Bitfarms Provides April 2025 Production and Operations Update
Bitfarms (NASDAQ/TSX: BITF) has secured a significant private debt facility of up to $300 million with Macquarie Group for HPC data center development at Panther Creek. The company's April 2025 operational metrics show a hashrate of 19.5 EH/s with fleet efficiency of 19 w/TH. During April, Bitfarms mined 268 BTC, a 4% decrease from March, with daily earnings averaging 8.9 BTC ($837,000 at $94,000 BTC price).
The company's treasury holds 1,005 BTC (valued at $94 million), down from 1,140 BTC in March. CEO Ben Gagnon emphasized that with no planned large miner purchases for 2025-2026, Bitfarms will focus on developing U.S. energy and HPC infrastructure. The Macquarie partnership is expected to accelerate Panther Creek's development and potentially lead to future collaboration opportunities.
Bitfarms (NASDAQ/TSX: BITF) ha ottenuto un'importante linea di credito privata fino a 300 milioni di dollari con Macquarie Group per lo sviluppo del data center HPC a Panther Creek. I dati operativi di aprile 2025 mostrano un hashrate di 19,5 EH/s con un'efficienza della flotta di 19 w/TH. Nel mese di aprile, Bitfarms ha minato 268 BTC, con un calo del 4% rispetto a marzo, con guadagni giornalieri medi di 8,9 BTC (837.000 dollari al prezzo di 94.000 dollari per BTC).
La tesoreria dell'azienda detiene 1.005 BTC (valore di 94 milioni di dollari), in calo rispetto ai 1.140 BTC di marzo. Il CEO Ben Gagnon ha sottolineato che, non essendo previsti grandi acquisti di miner per il 2025-2026, Bitfarms si concentrerà sullo sviluppo delle infrastrutture energetiche e HPC negli Stati Uniti. La partnership con Macquarie dovrebbe accelerare lo sviluppo di Panther Creek e aprire potenziali opportunità di collaborazione future.
Bitfarms (NASDAQ/TSX: BITF) ha asegurado una importante línea de deuda privada de hasta 300 millones de dólares con Macquarie Group para el desarrollo del centro de datos HPC en Panther Creek. Las métricas operativas de abril de 2025 muestran una tasa de hash de 19.5 EH/s con una eficiencia de flota de 19 w/TH. Durante abril, Bitfarms minó 268 BTC, una disminución del 4% respecto a marzo, con ganancias diarias promedio de 8.9 BTC (837,000 dólares al precio de 94,000 dólares por BTC).
Tesorería de la compañía posee 1,005 BTC (valorados en 94 millones de dólares), por debajo de los 1,140 BTC de marzo. El CEO Ben Gagnon enfatizó que, sin planes de grandes compras de mineros para 2025-2026, Bitfarms se enfocará en desarrollar infraestructura energética y HPC en EE.UU. Se espera que la asociación con Macquarie acelere el desarrollo de Panther Creek y abra oportunidades de colaboración futuras.
Bitfarms (NASDAQ/TSX: BITF)는 Panther Creek의 HPC 데이터 센터 개발을 위해 Macquarie Group과 최대 3억 달러 규모의 주요 사모 채무 시설을 확보했습니다. 2025년 4월 운영 지표에 따르면 해시레이트는 19.5 EH/s, 장비 효율성은 19 w/TH입니다. 4월 동안 Bitfarms는 268 BTC를 채굴했으며, 이는 3월 대비 4% 감소한 수치로, 일일 평균 수익은 8.9 BTC(비트코인 가격 94,000달러 기준 약 837,000달러)였습니다.
회사의 재무 보유량은 1,005 BTC(약 9,400만 달러)로 3월의 1,140 BTC에서 감소했습니다. CEO 벤 개그논은 2025-2026년 동안 대규모 채굴기 구매 계획이 없으며, Bitfarms는 미국 내 에너지 및 HPC 인프라 개발에 집중할 것이라고 강조했습니다. Macquarie와의 파트너십은 Panther Creek 개발을 가속화하고 향후 협력 기회를 열어줄 것으로 기대됩니다.
Bitfarms (NASDAQ/TSX : BITF) a obtenu une importante facilité de dette privée pouvant aller jusqu'à 300 millions de dollars auprès de Macquarie Group pour le développement du centre de données HPC à Panther Creek. Les indicateurs opérationnels d'avril 2025 montrent un hashrate de 19,5 EH/s avec une efficacité de flotte de 19 w/TH. En avril, Bitfarms a miné 268 BTC, soit une baisse de 4 % par rapport à mars, avec des gains quotidiens moyens de 8,9 BTC (837 000 dollars au prix de 94 000 dollars par BTC).
