{"id":480067,"date":"2025-05-15T01:00:24","date_gmt":"2025-05-15T00:00:24","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=480067"},"modified":"2025-05-15T03:01:21","modified_gmt":"2025-05-15T02:01:21","slug":"bitfarms-financial-income-falls-82-yoy-magnifying-net-loss-to-35-9m","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitfarms-financial-income-falls-82-yoy-magnifying-net-loss-to-35-9m\/","title":{"rendered":"Bitfarms financial income falls 82% YoY, magnifying net loss to $35.9M"},"content":{"rendered":"

Bitfarms<\/a> reported $2.1 million in net financial income for the first quarter of 2025, a sharp decline from $11.4 million in the same period a year earlier, due to reduced gains on derivatives and warrant revaluations.\u00a0<\/span><\/p>\n

Bitfarms said in its\u00a0latest Management's Discussion and Analysis<\/a> <\/strong>of the first quarter performance\u00a0that the lower financial income contributed to a wider net loss of $35.9 million, compared to a $6 million net loss in the first quarter of 2024.<\/span><\/p>\n

Gains from revaluating warrant liabilities tied to the company's 2023 private placement decreased $3.4 million, primarily driving the $9.3 million year-over-year drop in financial income. <\/span>The fair value of these liabilities fell at a slower rate during the quarter than similar adjustments recorded in the previous year.\u00a0<\/span><\/p>\n

Additionally, Bitfarms recorded a $6.2 million swing in derivative-related performance, including a $2.2 million net loss from its Bitcoin (BTC<\/a>) Redemption Option and a $1.5 million loss from the Bitcoin One Program.\u00a0<\/span><\/p>\n

The latter comprised a $6.3 million unrealized loss on open positions, partially offset by $4.8 million in realized gains. In the first quarter of 2024, the company had booked a $2.5 million gain from unrealized appreciation in Synthetic HODL derivative contracts.<\/span><\/p>\n

Revenue climbs on hashrate growth<\/strong><\/h2>\n

Total revenue rose 33% year-over-year to $66.8 million, up from $50.3 million in the first quarter of 2024, driven by increased average Bitcoin prices and higher hash rate deployment.\u00a0<\/span><\/p>\n

Bitfarms expanded its average operational hashrate to 13.5 exahashes per second (EH\/s) from 5.9 EH\/s, supported by miner upgrades and the acquisition of Stronghold Digital Mining<\/a>, which added new capacity and contributed 1.4 EH\/s to the total.<\/span><\/p>\n

However, the company mined fewer BTC in the quarter, 693 BTC compared to 943 BTC a year earlier. This reflects reduced block rewards following the April 2024 halving<\/a> and a 44% increase in network difficulty.\u00a0<\/span><\/p>\n

The average total cash cost per mined BTC rose to $72,300, while average sale prices reached $87,100. Gross mining profit declined 11% to $28 million, and adjusted EBITDA dropped 35% to $15.1 million.<\/span><\/p>\n

Infrastructure rebalanced toward North America<\/strong><\/h2>\n

Bitfarms ended the quarter with 19.5 EH\/s in hash rate under management and 461 megawatts (MW) of energized capacity, approximately 70% of which is now in North America.\u00a0<\/span><\/p>\n

Integrating Stronghold's operations also brought new energy generation capabilities to the company's portfolio, including refuse-fueled power assets in Pennsylvania.<\/span><\/p>\n

Operational costs increased with the expansion. Energy expenses rose 31% to $25.4 million, while hosting and infrastructure spending climbed due to the timing of the Stronghold acquisition and development work at new sites in the US and Canada.<\/span><\/p>\n

Bitfarms sold 428 BTC for $37.3 million during the quarter and held 1,492 BTC valued at $123.2 million as of March 31. Total comprehensive loss for the quarter reached $49.3 million, compared to income of $11.5 million in Q1 2024.<\/span><\/p>\n

Argentina operations halted<\/strong><\/h2>\n

The company's Rio Cuarto mining site in Argentina, representing 13% of Bitfarms' total energized capacity as of March 31, was taken offline on May 12 after the local power supplier halted electricity delivery indefinitely.\u00a0<\/span><\/p>\n

With no assurance of when service may resume, Bitfarms is evaluating whether to maintain regional operations.<\/span><\/p>\n

As a result, the company recorded a $15.9 million impairment loss on the Argentina cash-generating unit, citing worsening macroeconomic conditions and higher energy costs, particularly for natural gas.<\/span><\/p>\n

The financial impairments from the disruption will be included in the firm's second quarter earnings report.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitfarms reported $2.1 million in net financial income for the first quarter of 2025, a sharp decline from $11.4 million in the same period a year earlier, due to reduced gains on derivatives and warrant revaluations.\u00a0 Bitfarms said in its\u00a0latest Management’s Discussion and Analysis of the first quarter performance\u00a0that the lower financial income contributed to […]<\/p>\n","protected":false},"author":1511,"featured_media":480124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,77952,77968,2376],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nBitfarms financial income falls 82% YoY, magnifying net loss to $35.9M<\/title>\n<meta name=\"description\" content=\"Revaluating warrant liabilities tied to Bitfarms' 2023 private placement primarily drove the $9.3 million year-over-year drop in financial income.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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