Bitfarms achieved a net lack of $ 36 million in the primary quarter and expanded in comparison with a lack of $ 6 million in the identical period within the previous 12 months when the Bitcoin Miner wakes up from mining to high-performance computing for artificial intelligence applications.
The miner achieved 33% sales price 67 million US dollars for March 31. However, the gross profit margin for the mining transactions of Bitfarm decreased from 63% in comparison with the previous 12 months to 43%, the corporate announced within the publication of profits in the primary quarter.
The lower edges reflect the pressure from Bitcoin (BTC) April 2024 “halving” and the volatility of the Bitcoin price. Half perform every 4 years and reduce the variety of BTC removed per block in two halves, which reduces the profitability of Bitcoin mining fans.
In the primary quarter of 2025, Bitcoin's Spot Prize fluctuated from greater than $ 100,000 in January to lower than $ 80,000 in March. From March 14, the cryptocurrency will act with greater than $ 103,000 per coin.
The quarterly operating performance of Bitfarms. Source: bitfarms
Pivot to Ai
Bitfarms reacted to the changing market conditions by investing in high-performance computing (HPC). It also expanded its US presence as a security against impending trade wars.
“In the quarter we carried out several key areas in our strategic pivot for the USA and HPC,” said Ben Gagnon, CEO of Bitfarms, in a press release.
“The mining business now offers a stable, low Capex and Free Cash Flow Foundation for the corporate, which could be very well positioned for us to develop our US assets in HPC/AI data centers and at the identical time use a possible bitcoin upward trend in 2025 and 2026,” he added.
Coverers diversify in AI data center hosting to expand the income and reuse the present infrastructure for high-performance computing, “says a report in March.
The computer hardware and electrical power supplies required for Bitcoin mining are also useful for applications that require powerful computing, including AI application cases.
In March, the AI ​​Computing Provider CoreWeaven collected 1.5 billion US dollars in an initial IPO, which the corporate estimated with around 20 billion US dollars, which reflects the strong demand for investors for corporations that serve AI applications.
The winning of CoreWeave up to now quarter is planned for May 14th.
In April, Bitfarms from Investment Bank Macquarie secured a credit line of $ 300 million to finance the expansion of an HPC system in Pennsylvania.
In January, the corporate sold a Bitcoin mining plant in Paraguay to Hive Digital, one other miner, for 85 million US dollars.
