Bitfarms, ein Schwergewicht im Bitcoin-Mining, verzeichnete im Q1 2025 einen Nettoverlust von 36 Millionen US-Dollar. Dies stellt eine signifikante Verschlechterung gegenüber dem Vorjahr dar und ist maßgeblich auf die strategische Umstellung auf KI-Anwendungen zurückzuführen.
Despite the net loss, Bitfarms reported revenues of 67 million US-Dollar in the first quarter of 2025, a significant 33 percent increase year-over-year. This demonstrates top-line growth amidst challenging conditions. However, a key concern was the sharp drop in the gross profit margin for the company’s mining operations, falling from 63 percent in Q1 2024 to a mere 43 percent in Q1 2025. This margin compression highlights the pressures facing the mining sector.
These diminished margins are a direct consequence of the Bitcoin Halving in April 2024, which slashed mining rewards by half, severely impacting miner profitability. Furthermore, the extreme volatility of the Bitcoin price during the quarter, fluctuating significantly between over $100,000 and below $80,000, also exerted pressure on financial results. Navigating these market dynamics is crucial for maintaining operational efficiency and financial health in the current environment.
Ben Gagnon, CEO von Bitfarms, erklärte: > „Während des Quartals haben wir in mehreren Schlüsselbereichen unserer strategischen Umstellung auf die USA und HPC umgesetzt.“
In light of these evolving market conditions, Bitfarms has proactively invested in high-performance computing (HPC) applications. This strategic pivot aims to diversify revenue streams beyond traditional Bitcoin mining. Simultaneously, the company has been expanding its presence within the United States, a move designed to mitigate risks associated with potential trade wars and geopolitical shifts affecting international operations. This dual strategy positions Bitfarms to adapt to a changing global landscape.
Gagnon fügte hinzu: > „Das Mining-Geschäft bietet nun eine stabile, kapitalintensive und bargeldflussgenerierende Grundlage, die uns sehr gut positioniert, unsere US-Assets in HPC/KI-Rechenzentren zu entwickeln.“
The move into KI-Datenzentren is part of a broader industry trend where miners are seeking to boost earnings and leverage existing infrastructure for high-performance computing (HPC). The powerful computer hardware and robust electrical systems vital for Bitcoin mining are also perfectly suited for demanding KI-Anwendungen. This synergy allows miners to repurpose their significant investments. The recent $1.5 billion IPO of CoreWeave, an AI computing provider, underscored the strong investor appetite for companies serving this growing sector.
To fuel this expansion, Bitfarms secured a $300 million credit facility from investment bank Macquarie in April. This substantial funding is specifically allocated to the development of HPC data center infrastructure at the Panther Creek site in Pennsylvania. This site was acquired earlier in the year through the merger with Stronghold Digital. Prior to this, the company had strategically divested assets, selling a Bitcoin mining facility in Paraguay to Hive Digital for $85 million in January.
Bitfarms‘ pivot towards HPC and KI applications aligns with a wider industry movement where miners diversify their infrastructure for new revenue streams. This approach allows the company to capitalize on the stability of its core mining operations while investing strategically in high-growth sectors. The company remains confident in its upgraded mining fleet and does not foresee major miner purchases in 2025 or 2026. The focus is clearly on developing its US energy and HPC infrastructure to create long-term shareholder value.
