BITFARMS financial income expands 82% YoY and net losses to $ 35.9m.
BITFARMS reported $ 2.1 million in net financial income in the first quarter of 2025, and the profit of derivatives decreased and the reevaluation was reduced from $ 11.4 million year -on -year.
Bitfarms said that Discussion and analysis of the latest management Financial income with low financial income during the first quarter contributed to a broader net loss of $ 35.9 million compared to the net loss of $ 6 million in the first quarter of 2024.
The profit from the re -evaluation guarantee liabilities related to the company’s 2023 individual deployment decreased by $ 3.4 million, leading to a decrease in financial income of $ 9.3 million compared to the previous year. The fair value of this debt fell at a slower pace than similar adjustments recorded in the previous year.
BITFARMS also recorded $ 6.2 million in derivatives, including $ 2.2 million in the BTC (Bitcoin) repayment options and $ 1.5 million in the Bitcoin One program.
The latter consists of an unsuccessful loss of $ 6.3 million in the open position, and partially realized profit is partially offset by $ 4.8 million. In the first quarter of 2024, the company booked a $ 2.5 million profits for not realized in the synthetic HODL derivative contract.
Revenue for hashrate growth increases
Total sales increased 33% year -on -year to $ 668 million, up from $ 535 million in the first quarter of 2024, and increased average bitcoin prices and hash ratios.
BITFARMS expanded to the average hashrate (EH/S) at 5.9 EH/S, which is supported by the miner’s upgrade and base digital mining acquisition, adding a new capacity and contributing a total of 1.4 EH/s.
However, the company reduced the BTC in the quarter of 693 BTC compared to the 943 BTC year -on -year. This reflects a decrease in block compensation and network difficulty by 44% after half of April 2024.
The average cash cost per mined BTC rose to $ 72,300, while the average selling price reached $ 87,100. Total mining profits fell 11% to $ 28 million, while EBITDA adjustment fell 35% to $ 15.1 million.
The infrastructure has been resized to North America.
BITFARMS ended the quarter with energy capacity of 19.5 EH/s and 461 Megawatts (MW), with management’s hash ratio, and about 70%of them are currently in North America.
Integrating the operation of StrongHold, a new energy generation function, including Pennsylvania’s garbage fuel power assets, has been provided to the company portfolio.
Operating costs increased as expansion. Energy costs rose 31% to $ 25.4 million, and hosting and infrastructure spending rose due to the period of acquisition and development of new sites in the US and Canada.
BITFARMS has sold 428 BTCs for $ 37.3 million in quarter and has 1,492 BTC of 1,492 BTC as of March 31. The total comprehensive loss of quarter reached $ 49.3 million, compared to $ 11.5 million in the first quarter of 2024.
Argentine operation has been suspended.
As of March 31, the Rio Cuarto Mining site in Argentina, which accounts for 13%of Bitfarms’ total power capacity, occupied offline after the local power supplier stopped the power supplier indefinitely.
If you do not guarantee the timing of resuming the service, BITFARMS evaluates whether it will maintain local operation.
As a result, the company cited the deterioration of the macroeconomic conditions and the energy cost of natural gas, especially in the Argentina cash generation device.
Financial disorders due to interruption are included in the company’s second -quarter income report.
