Bitfarms Burns $285M on Bitcoin, Then Tells Wall Street: 'We Quit'

Bitfarms (BITF) pulled off what can only be described as the most expensive pivoting lesson in crypto history, watching its shares climb 6.6% on Tuesday despite reporting a widened $284.5 million net loss for 2025. The loss was driven by a decline in Bitcoin prices and a cost of revenue that made accounting students weep. Meanwhile, the company is now aggressively positioning itself as an AI and high-performance computing player, because apparently burning $285 million wasn't enough excitement for one fiscal year.

Full-year results showed a 72% year-on-year revenue jump to $229 million, which sounds impressive until you realize that $248 million in cost of revenue wiped out those gains entirely, resulting in a gross loss. That's like getting a participation trophy, then having it immediately revoked because you technically came in last place. General and administrative expenses also climbed year over year, because when you're running a Bitcoin mining operation into the ground, apparently the overhead doesn't get the memo.

The change in fair value of digital assets delivered a $50.5 million loss in 2025, compared to a $26 million gain in 2024. This was partially offset by a $28.2 million realized gain on digital asset sales, which is the financial equivalent of finding a twenty-dollar bill in your winter coat while your house burns down. The numbers underscore just how tough it's become for Bitcoin miners to turn a profit, especially when Bitcoin has fallen 46% from its October high, while mining difficulty has surged 58