Bitfarms Provides March 2025 Production and Operations Update
Bitfarms (NASDAQ/TSX: BITF) reported significant operational progress in March 2025, achieving a 21% increase in operational hashrate to 19.5 EHuM and improving fleet efficiency to 19 w/TH. The company completed two major transactions: the acquisition of Stronghold Digital Mining and the sale of its 200 MW Yguazu data center.
Key operational metrics include 280 BTC earned (31% higher month-over-month), averaging 9.0 BTC daily (~$738,000 at $82,000 BTC price). The company's total liquidity stood at $132 million, including $39 million in cash, with a treasury of 1,140 BTC valued at $93.4 million.
The company appointed James Bond as SVP of HPC and Craig Hibbard as SVP of Infrastructure, advancing its HPC/AI strategy. Initial studies confirmed their three Pennsylvania sites are suitable for HPC conversion, with detailed feasibility studies expected in Q2.
Bitfarms (NASDAQ/TSX: BITF) ha riportato progressi operativi significativi a marzo 2025, registrando un aumento del 21% nella hashrate operativa a 19,5 EHuM e migliorando l'efficienza della flotta a 19 w/TH. L'azienda ha completato due operazioni importanti: l'acquisizione di Stronghold Digital Mining e la vendita del suo data center Yguazu da 200 MW.
I principali indicatori operativi includono 280 BTC guadagnati (31% in più rispetto al mese precedente), con una media di 9,0 BTC al giorno (~$738.000 a un prezzo di BTC di $82.000). La liquidità totale dell'azienda ammontava a $132 milioni, inclusi $39 milioni in contante, con un tesoro di 1.140 BTC valutati $93,4 milioni.
L'azienda ha nominato James Bond come SVP di HPC e Craig Hibbard come SVP di Infrastruttura, avanzando la sua strategia HPC/AI. Gli studi iniziali hanno confermato che i loro tre siti in Pennsylvania sono adatti per la conversione HPC, con studi di fattibilità dettagliati attesi nel secondo trimestre.
Bitfarms (NASDAQ/TSX: BITF) reportó un progreso operativo significativo en marzo de 2025, logrando un aumento del 21% en la tasa de hashrate operativa a 19,5 EHuM y mejorando la eficiencia de la flota a 19 w/TH. La compañía completó dos transacciones importantes: la adquisición de Stronghold Digital Mining y la venta de su centro de datos Yguazu de 200 MW.
Los principales indicadores operativos incluyen 280 BTC ganados (31% más que el mes anterior), promediando 9,0 BTC diarios (~$738,000 a un precio de BTC de $82,000). La liquidez total de la compañía se situó en $132 millones, incluyendo $39 millones en efectivo, con un tesoro de 1,140 BTC valorados en $93.4 millones.
La compañía nombró a James Bond como SVP de HPC y a Craig Hibbard como SVP de Infraestructura, avanzando en su estrategia HPC/AI. Los estudios iniciales confirmaron que sus tres sitios en Pennsylvania son adecuados para la conversión HPC, con estudios de viabilidad detallados esperados en el segundo trimestre.
Bitfarms (NASDAQ/TSX: BITF)는 2025년 3월에 중요한 운영 진전을 보고하며, 운영 해시레이트가 19.5 EHuM로 21% 증가하고, 플릿 효율성이 19 w/TH로 개선되었습니다. 회사는 Stronghold Digital Mining의 인수와 200 MW Yguazu 데이터 센터의 매각이라는 두 가지 주요 거래를 완료했습니다.
주요 운영 지표에는 280 BTC 획득 (전월 대비 31% 증가), 하루 평균 9.0 BTC (~$738,000, BTC 가격이 $82,000일 때)가 포함됩니다. 회사의 총 유동성은 $132 백만으로, 그 중 $39 백만이 현금으로, 1,140 BTC의 재무가 $93.4 백만으로 평가되었습니다.
회사는 HPC의 SVP로 James Bond를, 인프라의 SVP로 Craig Hibbard를 임명하여 HPC/AI 전략을 발전시켰습니다. 초기 연구에서는 펜실베이니아의 세 개 사이트가 HPC 전환에 적합하다고 확인되었으며, 2분기에는 자세한 타당성 연구가 기대됩니다.
Bitfarms (NASDAQ/TSX: BITF) a signalé des progrès opérationnels significatifs en mars 2025, atteignant une augmentation de 21 % de la puissance de hashrate opérationnelle à 19,5 EHuM et améliorant l'efficacité de la flotte à 19 w/TH. L'entreprise a finalisé deux transactions majeures : l'acquisition de Stronghold Digital Mining et la vente de son centre de données Yguazu de 200 MW.
