Bitfarms Ltd. (NASDAQ/TSX: BITF) is a publicly traded Bitcoin mining company originally headquartered in Canada, with operations spanning Canada, the United States, and Paraguay. Bitfarms has differentiated itself within the mining sector through its emphasis on renewable energy sourcing — particularly hydroelectric power in Quebec, Canada — as part of a broader sustainability positioning. In 2025, Riot Platforms made a successful acquisition of Bitfarms following a hostile takeover attempt that began in 2024, consolidating two of North America’s largest public miners.
Background
Bitfarms was founded in 2017 and went public on the Toronto Stock Exchange in 2019 before dual-listing on NASDAQ in 2021. The company built its early mining infrastructure primarily in Quebec, Canada, attracted by the province’s abundant low-cost hydroelectric power — making its operations among the most carbon-efficient in the industry relative to peers using fossil fuels.
CEO Geoffrey Morphy led the company through its international expansion into Argentina (later exited) and Paraguay, diversifying away from sole Canadian dependence.
Riot Platforms Acquisition
In early 2024, Riot Platforms disclosed a significant stake in Bitfarms and launched a hostile takeover bid. After a contentious period that included boardroom battles, shareholder pressure, and competing strategic plans, Riot’s acquisition of Bitfarms was completed in 2025 — creating one of the largest combined Bitcoin mining entities in the world.
Operations
| Location | Power Source | Notes |
|---|---|---|
| Quebec, Canada | Hydroelectric | Core historic operations |
| Washington State, USA | Hydro | Pacific Northwest sites |
| Paraguay | Hydro (Itaipu Dam region) | International expansion |
Related Terms
Sources
- Bitfarms Website — official corporate site.
- BITF on NASDAQ — financial data.
- Bloomberg — Riot Platforms acquisition — coverage of the 2024–2025 takeover.