From GlobeNewswire: 2025-03-27 07:00:00

Bitfarms Ltd. reported a revenue of $56 million, up 21% year-over-year. They saw a gross mining margin of 47%, down from 57% in Q4 2023. Their current efficiency is 19w/TH, a 45% improvement from Q4 2023. They completed the acquisition of Stronghold Digital Mining and the sale of Yguazu data center, with a total energy pipeline of ~1.4 GW, with ~80% based in the U.S.

Bitfarms CEO Ben Gagnon highlighted the company’s transformation into a North American energy and compute company. They have grown energized capacity by over 90% to 461 MW and secured a pipeline of over 1.4 GW, with 80% in the U.S. Recent strategic moves include the acquisition of Stronghold and the sale of the Yguazu data center.

SVP of Mining Operations, Alex Brammer, shared that Bitfarms has nearly tripled their hashrate and improved efficiency by over 40% in the past year. They achieved a hashrate of 18.6 EH/s and reached their efficiency target of 19 w/TH three months ahead of schedule.

CFO Jeff Lucas noted that the recent acquisition of Stronghold and sale of Yguazu have expanded growth opportunities and strengthened the financial profile of Bitfarms. They plan to deploy capital towards U.S. energy and HPC infrastructure, aiming for steadier earnings streams and greater operating margins.

Bitfarms revealed their Q4 2024 financial highlights, including total revenue of $56 million, a gross mining margin of 47%, and an operating loss of $16 million. They also provided liquidity information, stating they had total liquidity of approximately $135 million as of March 26, 2025.



Read more at GlobeNewswire:: Bitfarms Reports Fourth Quarter 2024 Results