Bitfarms reported a net loss of $36 million in the first quarter of 2025, a stark increase from a $6 million loss in the same period last year. This shift reflects the company's pivot from Bitcoin mining to high-performance computing aimed at artificial intelligence applications. The company generated $67 million in sales during this quarter, marking a 33% increase year-over-year, but its gross profit margin from mining declined from 63% to 43%. Market pressures, including the recent Bitcoin halving, contributed to this decline, as Bitcoin's price fluctuated significantly. In response to changing conditions, Bitfarms is investing in high-performance computing and expanding its operations in the U.S. to mitigate risks from trade issues. CEO Ben Gagnon stated that the mining segment currently provides a stable foundation for the company's transition to HPC/AI data centers. The ongoing demand for AI-powered services is evident, with notable investment activities in the sector, such as CoreWeave's recent $1.5 billion IPO.

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