 million due to its proximity to a major data center cluster and is anticipated to be sufficient for a potential conversion to HPC data centers.

7. HPC DATA CENTER AND BITCOIN MINING EXPANSION PROJECTS (Continued)

Washington 2025 update (Continued)

In November 2025, the Company opted to convert its Washington State site to HPC/AI workloads. The 18 MW Bitcoin data center is anticipated to be the first site fully converted to support HPC/AI workloads with up to 190 KW per rack and advanced liquid cooling. The Company signed a $128.7 million purchase commitment for IT infrastructure and building materials as described above in Section 7A - HPC Data Center and Bitcoin Mining Expansion Projects (Development of HPC Data Center Projects). The HPC data center will have validated reference designs ensuring compatibility with GB300s, modular infrastructure enabling phased deployment and scalability and proven thermal and power management critical for HPC data center operations. The Company is targeting completion of the HPC data center as early as December 2026.

Sale of Yguazu data center 2025 update

On January 24, 2025, the Company announced that it had entered into a binding letter of intent to sell its 200 MW development site in Yguazu to HIVE Digital Technologies Ltd. (“HIVE”) (the “Yguazu Sale”).

On March 14, 2025, the Yguazu Sale closed. HIVE purchased from Bitfarms its 100% ownership stake of its Yguazu Bitcoin data center and the Company’s loan receivable from its Yguazu subsidiary, Zunz SA (“Backbone Yguazu”), for $63.3 million, with Bitfarms receiving:

As of September 30, 2025, the Company received all the payments from HIVE, as per the terms of the agreement. Refer to Note 17 to the Financial Statements for more details.

Paso Pe 2025 update

As of September 30, 2025, the Paso Pe facility met the criteria to be classified as “held for sale”, and all operations in Paraguay were classified as discontinued operations as the Company makes a strategic shift towards HPC data center projects in North America. The sale of the Paso Pe Bitcoin data center is anticipated to close within twelve months from the reporting date.

Villarrica 2025 update

In November 2025, the Company disposed of its 10 MW Bitcoin data center in Villarrica. The Company’s Miners at this Bitcoin data center were sold to a third party.

Baie-Comeau 2025 update

In January 2025, the utility provider energized an additional 11 MW, increasing the Baie-Comeau data center total to 22 MW.

Baie-Comeau position as of September 30, 2025

The Company has $11.6 million of PPE at the Baie-Comeau data center, including infrastructure equipment that was repurposed from other data centers.

7. HPC DATA CENTER AND BITCOIN MINING EXPANSION PROJECTS (Continued)

As of September 30, 2025, the Company operated¹ 14.8 EH/s under Management across its facilities, which was consistent compared to the EH/s under Management as of June 30, 2025.

Through its expansion projects and the investment in its fleet upgrade, the Company achieved its initial 2025 targets of 18 EH/s operational and 19 w/TH installed in March 2025. The Company currently has no plans to increase its hashrate beyond the current operational hashrate¹ of 14.8 EH/s.

The Company continues to prudently explore further opportunities to monetize and expand its infrastructure to create long-term value for shareholders.

Fleet Upgrade

Securing additional Miners was anticipated to benefit the Company by capitalizing on higher bitcoin prices and drive rapid and meaningful improvements across three key operating metrics: Hashrate, energy efficiency and operating costs per TH.

In August 2025, the Company completed its fleet upgrade, incorporating 85,442 new Miners into its operations, consisting of Bitmain T21, S21, Pro, S21 hydro and S21+ Miners. According to the average specifications outlined in the purchase contracts and the Company’s actual achieved Hashrate, these additions were projected to deliver a combined output of 17.7 EH/s.

Throughout 2024 and 2025, Bitfarms executed a series of strategic fleet upgrade transactions to enhance operational efficiency and optimize its miner portfolio. In November 2024, the Company amended its Purchase Option and March 2024 Purchase Order, upgrading 18,853 Bitmain T21 Miners to more efficient S21 Pro models for an additional $33.2 million, paid in Bitcoin and structured for redemption in four installments.

