The latest announcement is out from Bitfarms ( (TSE:BITF) ).
Bitfarms reported a 21% year-over-year increase in revenue for Q4 2024, reaching $56 million, despite a decrease in gross mining margin. The company has significantly improved its efficiency and expanded its capacity, highlighted by the acquisition of Stronghold Digital Mining and the sale of its Yguazu data center. These strategic moves are part of Bitfarms’ efforts to diversify its revenue streams, reduce dependency on Bitcoin price volatility, and capitalize on the growing demand for AI computing. The company aims to secure long-term cash flows and enhance shareholder value through its focus on U.S. energy and HPC infrastructure.
More about Bitfarms
Bitfarms Ltd. is a global vertically integrated Bitcoin data center company that has transitioned from an international Bitcoin miner to a North American energy and compute company. It focuses on expanding its energy and infrastructure capabilities, primarily in the U.S., and diversifying its revenue streams with a focus on HPC/AI.
YTD Price Performance: -38.70%
Average Trading Volume: 37,088,261
Technical Sentiment Signal: Buy
Current Market Cap: $447.6M
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