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Bitfarms
(TSX:BITF)
Bitfarms (BITF) vs. S&P 500 (SPY)
Bitfarms Business Overview & Revenue Model
Bitfarms Financial Statement Overview
| Breakdown | ||||
| Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 146.37M | -8.38M | 169.20M | 34.79M | 32.42M | Gross Profit |
| -21.50M | -140.29M | 110.83M | -1.90M | 5.44M | EBIT |
| -72.13M | -284.02M | 37.35M | -9.31M | 2.56M | EBITDA |
| -7.73M | -103.47M | 70.53M | 1.47M | 9.63M | Net Income Common Stockholders |
| -104.04M | -239.05M | 22.13M | -16.29M | 2.11M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 84.04M | 35.44M | 191.30M | 5.95M | 2.16M | Total Assets |
| 378.73M | 343.10M | 542.59M | 51.70M | 52.86M | Total Debt |
| 19.87M | 65.01M | 84.74M | 28.37M | 22.19M | Net Debt |
| -64.17M | 34.20M | -40.53M | 22.42M | 20.03M | Total Liabilities |
| 83.96M | 87.53M | 120.00M | 36.26M | 24.77M | Stockholders Equity |
| 294.76M | 255.57M | 422.58M | 15.45M | 28.09M |
| Cash Flow | Free Cash Flow | |||
| -47.71M | -158.73M | -230.43M | 2.74M | -17.76M | Operating Cash Flow |
| 23.60M | 36.25M | -37.17M | 7.22M | 6.02M | Investing Cash Flow |
| -58.34M | -155.01M | -215.15M | -3.60M | -22.36M | Financing Cash Flow |
| 87.88M | 24.01M | 371.99M | 185.00K | 17.97M |
Bitfarms Technical Analysis
Bitfarms Peers Comparison
Bitfarms Earnings Call Summary
Bitfarms Corporate Events
Bitfarms has secured a $300 million private debt facility from a division of Macquarie Group to fund the development of a high-performance computing (HPC) data center at its Panther Creek location. This strategic financing is expected to accelerate the buildout at Panther Creek and position Bitfarms as a leader in large-scale HPC data center projects amidst growing demand driven by the AI revolution. The company reported an operational hashrate of 19.5 EHuM and a fleet efficiency of 19 w/TH for April 2025, with 268 Bitcoin earned, reflecting a slight decrease from the previous month.
Spark’s Take on TSE:BITF Stock
According to Spark, TipRanks’ AI Analyst, TSE:BITF is a Neutral.
Bitfarms is facing substantial financial challenges with negative profit margins and reliance on external financing. Although recent strategic moves and operational improvements provide some optimism, the overall financial health and valuation remain concerning. Technical indicators suggest a bearish trend, while the positive sentiment from the earnings call is tempered by regulatory and cost challenges.
To see Spark’s full report on TSE:BITF stock, click here.
Bitfarms has entered into an initial agreement with Macquarie Equipment Capital, Inc. for a private debt facility of up to $300 million to fund the development of its Panther Creek data center in Pennsylvania. This partnership with Macquarie, a major infrastructure investor, is expected to accelerate Bitfarms’ project development and strengthen its position in the HPC market, particularly in light of the growing demand for AI-related infrastructure.
Bitfarms Ltd., a global energy and compute infrastructure company, reported a productive March 2025, marked by the acquisition of Stronghold Digital Mining and the sale of its Yguazu data center in Paraguay. These strategic moves aim to rebalance its portfolio towards the U.S., enhance operational efficiency, and diversify into high-performance computing and artificial intelligence. The company also appointed new executives to advance its HPC/AI strategy and reported a 21% increase in operational hashrate, achieving its Q2 efficiency target ahead of schedule. These developments are expected to strengthen Bitfarms’ market position and growth potential in the U.S.
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.
