Bitfarms reported a strong financial performance for the first quarter of 2025, generating $67 million in revenue. This significant increase (33% compared to the same period in 2024) reflects continued demand for Bitcoin. However, the company’s mining gross margin decreased from 63% in Q1 2024 to 43%, potentially influenced by factors such as increased energy costs and evolving market conditions. Despite this decline, Bitfarms managed to produce 693 bitcoins during the quarter, with a direct production cost of $47,800 per BTC and a total cash production cost of $72,300 per BTC, highlighting their operational efficiency and continued commitment to Bitcoin mining.