Bitfarms played a net loss in the first quarter of $ 36 million, expanding from a loss of $ 6 million in the same period a year earlier, because Górnik Bitcoin revolves from extraction to high -performance calculations for the applications of artificial intelligence.
Górnik published $ 67 million for a quarter ended on March 31, which is an augment of 33% compared to the previous year. However, the gross profit margin for Bitfarm mining operations dropped to 43% from 63% year on year, company he said In their first quarter of earnings.
Lower margins reflect the pressure from Bitcoin (BTC) “half” of April 2024, as well as volatility at the Bitcoin price. Halvings occur every four years and reduce the number of BTC extracted by a block by half, reducing the profitability of Bitcoin miners.
According to Google Finance in the first quarter of 2025, the price of Spot Bitcoin dropped from over 100,000 USD to less than USD 80,000. The cryptocurrency has been traded in the amount of over USD 103,000 per coin from March 14.
Related: Mining Bitcoin is down after the plans of the Microsoft Scraps data center
Pivot to ai
Bitfarms reacted to changing market conditions, investing in high -performance calculations (HPC). He also expanded his presence in the US as protection against approaching commercial wars.
“In this quarter we performed several key areas in our strategic turnover for the USA and HPC,” said Bitfarms, Ben Gagnon, general.
“The mining company now provides stable, low and free cash flows for a company that positions us very well to develop and develop our American resources in HPC/AI data centers, while using all potential additional bitcoins in 2025 and 2026”-he added.
Miners “diversify in hostings of data on artificial intelligence as a way to extend revenues and re -use the existing infrastructure for high performance calculations,” said Coin in the March report.
Computer equipment and electric power supplies required to extract Bitcoin are also useful for applications requiring high -performance calculations, in these cases of AI.
In March, the AI Coreweave supplier collected $ 1.5 billion in the first public offer, which valued the company at about $ 20 billion, reflecting mighty demand among investors for companies serving AI applications.
Coreweave earnings in the last quarter are scheduled for May 14.
In April, Bitfarms secured a loan line of $ 300 million from Macquarie Investment Bank to finance the extension of the HPC facility in Pennsylvania.
In January, the company sold the Bitcoin mining plant in Paraguay Hive Digital, another miner, for $ 85 million.
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