TLDR
- Bitfarms saw an 87% revenue increase year-over-year, totaling $78 million in Q2.
-
The company plans to redomicile in the US to capitalize on support for crypto and AI.
-
Bitfarms will discontinue mining operations in Argentina due to energy supply issues.
-
Bitfarms has launched a share buyback program, purchasing 4.9 million shares.
Bitcoin mining company Bitfarms has reported an impressive 87% increase in its revenue for the second quarter of 2025. The company’s total revenue reached $78 million, driven by increased investments in high-powered compute infrastructure. Bitfarms continues to focus on its high-performance computing (HPC) and artificial intelligence (AI) infrastructure, positioning itself as a leader in these rapidly growing sectors. This surge in revenue follows a period of strategic investment in its energy and computing resources.
In addition to its strong financial performance, Bitfarms has announced plans to redomicile in the United States. This move comes as the company seeks to capitalize on the growing political support for crypto mining and AI, particularly under the leadership of President Donald Trump. The shift also aligns with the company’s vision to leverage its North American energy portfolio, which now accounts for 82% of its total energy supply, including facilities in the U.S. and Canada.
Bitfarms Expansion into the US Market and AI Focus
Bitcoin mining firm Bitfarms is strategically positioning itself to take advantage of the booming U.S. market for cryptocurrencies and AI infrastructure. The company’s Pennsylvania pipeline, which boasts over 1 gigawatt (GW) of energy capacity, is anchored by the Panther Creek campus.
This site is located near major tech hubs like Amazon and CoreWeave, allowing Bitfarms to tap into a growing market for AI infrastructure. CEO Ben Gagnon emphasized that this positioning will allow Bitfarms to capture significant market share in the emerging AI sector, further bolstering its long-term growth prospects.
The redomiciling process is expected to further strengthen Bitfarms’ competitive edge, providing access to more favorable regulatory conditions in the U.S. The company’s shift to North America underscores its commitment to expanding its energy infrastructure and solidifying its position as a major player in the crypto mining and AI industries.
Discontinuation of Mining Operations in Argentina
As part of its restructuring efforts, Bitfarms will discontinue its mining operations in Argentina. This decision follows the halting of energy supply to its Argentine mining site in May 2025 and concerns over the region’s future economic uncertainty.
The company’s focus is now shifting towards its more stable and profitable operations in North America. Bitfarms previously mentioned in a statement that the decision aligns with its strategy of optimizing its global operations for the highest efficiency.
This move marks a significant change in Bitfarms’ geographical footprint, as it continues to streamline its operations and focus on areas with more secure energy sources and regulatory environments. Argentina’s economic challenges have made it difficult for mining operations to remain profitable, prompting the company to reevaluate its presence in the country.
Financial Performance and Share Buyback Program
While Bitfarms has seen a significant increase in revenue, it also reported a net loss of $29 million for the quarter, slightly higher than the $27 million loss recorded in the same period last year. This loss is primarily due to the high costs associated with mining operations and investments in infrastructure.
However, despite the losses, the company has launched a share buyback program, reflecting confidence in its long-term growth. The program allows Bitfarms to repurchase up to 10% of its public float by July 2026. As of August 8, Bitfarms has repurchased 4.9 million shares at an average price of $1.24 per share. CFO Jeff Lucas as a result expressed confidence in the company’s valuation, stating that the repurchase program underscores the firm’s belief that its shares are undervalued in the market.
Bitfarms’ share buyback initiative is seen as a sign of the company’s strong financial position and its commitment to delivering value to shareholders. The company’s stock price closed at $1.26 on August 12, 2025, marking a 2.4% increase on the day.
