Exhibit 99.2 Management’s Discussion & Analysis For the three and nine months ended September 30, 2023 Q3 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 Highlights 6 5. Production and Mining Operations 7 6. Expansion Projects 9 7. Financial Performance 13 8. Selected Quarterly Information 23 9. Non-IFRS and Other Fin ...