Bitcoin mining company Bitfarms announced its
fourth-quarter results, with revenue rising 21% year-over-year to $56 million.
The announcement comes as Bitcoin remains in a consolidation.
The company’s latest report also includes the
acquisition of Stronghold Digital Mining and the sale of its Paraguay data
center. Bitfarms reported a hashrate increase to 18.6 EH/s, nearly tripling
from the 6.5 EH/s recorded in Q4 2023.
“Bitfarms is a completely different company than we
were at the beginning of 2024. Across nearly every metric, we have rapidly
transformed from the international Bitcoin miner to a North American energy and
computing company,” the company’s CEO, Ben Gagnon, said.
“From
January 2024, we’ve grown our energized capacity over 90% to 461 MW and secured
a multi-year pipeline of over 1.4 GW, nearly 80% of which is based in the U.S
and over 90% of which is based in North America.”
Mining Expansion and Improved Efficiency
Despite the revenue surge, gross mining margin
declined to 47% from 57% in the previous year, reflecting industry-wide cost
pressures. A major highlight of Bitfarms’ quarter was its strategic shift
toward AI and computing infrastructure.
CEO Ben Gagnon emphasized the company’s evolving
business model, noting that nearly 80% of its 1.4 GW energy pipeline is now
U.S.-based. The company has also engaged new advisors and appointed key
executives, including an SVP of HPC and an SVP of Infrastructure, to drive its
AI and HPC strategy forward.
Bitfarms’ positive results come as the price of
Bitcoin remains in consolidation below $93k. At the time of writing, Bitcoin
traded at $86, 508, with a less than 1% change in the past day. Bitfarms reported a net income of $15 million in Q4, a
significant turnaround from the $62 million net loss in Q4 2023. Adjusted
EBITDA stood at $14 million, representing 25% of revenue.
Meanwhile, the company sold 502 BTC at an average
price of $81,400, generating $41 million in proceeds, and raised an additional
$50 million in net financing. As of March 26, 2025, Bitfarms reportedly held
$135 million in liquidity.
Expanding Bitcoin Mining Operations
Bitfarms continues to expand its mining operations
while strategically diversifying its revenue streams. The acquisition of Stronghold Digital Mining marks the
largest public miner M&A deal in the industry, while the sale of its Yguazu
data center aligns with its focus on higher-margin opportunities in AI and
infrastructure.
With a strengthened financial position and a long-term
focus on capital efficiency, Bitfarms is positioning itself as a diversified
energy and computing company poised for sustainable growth.
The volatility in Bitcoin has been a major hurdle in the production of Bitcoins for major US-listed cryptocurrency mining firms. For instance, in February, besides being a shorter month, production dropped due to a sharp correction in BTC prices last month. According to a report by JP Morgan, this trend also negatively affected the market capitalization of mining companies.
This article was written by Jared Kirui at www.financemagnates.com.
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