In March 2025, Bitfarms completed a swap order, returning 4,160 Bitmain T21 Miners in exchange for 3,660 Bitmain S21+ Miners, utilizing a $9.5 million credit and settling the $2.4 million net balance in Bitcoin, with all miners received and prepayments cleared by September 30, 2025. The Bitcoin payment is structured for redemption in four installments.

Subsequently, in July 2025, the Company returned 10,467 Bitmain T21 Miners for a $23.9 million credit and purchased 8,585 Bitmain S21+ Miners for $29.9 million, paying the $6.0 million net balance in Bitcoin, with plans to sell these new units. The Bitcoin payment is structured for redemption in four installments.

As of September 30, 2025, all three transactions had been fully executed, with the upgraded and swapped Miners received, equipment prepayments settled, and Bitcoin redemption options. Management oversees the Bitcoin redemption options which are generally available on a quarterly basis, in line with the agreed schedules. Management monitors market conditions, liquidity needs, making strategic adjustments as necessary to ensure efficient redemptions. This approach allows for flexibility and responsiveness, helping to optimize outcomes for all stakeholders. Refer to Note 8 to the Financial Statements for more details. As of October 31, 2025, the Company sold the 8,585 S21+ Miners from the July 2025 swap for approximately $24.7 million.

7. HPC DATA CENTER AND BITCOIN MINING EXPANSION PROJECTS (Continued)

Fleet Upgrade (Continued)

Prior to the Company’s Argentina operations shutdown, the Company’s fleet upgrade enabled the Company to reach 19.5 EH/s operating capacity and 19 w/TH efficiency in Q1 2025. The Company intends to continue liquidating older, less efficient Miners to offset the cost of the capital expenditure. During YTD Q3 2025, the Company sold 17,176 older generation Miners to third parties for approximately $30.0 million. Refer to Note 9 to the Financial Statements.

8. FINANCIAL PERFORMANCE

Consolidated Financial & Operational Results

nm: not meaningful

8. FINANCIAL PERFORMANCE (Continued)

Q3 2025 v. Q3 2024

Revenues were $68.0 million in Q3 2025 compared to $27.1 million in Q3 2024, an increase of $40.9 million, or 151%.

The most significant factors impacting the increase in Bitfarms’ revenues in Q3 2025 compared to Q3 2024 are presented in the table below. Revenues increased mostly due to an increase in the Company’s average Bitcoin Hashrate and average Bitcoin price, partially offset by the increase in Network Difficulty.

*9159-9290 Québec Inc. (“Volta”) is a wholly-owned subsidiary of the Company, assists the Company in building and maintaining its data centers and provides electrician services to both commercial and residential customers in Quebec, Canada.

Notes

8. FINANCIAL PERFORMANCE (Continued)

Q3 2025 v. Q3 2024 (Continued)

The following tables summarize the Company’s revenues and average Hashrate for Q3 2025 and Q3 2024 by country:

nm: not meaningful

*Average operational hashrate reflects the hashrate of the Miners that the Company owns and operates.

Bitfarms earned its revenues during Q3 2025 from its North American operations. The United States and Canada accounted for 56% and 44% of total revenues, respectively, compared to 8% and 92% in Q3 2024, respectively.

In Q3 2025, revenues from the Company’s operations in United States and Canada increased by $35.9 million and $5.0 million, respectively, compared to Q3 2024. The increases are mainly due to the average Hashrate increase of the United States operations of 6.3 EH/s, and the increase in average Bitcoin price, partially offset by the increase in Network Difficulty. The Company’s acquisition of Stronghold’s facilities as part of the Stronghold Transaction contributed to 1.4 EH/s, or 23% of the Hashrate increase.

8. FINANCIAL PERFORMANCE (Continued)

YTD Q3 2025 v. YTD Q3 2024

Revenues were $176.5 million in YTD Q3 2025 compared to $95.5 million in YTD Q3 2024, an increase of $81.0 million, or 85%.

