Bitcoin miner Bitfarms reports 87% year-on-year revenue growth and plans to relocate to the United States

according to The Block, Bitcoin miner Bitfarms reported a 87% year-over-year increase in revenue for the second quarter, reaching $78 million. The company plans to relocate to the United States, benefiting from President Trump's strong support for cryptocurrencies and artificial intelligence.

Bitfarms currently has 82% of its energy portfolio located in North America, including multiple locations in the United States and a facility in Quebec, Canada. The company plans to cease its mining operations in Argentina due to economic uncertainty in the region.

Additionally, Bitfarms has initiated a stock buyback program, having repurchased 4.9 million shares as of August 8, at an average price of $1.24 per share.