Bitfarms, one of many largest publicly accessible Bitcoin mining corporations, has halted all operations at its mining services in Argentina.
shutdown Follows notices from our electrical energy provider Generación Mediterránea SA (GMSA). This notified the corporate on Might twelfth that it might shut down energy indefinitely.
As revealed within the MD&A report for the primary quarter 2025, GMSA is present process a fiscal restructuring course of and has appointed an advisor to handle debt negotiations. Initially, the provider ensured BitFarm may proceed working on the location.
Nevertheless, a sudden change within the state of affairs compelled a full energy shutdown and prompted an entire suspension of the corporate’s crypto mining actions within the area.
In Argentina, there isn’t a broader crypto crackdown, says Vanek analysts
Matthew Sigel, head of digital belongings analysis at Vaneck, highlighted the event of X. He stated the difficulty seems to be remoted from the GMSA’s monetary difficulties and doesn’t present a wider anti-cryptostance by the Argentine authorities.
Nonetheless, the information sparked concern amongst traders, bringing down BitFarms (BITF) shares by about 6%. The corporate famous that it evaluates the choices and seeks a decision. Nevertheless, no timeline is supplied for potential reopening of operations.
The Argentina Electrical energy Provider GMSA stops energy to the BitFarms $BITF BITCOIN mining operation and shuts down all mining within the ARG.
It seems to be particular to GMSA’s funds fairly than the results of Argentina’s broader BTC coverage.
Nonetheless, it is destructive. BITF -6%. pic.twitter.com/ox650sid2u– Matthew Sigel, Recovering CFA (@matthew_sigel) Might 14, 2025
That means not but mirrored in finance
Particularly, BitFarms categorized energy shutdowns as “untuned occasions.” That’s, its monetary impression has not but been taken into consideration within the first quarter of 2025 impairment evaluation.
BitFarms’ Q1 Bitcoin Mining Efficiency
Bitfarms operates 15 energetic information facilities in international locations together with Canada, the US and Paraguay. Within the first quarter of 2025, the corporate mined 693 BTC at a mean direct manufacturing value of $47,800 per Bitcoin, with a complete money value of $72,300.
The corporate improved operational effectivity, attaining a 44% enchancment over the earlier yr, a 200% enhance in hash charges from the primary quarter of 2024.
BitFarms additionally offered 428 BTC for $37 million in the course of the quarter, and a further 350 BTC for $30 million in April. As of mid-Might, it has held 1,166 BTC.
The corporate continues to make the most of its mining enterprise as a steady money era base, shifting ahead with its strategic shift in direction of high-performance computing (HPC) and AI infrastructure.
