Bitfarms Ltd., a global Bitcoin and vertically integrated data center company, today issued its latest monthly production report. All financial references are in U.S. dollars.
CEO Ben Gagnon stated, “We are on track to close our acquisition of Stronghold Digital Mining (“Stronghold”) following the recent successful shareholder vote which Stronghold shareholders voted overwhelmingly in support. Combined with the strategic sale of our 200 MW Yguazu, Paraguay data center, also on track for a Q1 2025 close, these accretive transactions will improve our energy portfolio and transform Bitfarms into a North American energy and compute infrastructure company with lower-cost energy and high-quality assets, suitable for both HPC/AI and Bitcoin mining.
“In addition, I am thrilled to welcome our new SVP of Infrastructure, Craig Hibbard. Craig joins us from Mawson Infrastructure Group where he was Chief Development Officer. He has over 25 years of experience leading large-scale real estate development projects, including the recent rapid design and construction of over 200 MW of digital infrastructure for a U.S. firm specializing in digital assets and HPC/AI. Based in Pennsylvania, Craig will play a critical role in managing infrastructure development for our rapidly expanding PJM portfolio and advancing our HPC/AI business.”
SVP of Global Mining Operations Alex Brammer said, “During February we grew our operational hashrate 6% to 16.1 EH/s and grew our average operational hashrate 20% to 13.4 EH/s, achieving new all-time highs in three out of four countries. This growth will continue as we deploy miners in the U.S. and Argentina and optimize performance across all of our data centers.”
February 2025 Select Operating Highlights
| Key Performance Indicators | February 2025 | January 2025 |
| Total BTC earned | 213 | 201 |
| Month End Operating EH/s | 16.1 | 15.2 |
| BTC/Avg. EH/s | 16 | 18 |
| Average Operating EH/s | 13.4 | 11.2 |
| Energized Capacity (MW) | 437 | 437 |
| Hydropower (MW) | 256 | 256 |
| Watts/Terahash Efficiency (w/TH) | 20 | 20 |
| BTC Sold | 75 | 42 |
- 16.1 EH/s operational at February 28, 2025, up 6% M/M.
- 13.4 EH/s average operational, up 20% M/M.
- 16 BTC/average EH/s, 11% lower M/M.
- 213 BTC earned, 6% higher M/M.
- 7.6 BTC earned daily on average, equal to ~$638,400 per day based on a BTC price of $84,000 at February 28, 2025.
February 2025 Financial Update
- Sold 75 of the 213 BTC earned as part of the Company’s regular treasury management practice for total proceeds of $6.5 million.
- Added 108 BTC, bringing Treasury to 1,260 BTC, up from 1,152 BTC last month and representing $105.8 million based on the Bitcoin price of $84,000 at February 28, 2025. This includes the transfer of 30 BTC to a third party as collateral for active option contracts during the month.
Upcoming Conferences and Events
- March 12, 2025: Cantor Fitzgerald Global Technology Conference (NYC)
- March 17-18, 2025: 37th Annual ROTH Conference (Dana Point, CA)
