Exhibit 99.2 Management's Discussion & Analysis For the three and nine months ended September 30, 2023 Q3 2023 BITFARMS LTD. Management's Discussion & Analysis (In U.S. dollars, except where otherwise indicated) TABLE OF CONTENTS | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------|-------| | 1. | Introduction | 3 | | 2. | Company Overview | 4 | | 3. | Financial Highlights | 5 | | 4. | Third Quarter 2023 Financial Results and Operational ...

财务数据和关键指标变化 - 第二季度营收为3500万美元,较第一季度增长18% [36] - 第二季度毛利为1400万美元,毛利率为42%,与第一季度持平 [41] - 第二季度净亏损为2500万美元,每股亏损0.10美元 [45] - 第二季度调整后EBITDA为800万美元,较第一季度增加 [45] - 公司在6月30日持有594枚比特币,价值约1700万美元 [46] 各条业务线数据和关键指标变化 - 第二季度公司共挖出1,223枚比特币,较第一季度减少6% [36][37] - 第二季度每枚比特币的直接生产成本为15,700美元,较第一季度上升25% [38][39] - 第二季度每枚比特币的总现金成本为21,800美元,较第一季度上升24% [41] 各个市场数据和关键指标变化 - 加拿大魁北克地区电价上涨6%,导致公司第二季度电力成本上升约7% [38][39] - 阿根廷电力成本从第一季度的0.046美元/千瓦时下降至0.044美元/千瓦时 [97][98][99] - 预计阿根廷电力成本将进一步下降至0.03美元/千瓦时左右 [100][101][102] 公司战略和发展方向及行业竞争 - 公司正在积极拓展全球业务,目前在4个国家运营11个矿场 [12][19] - 公司计划在2023年第三季度实现6.3EH/s的算力,2024年第一季度达到7EH/s [31][51] - 公司在巴拉圭新收购了150MW的低成本水电合同,正在部署首批50MW矿场 [20][21][22] - 公司正在优化现有矿场的能源效率,如在华盛顿州提升了进排风系统 [28][29] - 公司正在评估将热量利用于其他产业的机会,如供暖等 [134][135] - 公司认为随着比特币价格上涨和网络算力下降,行业内效率较低的矿商将退出市场 [137][138][139] 管理层对经营环境和未来前景的评论 - 公司已建立了优质的资产组合和管理团队,可以有效应对比特币减半的影响 [10][11] - 公司将继续专注于提高运营效率、优化矿机、地域多元化等,以提高盈利能力 [13][14][15][17] - 公司认为比特币价格长期将受益于通胀和采用率的提高,行业将经历洗牌重组 [137][138][139][140] - 公司正在评估是否进军高性能计算等新业务,但需谨慎考虑运营模式的变化 [138][139][140][141][142] 问答环节重要的提问和回答 问题1 **分析师提问** 公司未来的增长主要来自哪些地区,如何平衡阿根廷和巴拉圭的发展 [66][67] **Geoff Morphy回答** 公司正在各个运营地区建立关键规模,以充分利用当地资源和人才优势 [67][68][69][70][71] 巴拉圭是公司未来重点发展区域,但公司将谨慎评估当地政治经济环境的不确定性 [114][115][116][117][118][119][120][121][122] 问题2 **分析师提问** 公司如何看待未来采用更多水冷矿机的趋势 [126][127] **Jeff Lucas和Geoff Morphy回答** 水冷矿机效率更高,有利于提升整体矿机性能,公司正在积极评估和采用这一技术 [127][128][129][134][135] 水冷矿机还可以帮助公司利用矿机产生的热量,为其他行业提供供暖等服务 [134][135] 问题3 **分析师提问** 公司如何看待矿业行业在比特币减半后的发展趋势 [136][137] **Geoff Morphy和Jeff Lucas回答** 行业内效率较低的矿商将退出市场,行业将经历洗牌重组 [137][138][139] 公司将继续专注于提高运营效率、优化矿机等,并评估是否进军高性能计算等新业务 [138][139][140][141][142][143]

