Bitfarms Sees Margins Shrunk Despite Revenue Surge from Bitcoin Halving

Despite a significant 33% increase in Q1 revenue for Bitfarms, the company faced declining mining margins due to rising production costs following the April 2024 Bitcoin halving. This impact is evident in a decrease of 20 points in gross mining margin from 63% to 43%. The company reported its first-quarter 2025 financial results, which highlight factors like higher Bitcoin production costs and increased energy pipeline capacity.