Bitfarms reported a net loss of $36 million in the first quarter of 2025, a significant increase from a $6 million loss during the same period last year. This loss comes as the company pivots from Bitcoin mining to high-performance computing (HPC) for artificial intelligence applications. Revenue for the quarter reached $67 million, reflecting a 33% increase year-over-year, though gross profit margins for mining operations dropped from 63% to 43%. Factors contributing to this decline include the volatility of Bitcoin prices and the recent halving event, which reduces mining rewards. To navigate shifting market dynamics, Bitfarms is investing in HPC and expanding its footprint in the U.S. According to CEO Ben Gagnon, the mining segment provides stable cash flow, positioning the company to develop HPC/AI data centers while still capitalizing on potential Bitcoin growth. This shift aligns with industry trends as miners increasingly diversify into AI infrastructure, leveraging existing resources while responding to growing demand for AI services. Ensuring a balanced approach, Bitfarms also secured financing for expanding its HPC facilities and is exploring strategic partnerships in the evolving market landscape.

Source 🔗