Les principaux indicateurs opérationnels incluent 280 BTC gagnés (31 % de plus par rapport au mois précédent), avec une moyenne de 9,0 BTC par jour (~738 000 $ au prix de 82 000 $ par BTC). La liquidité totale de l'entreprise s'élevait à 132 millions de dollars, dont 39 millions de dollars en espèces, avec un trésor de 1 140 BTC évalués à 93,4 millions de dollars.
L'entreprise a nommé James Bond au poste de SVP de HPC et Craig Hibbard au poste de SVP d'Infrastructure, faisant avancer sa stratégie HPC/AI. Des études préliminaires ont confirmé que leurs trois sites en Pennsylvanie sont adaptés à la conversion HPC, avec des études de faisabilité détaillées attendues au deuxième trimestre.
Bitfarms (NASDAQ/TSX: BITF) berichtete im März 2025 über erhebliche betriebliche Fortschritte und erzielte einen Anstieg der operativen Hashrate um 21% auf 19,5 EHuM und verbesserte die Flotteneffizienz auf 19 w/TH. Das Unternehmen schloss zwei bedeutende Transaktionen ab: die Übernahme von Stronghold Digital Mining und den Verkauf seines 200 MW Yguazu-Datenzentrums.
Wichtige betriebliche Kennzahlen umfassen 280 BTC verdient (31% höher im Vergleich zum Vormonat), mit einem Durchschnitt von 9,0 BTC pro Tag (~$738.000 bei einem BTC-Preis von $82.000). Die Gesamtl Liquidität des Unternehmens betrug $132 Millionen, einschließlich $39 Millionen in bar, mit einem Schatz von 1.140 BTC, die auf $93,4 Millionen geschätzt werden.
Das Unternehmen ernannte James Bond zum SVP von HPC und Craig Hibbard zum SVP von Infrastruktur und fördert damit seine HPC/AI-Strategie. Erste Studien bestätigten, dass ihre drei Standorte in Pennsylvania für die HPC-Umwandlung geeignet sind, mit detaillierten Machbarkeitsstudien, die im zweiten Quartal erwartet werden.
- 31% increase in monthly Bitcoin production to 280 BTC
- 21% growth in operational hashrate to 19.5 EHuM
- Improved fleet efficiency to 19 w/TH, reaching Q2 target early
- Strong liquidity position of $132 million
- Strategic acquisition of Stronghold Digital Mining enhancing U.S. presence
- Potential diversification into HPC/AI operations with suitable Pennsylvania sites
- Bitcoin treasury decreased from 1,260 to 1,140 BTC month-over-month
- Sale of 200 MW Yguazu data center reduces operational capacity
Insights
Bitfarms' March update reveals significant operational improvements alongside strategic repositioning that strengthens the company's competitive position. The 21% month-over-month increase in operational hashrate to 19.5 EH/s and improved fleet efficiency to 19 w/TH (three months ahead of schedule) represent meaningful operational enhancements in the mining business.
The completed acquisition of Stronghold Digital Mining and divestiture of the Paraguay data center mark a pivotal strategic shift. This portfolio rebalancing toward U.S. operations should deliver higher yields per MW and reduced power costs - critical advantages in the mining sector where margins are predominantly determined by energy costs. The U.S. focus also positions Bitfarms in a more stable regulatory environment.
Financially, the company produced 280 BTC (up 31% M/M), with daily production valued at approximately
Perhaps most significant is Bitfarms' strategic diversification into HPC/AI computing - a prudent move to reduce dependency on Bitcoin price volatility. The executive appointments and feasibility studies for Pennsylvania sites indicate this isn't merely aspirational but part of a structured implementation plan.
This update demonstrates Bitfarms is executing effectively on both operational improvements and strategic positioning, with current performance gains supporting longer-term diversification efforts.
Bitfarms' dual-track strategy of optimizing mining operations while laying groundwork for HPC/AI diversification represents a sophisticated infrastructure play. The company has effectively created a capital-efficient growth model by completing the Stronghold acquisition and Paraguay divestiture - minimizing 2025 capex requirements while securing sites with existing power infrastructure suitable for HPC conversion.
The Pennsylvania sites' strategic positioning near established data center campuses and peering hubs is particularly noteworthy. These locations offer critical technical advantages for potential HPC/AI operations, including reduced network latency and enhanced interconnection options - essential factors for competitive AI infrastructure.
The executive appointments further validate this strategy. By bringing in dedicated HPC and infrastructure leadership rather than attempting to manage this transition with existing mining-focused talent, Bitfarms demonstrates commitment to proper execution of this technical pivot.
From an infrastructure perspective, the company has wisely leveraged existing assets with transferable characteristics between mining and HPC: abundant power capacity, cooling systems, and suitable physical facilities. This approach reduces implementation risk compared to greenfield development while accelerating time-to-market.
