The Barrick Gold of Bitcoin.

An ExxonMobil for Bitcoin.

Like an AWS data center, but dedicated to Bitcoin production.

• Mined Bitcoin: Bitfarms operates industrial-scale data centers to generate new Bitcoin through the process of cryptocurrency mining.

Bitfarms (BITF) is a global Bitcoin mining company. Its core business involves operating large-scale data centers to mine Bitcoin. Therefore, its revenue is primarily generated from the Bitcoin it successfully mines and subsequently sells.

In this context, Bitfarms does not have 'major customers' in the traditional sense of companies that purchase specific products or services directly from Bitfarms through long-term contracts or significant recurring sales relationships. Instead, Bitfarms sells the Bitcoin it mines on open cryptocurrency exchanges.

These sales are commodity-based, and the 'customers' are the diverse participants in the global cryptocurrency market who purchase Bitcoin on these exchanges. These market participants can include institutional investors, trading firms, and individual buyers, but they are not direct customers of Bitfarms in the typical business-to-business (B2B) or business-to-consumer (B2C) sense.

Given the nature of its business as a commodity producer selling on open markets, Bitfarms does not primarily sell to a defined list of other companies, nor does it directly serve specific categories of individual customers for its core mining output. Its revenue is derived from liquidating its mined digital assets into fiat currency or other digital assets via market transactions on various exchanges, rather than having identifiable major customers.

• Bitmain Technologies Limited

Ben Gagnon, Chief Executive Officer & Director

Ben Gagnon was appointed CEO of Bitfarms in July 2024, having previously served as Chief Mining Officer since 2021, Director of Mining Operations in 2020, and Director of Business Development in 2019. Before joining Bitfarms, Mr. Gagnon founded and operated two Bitcoin mining companies, holding roles such as Chief Executive Officer, Chief Mining Officer, and Chief Technology Officer.

Jonathan Mir, Chief Financial Officer

Jonathan Mir was appointed Chief Financial Officer of Bitfarms, effective October 27, 2025. He is a global financial and strategic executive with over 25 years of capital markets experience in energy infrastructure. Mr. Mir spent a significant portion of his career at Lazard Inc., where he held the position of Head of North American Power, Energy & Infrastructure.

Liam Wilson, Chief Operating Officer

Liam Wilson serves as the Chief Operating Officer of Bitfarms. Further background details were not explicitly provided in the search results.

Philippe Fortier, Executive Vice President, Corporate Development

Philippe Fortier leads Bitfarms' strategic growth initiatives, encompassing data center development, business acquisitions, and expansion opportunities. He possesses expertise in corporate finance, mergers and acquisitions (M&A), capital raising, and financial strategy. Before joining Bitfarms in 2022, Mr. Fortier worked as a corporate finance and investment advisor for various public and private clients. His earlier career includes roles in investment banking at National Bank Financial Markets and in private equity at BDG & Partners. Mr. Fortier began his professional journey as an auditor with Deloitte.

Marc-André Ammann, CPA, CA, Senior Vice President, Finance and Accounting

Marc-André Ammann is the Senior Vice President, Finance and Accounting at Bitfarms. Further background details were not explicitly provided in the search results.

1. Cryptocurrency Price Volatility and Market Conditions: Bitfarms' revenue and profitability are heavily dependent on the highly volatile cryptocurrency market, particularly the price of Bitcoin. Fluctuations in Bitcoin prices and increased energy costs have significantly impacted the company's revenue and ability to maintain profitability, with the stock historically amplifying Bitcoin's price swings. A prolonged downturn in cryptocurrency prices can lead to substantial losses and operational challenges.
2. Legal Challenges, Regulatory Scrutiny, and Financial Reporting Issues: The company has been subject to a class-action lawsuit and an SEC review concerning its financial reporting practices, leading to restatements of financial statements for 2022 and 2023. These issues raise concerns about Bitfarms' business transparency and financial management, potentially resulting in significant legal costs, reputational damage, and increased regulatory scrutiny.
3. Intense Industry Competition and Operational Costs: Bitfarms operates in a highly competitive cryptocurrency mining industry, facing challenges from larger, more established mining companies. The company also contends with rising operational costs, primarily energy expenses, and increasing Bitcoin network difficulty, which can negatively affect the number of Bitcoins mined and overall profitability.

Bitfarms (symbol: BITF) operates primarily in cryptocurrency mining, with a significant focus on Bitcoin mining, and also provides infrastructure and hosting services. The company is also involved in blockchain technology development.

