Bitfarms clocks $36M net loss amid shift from Bitcoin mining to AI

Bitfarms clocked a first-quarter net loss of $36 million, widening from a $6 million loss in the same period a year earlier, as the Bitcoin miner pivots from mining to high-performance computing for artificial intelligence applications.  The miner posted $67 million in sales for the quarter ended March 31, up 33% from the year prior. However, gross profit margin for Bitfarm’s mining operations declined to 43% from 63% year-over-year, the company said in its first quarter earnings release.  The lower margins reflect pressure from Bitcoin’s (BTC) April 2024 “halving” as well as volatility in Bitcoin’s price source: https://cointelegraph.com/news/bitfarms-clocks-36m-net-loss-shift-mining-high-performance-computing?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound