Bitfarms Provides February 2025 Production and Operations Update

Core Insights - Bitfarms Ltd. is on track to close the acquisition of Stronghold Digital Mining and the sale of its Yguazu site by Q1 2025, which will enhance its energy portfolio and position it as a North American energy and compute infrastructure company [3][4][17] - The company reported an operational hashrate of 16.1 EH/s in February 2025, reflecting a 6% month-over-month increase, and an average operational hashrate of 13.4 EH/s, up 20% month-over-month [4][7] - Bitfarms earned a total of 213 BTC in February 2025, a 6% increase from January, and sold 75 BTC for total proceeds of $6.5 million [7][4] Operational Performance - The operational hashrate reached 16.1 EH/s, up 6% from January 2025, while the average operational hashrate increased by 20% to 13.4 EH/s [4][7] - The company achieved new all-time highs in operational hashrate across three out of four countries where it operates [4] - The efficiency of BTC earned per average EH/s was 16, which is an 11% decrease month-over-month [7] Financial Highlights - Bitfarms earned 213 BTC in February 2025, compared to 201 BTC in January, marking a 6% increase [7] - The company sold 75 BTC, generating $6.5 million in revenue, while adding 108 BTC to its treasury, bringing the total to 1,260 BTC valued at approximately $105.8 million based on a BTC price of $84,000 [7][4] - The average daily BTC earned was 7.6, equating to about $638,400 per day at the end of February 2025 [7] Strategic Developments - Craig Hibbard has been appointed as the Senior Vice President of Infrastructure, bringing over 25 years of experience in large-scale real estate development [4] - The strategic sale of the 200 MW Yguazu data center is also on track for a Q1 2025 close, which is expected to improve the company's energy portfolio [3][4] - The acquisition of Stronghold Digital Mining is supported by a recent shareholder vote, indicating strong backing for the transaction [3] Company Overview - Bitfarms operates 13 Bitcoin data centers and has hosting agreements in four countries: Canada, the United States, Paraguay, and Argentina [10] - The company focuses on sustainable energy sources, primarily hydropower, to support its mining operations [10] - Bitfarms is committed to using underutilized energy infrastructure to enhance its operational efficiency [10]