The mining margins were pressed in BitFarms, although 33 % of the revenue jumps with post -half -cost climbing

BitFarms recorded a strong growth in the first quarter of this year, but the high costs of production in the aftermath of April 2024 led to a sharp decrease in mining margins.

bitfarms I mentioned Its financial results for the first quarter of 2025, with revenues of $ 67 million, an increase of 33 % on an annual basis. Despite the growth of revenue, the total margin of the company’s mining decreased to 43 %, a decrease from 63 % in the same period of 2024, which reflects a decrease of 20 points due to the high production costs.

The total cash cost of Bitcoin’s production sharply increased to $ 72,300, compared to $ 27,900 in the previous year. The cost of direct production increased to $ 47,800 from $ 18,400, highlighting the pressure on the margins, as mining becomes more expensive after April 2024 Bitcoin half.

In operational aspect, the company reported a segmentation of 19.5 EH/S as of March 31, 2025, an increase of 6.5 EH/SA before the year. Mining efficiency improved to 19 watts for each Terhash, which has an improvement of 44 % of 34 watts for each Terhash in the first quarter of 2024. The Bitarms operating capacity increased to 461 MW, compared to 240 MW in the same period last year. However, efficiency gains were not sufficient to compensate for the wider rise in total production costs.

The margin decrease has become the standard for bitcoin miners in the wake of the half of Bitcoin workers in April 2024. HUT 8 Corp. also I mentioned A decrease in highly declining revenue exceeds 50 % in the first quarter of this year and swinging to a significant loss, which was attributed to the CEO of Asher Genot to the full effect of the currently effective.

To compensate for a decrease in mining profit, mining companies Move In high performance computing, BitFarms follows. During the quarter, the company obtained a $ 300 million debt facility from a section of the Macquarie Group to finance the construction of the HPC project on the Panther Creek site in Pennsylvania.

Other strategic developments in the quarter included the sale of the Yguzu facility in Paraguay and the acquisition of disabled digital mining, adding two horses in Pennsylvania.