The most significant factors impacting the increase in Bitfarms’ revenues in YTD Q3 2025, compared to YTD Q3 2024, are presented in the table below. Revenues increased mostly due to the increase in average Bitcoin price and the increase in average Bitfarms’ Hashrate, partially offset by the increase in Network Difficulty and lower Bitcoin Block Rewards following the Bitcoin halving event that occurred on April 19, 2024.

*Volta is a wholly-owned subsidiary of the Company, assists the Company in building and maintaining its data centers and provides electrician services to both commercial and residential customers in Quebec, Canada

8. FINANCIAL PERFORMANCE (Continued)

YTD Q3 2025 v. YTD Q3 2024 (Continued)

The following tables summarize the Company’s revenues and average Hashrate for YTD Q3 2025 and YTD Q3 2024 by country:

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*Average operational hashrate reflects the hashrate of the Miners that the Company owns and operates.

Bitfarms earned its revenues during YTD Q3 2025 from its North American operations. The United States and Canada accounted for 50% and 50% of total revenues, respectively, compared to 11% and 89% in YTD Q3 2024, respectively.

In YTD Q3 2025, revenues from the Company’s operations in United States and Canada increased by $77.5 million and $3.5 million, respectively, compared to YTD Q3 2024. The increases are mainly due to average hashrate increase of the United States and Canada operations of 5.1 EH/s and 1.2 EH/s, respectively, and the increases in average Bitcoin price, partially offset by the increase in Network Difficulty and the decrease in Block Rewards following the Bitcoin halving event that occurred on April 19, 2024. The Company’s acquisition of Stronghold facilities as part of the Stronghold Transaction contributed to 1.4 EH/s, or 22% of the Hashrate increase.

8. FINANCIAL PERFORMANCE (Continued)

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Q3 2025 v. Q3 2024

Bitfarms’ cost of revenues for Q3 2025 was $70.2 million, compared to $27.6 million for Q3 2024. The increase in cost of revenues was mainly attributable to:

8. FINANCIAL PERFORMANCE (Continued)

YTD Q3 2025 v. YTD Q3 2024

Bitfarms’ cost of revenues was $182.4 million for YTD Q3 2025 compared to $114.8 million for YTD Q3 2024. The increase in cost of revenues was mainly due to:

These increases were partially offset by:

8. FINANCIAL PERFORMANCE (Continued)

Q3 2025 v. Q3 2024

Bitfarms’ general and administrative (“G&A”) expenses were $17.2 million in Q3 2025, compared to $25.2 million for Q3 2024. The decrease of $8.1 million, or 32%, was largely due to:

8. FINANCIAL PERFORMANCE (Continued)

YTD Q3 2025 v. YTD Q3 2024

For YTD Q3 2025, Bitfarms’ G&A expenses were $54.2 million, compared to $47.2 million for the same period in 2024. The increase in G&A expenses of $7.0 million, or 15%, was mainly due to:

The increases were partially offset by:

8. FINANCIAL PERFORMANCE (Continued)

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Q3 2025 v. Q3 2024

Bitfarms’ total other income was $7.4 million for Q3 2025, compared to $1.4 million for Q3 2024. The $6.0 million favorable change was primarily related to:

The favorable change was partially offset by:

8. FINANCIAL PERFORMANCE (Continued)

YTD Q3 2025 v. YTD Q3 2024

Bitfarms’ total other income was $6.5 million for YTD Q3 2025, compared to $3.8 million for YTD Q3 2024. The $2.7 million favorable change was mainly due to:

The favorable change was partially offset by:

8. FINANCIAL PERFORMANCE (Continued)

In 2025, the Company began a significant transformation of its corporate strategy, exiting its Latin American Bitcoin Mining operations in Paraguay and Argentina to fully concentrate on the U.S. and Canadian HPC infrastructure market. As a result of these strategic decisions, the Company classified certain of its Latin American asset group as “held for sale” and its operations as discontinued operations.

