Bitfarms Q2 2025: Unpacking Contradictions in Panther Creek Development, HPC Engagement, and Financing Strategies

Panther Creek development timeline, HPC customer engagement and site readiness, Macquarie financing milestones are the key contradictions discussed in Bitfarms' latest 2025Q2 earnings call.



Bitfarms' Energy and Infrastructure Focus:
- Bitfarms is increasingly focusing on its energy and infrastructure portfolio, with over 1 gigawatt in the pipeline, particularly in North America.
- This strategic shift is driven by strong demand for HPC and AI capabilities, with a focus on Pennsylvania, Washington, and Quebec.

Argentina Operational Changes:
- Bitfarms is shutting down its mining operation in Argentina by November 2025 due to cost factors and lack of electricity supply.
- The decision is due to rising energy costs, lack of electricity supply, and decreased efficiency, leading to improved fleet-wide KPIs.

Panther Creek Data Center Development:
- Bitfarms is advancing its 350-megawatt data center campus in Pennsylvania, with a master site plan submitted and PPL grid connection confirmed.
- The development is supported by Amazon and CoreWeave investments nearby, favorable tax environments, and robust political support.

Bitcoin Mining Revenue and Strategy:
- Bitfarms earned 718 Bitcoin in Q2, with $98,000 revenue per Bitcoin, and achieved $8 million of free cash flow per month from mining operations.
- The mining business remains a stable foundation, supporting the transition to HPC and AI without significant CapEx needs.

Share Buyback Program:
- Bitfarms launched a stock buyback program to repurchase up to 49.9 million shares, representing about 9% of outstanding shares.
- The program is fueled by strong cash flows from mining operations, reflecting the company's undervalued status compared to peers.