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Bitfarms demonstrated strong revenue growth in the first quarter of this year, but the increase in production costs following the Bitcoin halving in April 2024 led to a sharp decline in mining margin.

Bitfarms reported its financial results for the first quarter of 2025, recording revenue of $67 million, which is 33% higher compared to last year. Despite the revenue growth, the company's gross mining margin decreased to 43% from 63% for the same period in 2024, reflecting a 20-point drop due to rising production costs.

The total cash cost of producing one Bitcoin sharply increased to $72,300 compared to $27,900 a year earlier. The direct cost of production rose from $18,400 to $47,800, highlighting the pressure on margin as mining becomes more expensive following the Bitcoin halving in April 2024.
In terms of operations, the company reported a hashrate of 19.5 EH/s as of March 31, 2025, up from 6.5 EH/s a year earlier. Mining efficiency improved to 19 watts per terahash, which is 44% higher than 34 watts per terahash in the first quarter of 2024. Bitfarms' operational capacity increased to 461 megawatts compared to 240 megawatts for the same period last year. However, the improvements in efficiency were not enough to offset the broader rise in total production costs.

Margin reduction is becoming the norm for Bitcoin miners following the Bitcoin halving in April 2024. Hut 8 Corp. also reported a sharp revenue decline of more than 50% in the first quarter of this year and moved to significant losses, which CEO Asher Genut attributed to the full impact of the halving taking effect now.
To offset the decline in mining profitability, mining companies are transitioning to high-performance computing, and Bitfarms is following suit. During the quarter, the company secured a private credit line of $300 million from Macquarie Group’s division to finance the construction of its HPC project at the Panther Creek site in Pennsylvania.
Other strategic events in the quarter included the sale of the Yguazu facility in Paraguay and the acquisition of Stronghold Digital Mining, adding two energy campuses in Pennsylvania.

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