Bitfarms Revenue Soars 87% Amid US Redomiciliation

Bitfarms (ticker BITF) reported an 87% year-over-year increase in revenue in its second-quarter earnings report, driven by ongoing investments in high-performance computing (HPC). The company is considering relocating its operations to the U.S., motivated by supportive political conditions for cryptocurrency and data center development during Donald Trump's second term. Currently, 82% of Bitfarms' energy portfolio lies in North America, featuring multiple U.S. sites and a facility in Quebec. According to CEO Ben Gagnon, "Our North American energy portfolio positions Bitfarms to be a leader in HPC and AI infrastructure." The company aims to claim a large share of the rapidly developing AI infrastructure market, boasting over 1 GW in its Pennsylvania projects near Amazon and CoreWeave facilities. Bitfarms will end its mining activities in Argentina due to energy supply issues that began in May and ongoing economic instability. Trump has expressed ambitions to transform the U.S. into a significant cryptomining center. Notably, he has financial ties to the American Bitcoin subsidiary of Hut 8 through his sons, Eric and Donald Jr. In its financial results, Bitfarms reported a net loss of $29 million on revenue of $78 million, compared to a net loss of $27 million the previous year. The company mined 718 BTC at an average cost of $48,200 each and sold 1,052 BTC at an average price of $95,500, generating $100 million in revenue for the quarter. Additionally, Bitfarms has launched a share buyback initiative, allowing purchases of up to 10% of its public shares by July 2026. As of August 8, it bought back 4.9 million shares at an average price of $1.24 each. CFO Jeff Lucas highlighted this buyback, stating, "I am proud to report that we’ve already repurchased 10% of all shares available under the repurchase program, reflecting our belief that our shares are significantly undervalued." As a result, BITF's stock increased by 2.4% to close at $1.26, as reported by The Block.