Bitfarms has appointed James Bond as Senior Vice President of High-Performance Computing (HPC) to establish and scale its North American HPC/AI business. Bond, with over 20 years of experience in IT infrastructure, previously led HPE’s North America HPC/AI infrastructure platforms, achieving significant growth. His appointment is expected to spearhead Bitfarms’ long-term HPC/AI strategy, leveraging its Pennsylvania power capacity to deploy advanced computing infrastructure, enhancing its market positioning and growth trajectory.
Bitfarms Ltd. has announced it will release its fourth quarter and full year 2024 financial results on March 27, 2025, before the market opens, followed by a conference call. This announcement is significant for stakeholders as it provides insights into the company’s financial health and operational performance, potentially impacting its market positioning and investor relations.
Bitfarms Ltd. has completed the sale of its 200 MW data center in Yguazu, Paraguay to HIVE Digital Technologies for approximately $85 million. This strategic move allows Bitfarms to streamline operations and shift focus towards North America, aiming for a portfolio with 80% North American energy by the end of 2025. The sale is expected to reduce 2025 capital expenditures and power costs, with plans to reinvest in U.S. growth opportunities, including Bitcoin mining and HPC/AI infrastructure, aligning with Bitfarms’ strategy to diversify beyond Bitcoin mining.
Bitfarms has completed its acquisition of Stronghold Digital Mining, significantly expanding its U.S. operations and positioning itself as a leading Bitcoin miner in the PJM market. This acquisition increases Bitfarms’ energy portfolio and secures a 1.1 GW growth pipeline in Pennsylvania, enhancing its capacity for both Bitcoin mining and potential high-performance computing/AI developments. The transaction also rebalances Bitfarms’ energy portfolio to 80% North American and 20% international, and adds nearly 1 Exahash Under Management through existing hosting agreements. This strategic move is expected to create long-term value for shareholders and marks a new chapter for Bitfarms.
Sprott Physical Gold Trust, managed by Sprott Inc., has reached a net asset value of $10 billion, marking a significant milestone since its inception in 2010. This achievement highlights the growing demand for secure and convenient investment in physical gold, especially as global central bank purchases drive gold prices to new highs in 2025. The Trust’s fully allocated and redeemable gold holdings provide investors with a reliable alternative to direct gold bullion investment, reflecting Sprott’s expertise in precious metals asset management.
Bitfarms Ltd. announced its participation in three upcoming investor and industry conferences, highlighting its active engagement with industry stakeholders. The company’s involvement in these events, including the Cantor Fitzgerald Global Technology Conference and NVIDIA GTC 2025, underscores its strategic focus on expanding its presence and influence in the Bitcoin mining and technology sectors.
Bitfarms Ltd. announced its operational updates for February 2025, highlighting a 6% increase in operational hashrate to 16.1 EH/s. The company is set to finalize the acquisition of Stronghold Digital Mining and the sale of its Yguazu site by Q1 2025, which is expected to enhance its energy portfolio and position it as a North American energy and compute infrastructure leader. Additionally, Bitfarms appointed Craig Hibbard as SVP of Infrastructure to oversee its expanding PJM portfolio and HPC/AI business. These strategic moves are anticipated to optimize performance and support growth in the U.S. and Argentina.
Bitfarms Ltd. announced significant strategic movements in its operations, including the energization of two North American sites and the planned sale of its Yguazu site in Paraguay to HIVE Digital Technologies. These actions are set to enhance its energy pipeline and focus on North American growth, particularly in HPC and Bitcoin mining. The acquisition of Stronghold Digital Mining is on track, further supporting Bitfarms’ expansion strategy. Engaging consultants to evaluate data centers, Bitfarms aims to monetize its North American assets through long-term contracts in the HPC/AI sector, promising steady cash flows and shareholder value. In January, Bitfarms increased its operational hashrate by 19% to 15.2 EH/s, with further expansions scheduled, aiming for 21 EH/s across multiple sites, despite some setbacks with miner performance.