Bitfarms Provides January 2025 Production and Operations Update

Core Insights - Bitfarms Ltd. is experiencing significant operational growth, with an operational hashrate of 15.2 EH/s, representing a 19% month-over-month increase and a 134% year-over-year increase [5][13] - The company is on track to close the acquisition of Stronghold Digital Mining and the sale of its 200 MW Yguazu data center to HIVE Digital Technologies by Q1 2025, which will enhance its energy portfolio and operational efficiency [3][4] - Bitfarms is actively developing its High Performance Computing (HPC) and Artificial Intelligence (AI) business, engaging expert consultants to evaluate its data centers for potential conversion to HPC/AI sites [4][6] Operational Performance - The operational hashrate increased to 15.2 EH/s in January 2025, with an average operational hashrate of 11.2 EH/s, up 90% year-over-year [6][13] - The company achieved a total of 201 BTC earned in January 2025, a decrease of 5% month-over-month and 44% year-over-year [8][10] - The average BTC earned per EH/s was 18, which is a 5% decrease month-over-month and a 70% decrease year-over-year [9][13] Financial Highlights - Bitfarms sold 42 BTC from its earnings for total proceeds of $4.1 million, while its treasury increased to 1,152 BTC, valued at approximately$121 million based on a BTC price of $105,000 [14][13] - The company reported an operational capacity of 386 MW in January 2025, up from 324 MW in December 2024 [9][13] - The energy efficiency target remains at 19 w/TH, despite a derating of guidance by 14% to 18 EH/s in H1 2025 due to underperformance of some miners [5][13] Strategic Initiatives - Bitfarms is engaging in Economic Demand Response and other grid support programs in the PJM market to maximize the value of its assets [7][13] - The company is implementing the LōD miner management software across its data centers to enhance operational efficiency and facilitate energy trading [13][7] - The construction timeline for accommodating potential HPC integration at the Sharon site has been pushed back to 2026, reducing the 2025 year-end energized capacity by 80 MW [5][13]