Bitfarms Ltd., a global leader in Bitcoin data center operations, announced a 30% year-over-year revenue increase for Q3 2024, despite industry challenges. The company reported a revenue of $45 million, marking an 8% increase quarter-over-quarter and a 30% rise year-over-year. Bitfarms maintained profitability in its mining operations, achieving a gross mining margin of 38% and a net loss of $37 million.
The company announced the acquisition of Stronghold Digital Mining, Inc., which will enhance its energy portfolio to over 950 MW by the end of 2025. Bitfarms also deployed 5,400 additional miners during the quarter and plans to expand its Board of Directors from five to six members. The company is exploring opportunities beyond Bitcoin mining, including a pilot High-Performance Computing (HPC) and Artificial Intelligence (AI) project.
