Bitfarms shares March 2025 production and operations update

Bitfarms Ltd., a global energy and compute infrastructure company, recently provided an update on its production and operations for March 2025. CEO Ben Gagnon highlighted the company’s significant achievements during the month, including the successful closure of the acquisition of Stronghold Digital Mining and the strategic sale of the Yguazu data center in Paraguay. These transformative transactions have allowed Bitfarms to rebalance its portfolio to focus on the U.S. market, which is expected to yield greater returns per megawatt of power, reduce the average cost of power across its portfolio, and minimize capital expenditures for 2025.

Gagnon also discussed the company’s strategic expansion into high-performance computing (HPC) and artificial intelligence (AI) through the appointment of key executives and the evaluation of potential conversion of three Pennsylvania sites for HPC purposes. The strategic locations of these sites near data center campuses and peering hubs, coupled with the necessary power, land, and fiber infrastructure, make them ideal candidates for HPC development. Bitfarms anticipates receiving detailed feasibility studies in the second quarter of the year, as it moves forward with its HPC/AI business strategy.

SVP of Global Mining Operations Alex Brammer highlighted the company’s operational achievements in March, with a 21% growth in operational hashrate to 19.5 exahashes per unit of power (EHuM). Bitfarms also achieved its Q2 efficiency target of 19 watts per terahash three months ahead of schedule. These operational improvements have resulted in a larger and more efficient energy portfolio for the company, with significant growth potential in the U.S. market.

In terms of financial performance, Bitfarms reported total liquidity of $132 million at the end of March 2025, including approximately $39 million in cash. The company’s treasury held 1,140 Bitcoin, representing $93.4 million based on the Bitcoin price of $82,000 at the end of March. These financial metrics underscore Bitfarms’ solid financial position and its ability to capitalize on growth opportunities in the digital asset mining space.

Founded in 2017, Bitfarms operates 15 data centers across the United States, Canada, Argentina, and Paraguay. The company focuses on developing, owning, and operating vertically integrated energy generation and data centers to support its global operations. As Bitfarms continues to expand its presence in the digital asset mining industry, its strategic acquisitions, operational improvements, and financial stability position the company for continued success in the rapidly evolving market.