Bitfarms Records Massive Q1 Loss, Shifts Focus to AI & High-Performance Computing

Canadian Bitcoin mining firm Bitfarms reported a significant first-quarter net loss of $36 million, largely attributed to the company’s strategic shift away from traditional mining towards artificial intelligence (AI) and high-performance computing (HPC). The company saw revenue rise 33% year-over-year to $67 million for Q1 2025, but a drop in gross profit margin from 63% to 43% reflects the impact of Bitcoin halving and price volatility. Bitfarms is now focusing its infrastructure on AI-powered data centers, with CEO Ben Gagnon highlighting their long-term potential as a foundation for growth in HPC.