Bitfarms Ltd., a North American digital and energy infrastructure company, reported a revenue of $229.3 million for the fiscal year 2025, a 72% increase compared to $133.3 million in 2024. This growth was primarily driven by a $78.0 million increase in Bitcoin Mining revenue, attributed to a higher average Bitcoin price and an increase in the company's average hashrate. The company mined 2,008 Bitcoins at an average price of $100,942 in 2025, compared to 1,992 Bitcoins at an average price of $63,715 in the previous year. The acquisition of Stronghold Digital Mining also contributed to the revenue increase, with Energy Sales and Hosting Revenue rising by $14.0 million and $4.5 million, respectively.
Despite the revenue growth, Bitfarms reported a net loss from continuing operations of $208.5 million for 2025, significantly higher than the $7.4 million loss in 2024. This increase in net loss was primarily due to a $99.0 million increase in the cost of revenues, driven by higher infrastructure expenses, including operating expenses at the Panther Creek and Scrubgrass power plants following the Stronghold acquisition, and a $76.5 million unfavorable change in the fair value of digital assets. General and administrative expenses also increased by $16.4 million, mainly due to higher salaries and wages and insurance costs.
Strategically, Bitfarms has been transitioning from Bitcoin Mining to High-Performance Computing (HPC) infrastructure. The company acquired Stronghold Digital Mining in March 2025, adding two established sites in Pennsylvania with potential for large-scale HPC data centers. Bitfarms also committed $129 million for critical equipment and building materials at Moses Lake, its first HPC data center development project. The company exited its Latin American operations, discontinuing all operations in Argentina and agreeing to divest operations in Paraguay for up to $108 million in expected proceeds.
Operationally, Bitfarms operated 113,649 ASIC miners with a total hashrate of 14.8 EH/s as of December 31, 2025. The company's power capacity pipeline includes 648 MW of secured capacity and 1,513 MW of planned capacity in development across its U.S. and Québec sites. The company is designing its HPC data centers to support NVIDIA's next-generation Vera Rubin GPUs. As of March 30, 2026, Bitfarms had approximately $520 million in liquidity, comprising cash and Bitcoin. The company expects to complete its U.S. Redomiciliation on or about April 1, 2026, rebranding as Keel Infrastructure Corp. and trading under the ticker "KEEL."
About Bitfarms Ltd
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