Managemant's Discussion & Analysis Q2 2023 | --- | --- | --- | --- | |------------|----------------------------------------------------------------------------------------------|-------|-------| | TABLE \n1. | OF CONTENTS \nIntroduction | | 3 | | 2. | Company Overview | | 4 | | 3. | Financial Highlights | | 5 | | 4. | Second Quarter 2023 Financial Results and Operational Highlights | | 6 | | 5. | Production and Mining Operations | | 7 | | 6. | Expansion Projects | | 9 | | 7. | Financial Performance | | 13 | ...

Bitfarms Ltd. (NASDAQ:BITF) Q1 2023 Earnings Conference Call May 15, 2023 11:00 AM ET Company Participants David Barnard - Investor Relations, LHA Investor Relations Geoff Morphy - President and Chief Executive Officer Jeff Lucas - Chief Financial Officer Conference Call Participants Bill Papanastasiou - Stifel Kevin Dede - H.C. Wainwright Operator Good morning, everyone, and welcome to the Bitfarms Limited First Quarter 2023 Financial Results Conference Call. All participants will be in a listen-only mode. ...

This presentation contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking information") that are based on expectations, estimates and projections as at the date of this presentation and are covered by safe harbors under Canadian and U.S. securities laws. The information in this presentation about future plans and objectives of the Company is forward-looking information. Other forward-looking information includes, but is not limited to, estimates and for ...

| --- | --- | |------------|---------| | | | | electrical | Mineral | | components | assets | | --- | --- | --- | --- | --- | --- | |------------------------------------------------------|---------------------|--------------------|--------------------------|---------------|---------| | | MicroBT Whatsminer* | Bitmain S19j Pro | Innosilicon T3 & T2T** | Bitmain S19XP | Total | | Quantity as of January 1, 2023 | 45,375 | 7,172 | 5,711 | — | 58,258 | | Additions | 2,826 | — | — | 409 | 3,235 | | Dispositions | ...

Bitfarms Ltd. (NASDAQ:BITF) Q4 2022 Earnings Conference Call March 21, 2023 11:00 AM ET Company Participants David Barnard - LHA Investor Relations Geoff Morphy - President and Chief Executive Officer Jeff Lucas - Chief Financial Officer Conference Call Participants Kevin Dede - H.C. Wainwright Bill Papanastasiou - Stifel Nicolaus Dillon Heslin - ROTH MKM Operator Good morning, and welcome to the Bitfarms Fourth Quarter and Full-Year 2022 Financial Results Conference Call. All participants will be in a list ...

Q4 2022 Investor Presentation SAFE HARBOR STATEMENT Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission, or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange), Nasdaq or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of ...

The material change is described in the press release attached as Schedule "A". Item 6 Reliance of subsection 7.1(2) of National Instrument 51-102 Not applicable. Item 9 Date of Report March 21, 2023. SCHEDULE "A" Bitfarms Reports Fourth Quarter and Full Year 2022 Results - Mined 1,434 BTC in Q4 2022; 5,167 BTC in 2022; and 20,000+ BTC since inception through February 2023 - - Averaged direct cost of production of $10,000 per BTC in 2022- - Reported Q4 2022 net loss of $17 million and positive Adjusted EBIT ...

Bitfarms Ltd. (NASDAQ:BITF) Q3 2022 Earnings Conference Call November 14, 2022 11:00 AM ET Company Participants David Barnard - LHA Investor Relations Geoff Morphy - President and Chief Operating Officer Jeff Lucas - Chief Financial Officer Conference Call Participants Kevin Dede - H.C. Wainwright Operator Good day, and welcome to Bitfarms Third Quarter 2022 Financial Results Call. All participants will be in listen-only mode. [Operator Instructions] Please note that this event is being recorded. Now, IÂ'd ...