La trésorerie de l'entreprise détient 1 005 BTC (évalués à 94 millions de dollars), en baisse par rapport aux 1 140 BTC de mars. Le PDG Ben Gagnon a souligné qu'aucun achat important de mineurs n'était prévu pour 2025-2026, Bitfarms se concentrera donc sur le développement des infrastructures énergétiques et HPC aux États-Unis. Le partenariat avec Macquarie devrait accélérer le développement de Panther Creek et ouvrir des opportunités de collaboration futures.
Bitfarms (NASDAQ/TSX: BITF) hat eine bedeutende private Kreditfazilität von bis zu 300 Millionen US-Dollar mit der Macquarie Group für die Entwicklung des HPC-Rechenzentrums in Panther Creek gesichert. Die operativen Kennzahlen für April 2025 zeigen eine Hashrate von 19,5 EH/s bei einer Flotteneffizienz von 19 W/TH. Im April hat Bitfarms 268 BTC geschürft, was einem Rückgang von 4 % gegenüber März entspricht, mit durchschnittlichen Tageserträgen von 8,9 BTC (837.000 US-Dollar bei einem BTC-Preis von 94.000 US-Dollar).
Die Treasury des Unternehmens hält 1.005 BTC (bewertet mit 94 Millionen US-Dollar), weniger als die 1.140 BTC im März. CEO Ben Gagnon betonte, dass ohne geplante große Miner-Käufe für 2025-2026 Bitfarms sich auf die Entwicklung von US-Energie- und HPC-Infrastruktur konzentrieren wird. Die Partnerschaft mit Macquarie soll die Entwicklung von Panther Creek beschleunigen und potenzielle zukünftige Kooperationsmöglichkeiten eröffnen.
- Secured up to $300 million debt facility from reputable Macquarie Group
- Strong Bitcoin mining operations with 19.5 EH/s hashrate
- Significant daily revenue of ~$837,000 based on BTC price of $94,000
- No need for large miner purchases in 2025-2026, allowing focus on infrastructure development
- Partnership with Macquarie validates HPC opportunity thesis
- 4% decrease in monthly BTC production (268 vs 280)
- Reduction in treasury BTC holdings from 1,140 to 1,005
- 6% decrease in BTC/average EH/s efficiency month-over-month
Insights
Bitfarms secures $300M debt facility from Macquarie for HPC data center development while maintaining stable Bitcoin operations.
The $300 million debt facility with Macquarie Group represents a significant financial development for Bitfarms, providing dedicated capital for their High-Performance Computing (HPC) data center initiative at Panther Creek. This partnership with a globally recognized infrastructure investor serves as substantial third-party validation of Bitfarms' HPC strategy. The company is clearly executing a two-pronged approach: maintaining their Bitcoin mining operations with 19.5 EHuM of hashrate while developing HPC infrastructure to capitalize on growing AI-driven computing demand.
April's operational metrics reveal 268 BTC earned (down 4% month-over-month) with daily production averaging 8.9 BTC worth approximately
Strategically, management's statement that they have "no need nor plans for a large miner purchase in 2025 or 2026" suggests confidence in their current mining equipment efficiency and allows them to redirect capital toward HPC infrastructure development. This diversification reduces reliance on Bitcoin's price volatility alone and positions Bitfarms to potentially generate revenue streams from both cryptocurrency mining and the rapidly expanding HPC sector.
The Macquarie Group financing validates Bitfarms' strategic expansion into HPC data centers, leveraging their expertise in managing power-intensive operations. The $300 million facility exclusively dedicated to the Panther Creek site indicates this is a substantial infrastructure play, not a minor side project.
Panther Creek's selection for initial development appears strategically sound based on the attributes mentioned: scale, location, power availability, and fiber connectivity – all critical factors for successful HPC operations. The press release notes this site has the "quickest energization timeline" of their three Pennsylvania locations, suggesting a focus on time-to-market advantage in the competitive HPC landscape.
On the Bitcoin operations side, the current fleet efficiency of 19 watts/terahash and operational hashrate of 19.5 EHuM represent competitive metrics in the mining industry. The company's statement that they don't require major mining equipment purchases through 2026 indicates confidence in their current hardware capabilities and efficiency.