• Bitcoin Miner Market: The global Bitcoin Miner Market size is projected to reach USD 14.17 billion in 2025. In terms of regional markets, North America accounts for 33% of this market. The U.S. contributes over 50% of global annual hardware installations for Bitcoin mining.
• Cryptocurrency Mining Market (overall): The global cryptocurrency mining market is estimated at USD 3.39 billion in 2025. North America is identified as the dominant region in the global cryptocurrency mining market.
• Blockchain Technology Market: The global blockchain technology market size is projected to reach USD 31.18 billion in 2025. North America holds the largest market share in the blockchain technology industry.

Here are 3-5 expected drivers of future revenue growth for Bitfarms (BITF) over the next 2-3 years:

1. Expansion into High-Performance Computing (HPC) and Artificial Intelligence (AI) Infrastructure: Bitfarms is strategically pivoting to develop and operate high-performance computing and AI data centers, notably at its Panther Creek campus in Pennsylvania. This initiative is supported by a significant project-specific financing facility of up to $300 million from Macquarie Group, with an initial draw of $50 million to accelerate equipment purchases and development. The company has partnered with T5 Data Centers for pre-construction planning and development approval processes for the HPC/AI infrastructure. This diversification beyond Bitcoin mining is expected to generate significant revenue prospects, with analysts projecting potential annual recurring revenue (ARR) of $12 to $15 million in 2026, escalating to over $100 million as usage grows. The Panther Creek campus is planned to have a nearly 500-megawatt capacity, fueling demand for computational power and data storage.
2. Growth in Bitcoin Mining Hashrate and Operational Efficiency: Bitfarms continues to expand and optimize its core Bitcoin mining operations. The company has significantly increased its hashrate, reaching 18.6 EH/s and improving efficiency to 19 W/TH (watts per terahash) ahead of schedule in Q4 2024. They have a multi-year growth potential in their megawatt pipeline up to 1.6 gigawatts by the end of 2025, and have been upgrading their mining fleet with more powerful and efficient S21 Pro miners. These efforts are aimed at enhancing Bitcoin production and improving mining profitability.
3. Strategic Acquisitions and North American Geographic Expansion: The acquisition of Stronghold Digital Mining, anticipated to close by Q1 2025, is a transformative deal that significantly enhances Bitfarms' U.S. presence and operational capacity. This acquisition is expected to drive a 47% increase in the company's 2025 year-end megawatts from 648 MW to over 950 MW, rebalancing their energy portfolio towards North America. The company is also establishing a second principal executive office in New York City to further its U.S. pivot and broaden its investor base.
4. Leveraging Bitcoin Price Appreciation and "Bitcoin One" Program: While subject to market volatility, a favorable Bitcoin price environment can significantly boost Bitfarms' mining revenue. The company also introduced its "Bitcoin One" program in 2025, an actively managed, leveraged Bitcoin accumulation strategy that aims to capitalize on Bitcoin's volatility through the purchase of call and put options for enhanced returns and risk management. This program generated $11 million in profits in its first six months in 2025.

Share Repurchases

• Bitfarms authorized a share buyback program to repurchase up to 49.9 million common shares (10% of its public float) over a 12-month period from July 28, 2025, to July 27, 2026.
• As of August 8, 2025, the company had repurchased 4.9 million shares, representing 10% of the shares available for repurchase, at an average price of $1.24 per share.

Share Issuance

• Bitfarms raised $136 million in net proceeds during Q2 2024 and a total of $240 million through August 7, 2024, via its 2024 at-the-market (ATM) equity offering program.
• By November 12, 2024, total year-to-date net proceeds from the 2024 ATM program reached $279 million, with an additional $66 million raised in Q3 2024.
• The company issued approximately 59.7 million shares and 10.6 million warrants in March 2025 as part of the stock-for-stock merger to acquire Stronghold Digital Mining.

Outbound Investments

• Bitfarms completed the acquisition of Stronghold Digital Mining in March 2025, which included issuing shares and warrants, and paying an additional $44.5 million to retire Stronghold's outstanding loans.
• The company acquired a 200 MW site in Paraguay for $85 million to expand its international operations.
• As of October 31, 2024, Bitfarms deposited $15.6 million with Stronghold in connection with two hosting agreements.

Capital Expenditures

• The company aims to triple its hashrate to 21 EH/s by the end of 2024, increase operating capacity by at least 63% to 391 MW, and improve fleet efficiency by 34% to 23 w/TH, with significant purchases of Bitmain T21 miners planned for installation throughout 2024.
• Identified capital expenditure requirements for 2025 are 20% lower than previously planned, with no large miner purchases expected in 2025 or 2026, as capital is redirected towards developing U.S. energy and High-Performance Computing (HPC) infrastructure.
• Bitfarms expects to break ground on its 350 MW Panther Creek HPC/AI campus in Q4 2025, with energization for Phase 1 targeted by year-end 2026, supported by a $100 million draw from a Macquarie facility for equipment and construction.