Bitcoin miner Bitfarms looks to redomicile in US as its revenue jumps 87% year-over-year
Quick Take Bitfarms has seen its revenue jump 87% year-over-year as the Bitcoin miner continues to double down on its high-powered compute investments, according to its second-quarter earnings report. The move comes as Bitfarms looks to redomicile in the U.S., backed by President Trump’s strong political support for crypto and AI.
Bitfarms (ticker BITF) has seen its revenue jump 87% year-over-year as the Bitcoin miner continues to double down on its high-powered compute investments, according to its second-quarter earnings report.
The move comes as Bitfarms looks to redomicile in the U.S., backed by the strong political support for crypto, AI, and data center development under President Donald Trump’s second term. Its energy portfolio is now 82% in North America, including multiple locations in the U.S. and a Quebec-based facility.
"Our North American energy portfolio positions Bitfarms to be a leader in HPC and AI infrastructure," CEO Ben Gagnon said in a release. "With over 1 GW in our Pennsylvania pipeline, anchored by our flagship Panther Creek campus which is in close proximity to Amazon and CoreWeave sites, we aim to capture significant market share in what is quickly emerging as a new AI infrastructure hub."
According to the report, Bitfarms will discontinue its mining operations in Argentina due to the previously-disclosed halting of its energy supply to the site beginning in May, "and future economic uncertainty in the region."
President Trump has previously said he wanted to turn the U.S. into a crypto mining hub . Through his sons, Eric and Donald Jr., Trump has a financial stake in the American Bitcoin subsidiary of Hut 8.
Bitfarms notched a net loss of $29 million on total revenue of $78 million. That’s up from a net loss of $27 million in the prior-year period. The company earned 718 BTC at an average cost of $48,200 per coin. It also sold 1,052 BTC at an average price of $95,500 for total proceeds of $100 million in the quarter.
Notably, Bitfarms has kicked off a share buyback program under which it can purchase up to 10% of its public float up until July 2026. The firm purchased 4.9 million shares at an average price of $1.24 per share as of Aug. 8.
"I am proud to report that we’ve already repurchased 10% of all shares available under the repurchase program, a testament to our strong belief that the market is significantly undervaluing our shares," CFO Jeff Lucas said in a statement.
BITF closed up 2.4% on the day to $1.26, according to The Block’s price data .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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