Bitfarms' partnership with ASG and WWT for strategic analyses, combined with Macquarie's validation through their due diligence process, adds credibility to their HPC development strategy. By leveraging existing expertise in power-intensive computing while diversifying beyond pure Bitcoin mining, Bitfarms is positioning itself at the intersection of cryptocurrency and the growing demand for AI/HPC infrastructure – potentially creating a more resilient business model less dependent on cryptocurrency price movements alone.
- New private debt facility with a division of Macquarie Group for up to
--Operational hashrate of 19.5 EHuM and fleet efficiency of 19 w/TH–
This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.
TORONTO, Ontario, May 01, 2025 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ/TSX: BITF), a global energy and compute infrastructure company, today issued its latest monthly production report. All financial references are in U.S. dollars.
CEO Ben Gagnon stated, “In April, we secured an attractive financing facility for up to
“We are confident this partnership will not only accelerate our buildout at Panther Creek, but also open doors to future opportunities with Macquarie as we look to scale our project and potentially expand to other sites within our portfolio. Amidst the surging AI revolution and the growing demand for power and infrastructure, this financing arrives at a pivotal time. We believe the analyses provided by our strategic partners, ASG and WWT, along with Macquarie’s due diligence and industry expertise, validate our HPC opportunity thesis at Panther Creek, strengthen our HPC pipeline and strategy, and position Bitfarms as a market leader in sourcing and developing large-scale, high-quality HPC data center projects.
“Our Bitcoin business is strong, and we remain bullish on mining economics with our newly upgraded mining fleet. We have no need nor plans for a large miner purchase in 2025 or 2026, enabling us to focus our efforts on developing U.S. energy and HPC infrastructure, which we believe will create lasting shareholder value.”
April 2025 Select Operating Highlights
| Key Performance Indicators | April 2025 | March 2025 (proforma) |
| Total BTC earned | 268 | 280 |
| Month End Operating EHuM | 19.5 | 19.5 |
| BTC/Avg. EH/s | 16 | 17 |
| Average Operating EHuM | 17.2 | 16.4 |
| Energized Capacity (MW) | 461 | 461 |
| Watts/Terahash Efficiency (w/TH) | 19 | 19 |
- 19.5 EHuM operational at April 30, 2025.
- 17.2 EHuM average operational, up
5% M/M. - 16 BTC/average EHuM,
6% lower M/M. - 268 BTC earned,
4% lower M/M. - 8.9 BTC earned daily on average, equal to ~
$837,000 per day based on a BTC price of$94,000 at April 30, 2025.
April 2025 Financial Update
- Treasury of 1,005 BTC, down from 1,140 BTC last month and representing
$94 million based on the Bitcoin price of$94,000 at April 30, 2025.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global energy and compute infrastructure company that develops, owns, and operates vertically integrated HPC and Bitcoin mining data centers. Bitfarms currently has 15 operating Bitcoin data centers situated in four countries: the United States, Canada, Argentina and Paraguay.
Powered primarily by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.
To learn more about Bitfarms’ events, developments, and online communities:
www.bitfarms.com
https://www.facebook.com/bitfarms/
https://x.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/
Glossary of Terms
- Y/Y or M/M= year over year or month over month
- BTC or BTC/day = Bitcoin or Bitcoin per day
- EH or EH/s = Exahash or exahash per second
- EHuM = Exahash Under Management, which includes Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party hosting clients
- MW or MWh = Megawatts or megawatt hour
- GW or GWh= Gigawatts or gigawatt hour
- w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
- HPC/AI = High Performance Computing / Artificial Intelligence
- Energized capacity= Power available
Forward-Looking Statements
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the North American energy and compute infrastructure strategy, opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, the potential to deploy the proceeds of the Macquarie Group financing facility at the Panther Creek location, the merits and ability to secure long-term contracts associated with HPC/AI customers, the success of the Company’s HPC/AI strategy in general and its ability to capitalize on growing demand for AI computing while securing predictable cash flows and revenue diversification, the Company’s energy pipeline and its anticipated megawatt growth, the Company’s ability to drive greater shareholder value, projected growth, target hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.
This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC") at www.sec.gov), including the management’s discussion & analysis for the year-ended December 31, 2024 Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Investor Relations Contact:
Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com
Media Contact:
Bitfarms
Caroline Brady Baker
Director, Communications
cbaker@bitfarms.com
FAQ
What is the value of Bitfarms' (BITF) new debt facility with Macquarie Group?
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