Argentina’s operations as discontinued operations

In the second quarter of 2025, the Company’s energy supplier halted the supply of electricity to the Company’s Rio Cuarto, Argentina Bitcoin data center. Following this event, on August 11, 2025, the Company determined that it would discontinue and abandon its operations in Rio Cuarto, Argentina. The Company negotiated to eliminate its asset retirement obligation and reduced the reserved power to a minimum. As of September 30, 2025, the Argentina’s operations were abandoned and classified as a discontinued operation. As these operations represent an asset group that was abandoned, it is not classified as “held for sale”.

Paraguay’s operations as discontinued operations and assets held for sale

During the first quarter of 2025, the Company finalized the sale of its Yguazu Bitcoin data center in Paraguay. During the three months ended September 30, 2025, Management determined that the Paso Pe facility met the criteria to be classified as “held for sale”, and all operations in Paraguay were classified as discontinued operations as the Company makes a strategic shift towards HPC data center projects in North America. The sale of the Paso Pe Bitcoin data center is anticipated to close within twelve months from the reporting date.

Refer to Note 17 - Discontinued Operations to the Financial Statements for more information on the results of Argentina’s and Paraguay’s operations and the impairment loss on the cash generating unit (“CGU”).

9. SELECTED QUARTERLY INFORMATION FROM CONTINUING OPERATIONS³

Set forth below is unaudited supplemental quarterly financial information that reflects material retrospective adjustments to our consolidated statements of operations as a result of the transition to U.S. GAAP and is intended to assist investors in evaluating our results of operations on a consistent basis across periods. This data should be read in conjunction with our unaudited condensed consolidated financial statements and audited consolidated financial statements and related notes for the relevant period. These quarterly operating results are not necessarily indicative of our operating results for a full year or any future periods.

Although the Bitcoin Mining industry experiences volatility, Bitcoin prices are not generally subject to seasonality or seasonal effects. Seasonal fluctuations in energy supply, however, may impact the Company’s operations. The Company’s had operations in Quebec, Canada, where power was sourced directly from Hydro-Québec, Hydro-Magog, Hydro-Sherbrooke and the City of Baie-Comeau. The Company also had operations in Washington State, United States, that were powered by the Grant County Power Utility District; as well as operations in Pennsylvania, United States, that were powered by Stronghold and the PJM Interconnection Merchant Market. Among other phenomena, changing weather in Quebec (Canada), Washington State and Pennsylvania (United States) may impact seasonal electricity needs and costs. Periods of extreme cold or extreme hot weather may contribute to service interruptions in cryptocurrency Mining operations. Changes to supply and/or demand of electricity may result in curtailment of electricity to the Company’s cryptocurrency Mining operations. The Company’s geographical diversification may reduce the risk and extent of extreme weather and other external factors unduly affecting the Company’s overall performance.

For Q3 2025 details, refer to Section 8A - Financial Performance (Revenues); Section 11A - Liquidity and Capital Resources (Cash Flows); and Section 7 - HPC Data Center and Bitcoin Mining Expansion Projects (United States Expansion and Canada Expansion) of this MD&A.

10. NON-GAAP AND OTHER FINANCIAL MEASURES AND RATIOS

Non-GAAP financial measures from continuing operations¹

The Company utilizes a number of non-GAAP financial measures and ratios in assessing operating performance. Non-GAAP financial measures and ratios may exclude the impact of certain items and are used internally when analyzing operating performance. Refer to Section 21 - Cautionary Note Regarding Non-GAAP and Other Financial Measures and Ratios of this MD&A.

10. NON-GAAP AND OTHER FINANCIAL MEASURES AND RATIOS (Continued)

Non-GAAP financial measures from continuing operations (Continued)

10. NON-GAAP AND OTHER FINANCIAL MEASURES AND RATIOS (Continued)

Non-GAAP financial ratios from continuing operations (Continued)

Supplemental financial ratios

The Company utilizes the following supplemental financial ratios in assessing operating performance.

10. NON-GAAP AND OTHER FINANCIAL MEASURES AND RATIOS (Continued)

10. NON-GAAP AND OTHER FINANCIAL MEASURES AND RATIOS (Continued)