Bitfarms Bleeds $36M as It Ditches Bitcoin Mining for AI Power Play
Is this the future of mining?
Canadian Bitcoin miner Bitfarms just reported a $36 million loss in Q1 2025 — a sharp increase from the $6M loss in the same quarter last year. Why? They’re shifting gears from BTC mining to AI infrastructure!
The crypto world’s been a rollercoaster:
Bitcoin price swings from $100K ➡️ $80K ➡️ $103K, combined with the April 2024 halving, have crushed mining profits.
Now, Bitfarms is following the wave:
From mining rigs to AI servers.
Here’s what’s happening:
⚡ Revenue is up 33% YoY to $67M
⚠️ Profit margins dropped from 63% to 43%
📉 Stock fell to $1.09, far from its 52-week high
CEO Ben Gagnon says the company’s stable mining base is helping power its AI pivot. Bitfarms is investing in high-performance computing (HPC) for AI, including cloud services for training large language models.
Key moves:
✅ Sold Paraguay mining site to Hive Digital for $85M
✅ Secured $300M credit from Macquarie to fund a new AI data center in Pennsylvania
✅ Upgraded mining fleet for better efficiency
The company now takes inspiration from CoreWeave, which rebranded from mining to AI and hit 420% revenue growth in Q1 2025, now valued at $20B+!
Though Bitfarms stopped publishing monthly BTC reports, the shift shows confidence in the AI boom.
AI is energy-hungry. Miners are already power pros.
Could this be the ultimate transformation play?
Your thoughts — smart pivot or risky gamble?
