Bitfarms Reports a 21% YoY Revenue Increase to $56 Million Despite Bitcoin Consolidation

Bitcoin mining company Bitfarms announced its fourth-quarter results, with revenue rising 21% year-over-year to $56 million

Bitcoin mining company Bitfarms announced its fourth-quarter results, revealing a 21% year-over-year increase in revenue to $56 million. The announcement comes as Bitcoin continues to consolidate below the crucial $93k level.

The company’s latest report also includes the acquisition of Stronghold (NASDAQ:SDIG) Digital Mining and the sale of its Paraguay data center. Bitfarms reported a hashrate increase to 18.6 EH/s, nearly tripling from the 6.5 EH/s recorded in Q4 2023.

“Bitfarms 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 computing company,” the company’s CEO, Ben Gagnon, said.

“From January 2024, we’ve 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.”

Despite the revenue surge, gross mining margin declined to 47% from 57% in the previous year, reflecting industry-wide cost pressures. A major highlight of Bitfarms’ quarter was its strategic shift toward AI and computing infrastructure.

CEO Ben Gagnon highlighted the company’s evolving business model, emphasizing that nearly 80% of its 1.4 GW energy pipeline is now U.S.-based. The company has also engaged new advisors and appointed key executives, including an SVP of HPC and an SVP of Infrastructure, to drive its AI and HPC strategy.

Bitfarms’ positive results come as the price of Bitcoin remains in consolidation. At the time of writing, Bitcoin traded at $86, 508, showing a less than 1% change in the past day. Bitfarms reported a net income of $15 million in Q4, a significant turnaround from the $62 million net loss in Q4 2023. Adjusted EBITDA stood at $14 million, representing 25% of revenue.

Meanwhile, the company sold 502 BTC at an average price of $81,400, generating $41 million in proceeds, and raised an additional $50 million in net financing. As of March 26, 2025, Bitfarms reportedly held $135 million in liquidity.