The comprehensive approach of assembling properties, internal expertise, and strategic advisors creates a foundation for sustainable infrastructure transition beyond short-term mining optimization, potentially unlocking significantly higher infrastructure value.
- Operational hashrate of 19.5 EHuM and fleet efficiency of 19 w/TH–
-Completes acquisition of Stronghold Digital Mining & sale of Yguazu, Paraguay data center-
-Appoints two new key HPC/AI and Infrastructure Executives-
This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.
TORONTO, April 01, 2025 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ/TSX: BITF), a global energy and compute infrastructure company, today issued its latest monthly production report. All financial references are in U.S. dollars.
CEO Ben Gagnon stated, “March was a very productive month for Bitfarms. We successfully closed both our 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. Through these transactions, we have rebalanced our portfolio to the U.S. where we expect to achieve greater yields per MW, reduced our average cost of power across our portfolio, minimized our 2025 capex requirements, and secured highly desirable sites that will enable us to diversify beyond Bitcoin mining into HPC/AI and energy generation.
“In addition, we advanced our HPC/AI strategy with both the appointments of James Bond, SVP of HPC, and Craig Hibbard, SVP of Infrastructure, and the continued evaluation of our three Pennsylvania sites for potential HPC conversion. Initial studies from our strategic partners confirmed that all three sites are well-suited: they are strategically located near other data center campuses and peering hubs and they have the necessary power, land and fiber infrastructure to support HPC. We expect to receive full, detailed feasibility studies in Q2. With the steps we’ve taken in Q1, we now have the properties, internal team, and strategic engineering and marketing advisors in place, taking a holistic approach to advancing our HPC/AI business.”
SVP of Global Mining Operations Alex Brammer said, “During March we grew our operational hashrate
March 2025 Select Operating Highlights
| Key Performance Indicators | March 2025 (proforma) | February 2025 |
| Total BTC earned | 280 | 213 |
| Month End Operating EHuM | 19.5 | 16.1 |
| BTC/Avg. EH/s | 17 | 16 |
| Average Operating EHuM | 16.4 | 13.4 |
| Energized Capacity (MW) | 461 | 437 |
| Watts/Terahash Efficiency (w/TH) | 19 | 20 |
- 19.5 EHuM operational at March 31, 2025, up
21% M/M. - 16.4 EHuM average operational, up
22% M/M. - 17 BTC/average EHuM,
6% higher M/M. - 280 BTC earned on a proforma basis,
31% higher M/M. - 9.0 BTC earned daily on average, equal to ~
$738,000 per day based on a BTC price of$82,000 at March 31, 2025.
March 2025 Financial Update
- Total liquidity of
$132 million , including approximately$39 million in cash at March 31, 2025. - Treasury of 1,140 BTC, down from 1,260 BTC last month and representing
$93.4 million based on the Bitcoin price of$82,000 at March 31, 2025.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global energy and compute infrastructure company that develops, owns, and operates vertically integrated energy generation and data centers. Bitfarms currently has 15 operating data centers situated in four countries: the United States, Canada, Argentina and Paraguay.
To learn more about Bitfarms’ events, developments, and online communities:
www.bitfarms.com
https://www.facebook.com/bitfarms/
https://x.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/
Glossary of Terms
- Y/Y or M/M= year over year or month over month
- BTC or BTC/day = Bitcoin or Bitcoin per day
- EH or EH/s = Exahash or exahash per second
- EHuM = Exahash Under Management, which includes Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party hosting clients
- MW or MWh = Megawatts or megawatt hour
- GW or GWh= Gigawatts or gigawatt hour
- w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
- HPC/AI = High Performance Computing / Artificial Intelligence
- Energized capacity= Power available
Forward-Looking Statements
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the benefits of the acquisition of Stronghold Digital Mining, Inc., the ability to enhance the business of the Company through adding additional human resources to HPC/AI strategies, its revenue diversification strategy, the North American energy and compute infrastructure strategy, opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, the merits and ability to secure long-term contracts associated with HPC/AI customers, the success of the Company’s HPC/AI strategy in general and its ability to capitalize on growing demand for AI computing while securing predictable cash flows, the Company’s energy pipeline and its anticipated megawatt growth, the Company’s ability to drive greater shareholder value, projected growth, target hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.
This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to successfully integrate the business of Stronghold Digital Mining, Inc. as contemplated, or at all; an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC") at www.sec.gov), including the management’s discussion & analysis for the year-ended December 31, 2024 Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Investor Relations Contact:
Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com
Media Contact:
Bitfarms
Caroline Brady Baker
Director, Communications
cbaker@bitfarms.com
FAQ
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