{"id":830426,"date":"2025-03-27T07:07:03","date_gmt":"2025-03-27T11:07:03","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bitfarms-reports-fourth-quarter-2024-results\/"},"modified":"2025-03-27T07:07:03","modified_gmt":"2025-03-27T11:07:03","slug":"bitfarms-reports-fourth-quarter-2024-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bitfarms-reports-fourth-quarter-2024-results\/","title":{"rendered":"Bitfarms Reports Fourth Quarter 2024 Results"},"content":{"rendered":"
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– Revenue of $56 million, up 21% Y\/Y –
– Gross mining margin of 47%, down from 57% from Q4 2023 –
– 18.6 EHuM up 186% from Q4 2023-
– Current efficiency of 19w\/TH a 45% improvement from Q4 2023-
-Total energy pipeline of ~1.4 GW, ~80% based in the U.S.-
-Completed acquisition of Stronghold Digital Mining & sale of Yguazu, Paraguay data center-<\/p>\n

\n This news release constitutes a \u201cdesignated news release\u201d for the purposes of the Company\u2019s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.<\/em>\n <\/p>\n

TORONTO, Ontario and BROSSARD, Qu\u00e9bec, March 27, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq\/TSX: BITF), a global vertically integrated Bitcoin data center company, reported its financial results for the fourth quarter ended December\u00a031, 2024. All financial references are in U.S. dollars. \u00a0<\/p>\n

CEO Ben Gagnon stated, \u201cBitfarms 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 compute company.\u00a0 We now have one of the largest portfolios of flexible MW in the PJM market among Bitcoin miners and are well-positioned to capitalize on macro tailwinds and surging demand for U.S. power and infrastructure. From January 2024, we\u2019ve 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.<\/p>\n

\u201cJust last week, we closed both the transformative acquisition of Stronghold Digital Mining, the largest M&A deal between two public miners in our industry, and the strategic sale of our 200 MW Yguazu data center, our largest constructed site. Thus far this quarter, we\u00a0 advanced our HPC\/AI strategy with the engagement of two new advisors,\u00a0 hired two new critical team members, an SVP of HPC and an SVP of Infrastructure, and significantly improved our hashrate, reaching 18.6 EHuM, which we expect will generate operating cash flow through 2026 and beyond.<\/p>\n

\u201cWhile we remain confident in the significant upside potential of our BTC mining operations and continue to maximize the value of our assets, our revenue diversification strategy\u2014both in the U.S. and with HPC\/AI\u2014is geared toward driving greater shareholder value. We aim to secure long-term, predictable cash flows from a well-capitalized HPC\/AI customer, while diversifying our revenue streams, reducing our dependency on BTC price volatility, and capitalizing on the growing demand for AI computing. Our two recent strategic transactions, the Stronghold acquisition and the Yguazu data center sale, demonstrate execution of this strategy,” concluded Mr. Gagnon.<\/p>\n

SVP of Mining Operations Alex Brammer stated, \u201cWe\u2019ve made significant progress with our mining operations over the past year, nearly tripling our hashrate and improving our efficiency by over 40%. This momentum continues to accelerate. In the last three months alone, we grew our hashrate over 40% to 18.6 EH\/s and reached our first half efficiency target of 19 w\/TH three months ahead of schedule. This was achieved through the energization of two North American sites, new miner deliveries and continued optimizations across all of our sites.\u201d<\/p>\n

CFO Jeff Lucas stated, \u201cThe recent acquisition of Stronghold and sale of Yguazu have expanded our growth opportunities and strengthened our financial profile. Our identified capex requirements for 2025 are now 20% lower than previously planned and we have no plans for large miner purchases in 2025 or 2026; instead, we will be deploying this capital towards developing U.S. energy and HPC infrastructure. We expect that this shift in our strategy will enable us to raise capital more cost-effectively and to secure steadier earnings streams and greater operating margins, the culmination of which we expect will drive long-term shareholder value.\u201d<\/p>\n

\n Anticipated Megawatt Growth<\/strong>\n <\/p>\n

\n \n <\/p>\n

\n Mining Operations<\/strong>\n <\/p>\n