Is Bitfarms Stock Halal?

Is Bitfarms Stock Halal?

How much of Bitfarms’ revenue comes from haram?

Bitfarms earns its revenue from mining cryptocurrencies.

Practical Islamic Finance concludes:

None of Bitfarms’ revenue comes from anything inherently haram.

Does Bitfarms rely on interest to operate?

for period ended
Fiscal year
Fiscal year
Interest Income
Total Revenue$28,432$34,703$32,421
Interest Expense $898$6,104$3,286
Total Expenses$11,939$40,080$31,276
Interest Income / Revenue
Interest Expense / Total Expense7.52%15.23%10.51%
*Numbers in thousands, U.S. dollars

Practical Islamic Finance concludes:

From the consistently elevated levels of Interest Expense / Total Expense, Riba is relied upon in Bitfarms’ operations.

What is Bitfarms’ Environmental, Social, and Governance (ESG) impact?


According to Bitfarms, the company uses more than 99% hydroelectric power to power its cryptocurrency mining farms.


No notable social highlights.


No notable governance highlights.

Practical Islamic Finance concludes:

Bitfarms has a net positive ESG impact.

Comfort Rating

From Bitfarms’ business, financial, and ESG reviews, Practical Islamic Finance rates Bitfarms stock as:

Uncomfortable to invest in from a Halal perspective.

Justification for Our Rating

Bitfarms’ consistent elevated use of interest to run its operations suggests a systemic reliance on interest which causes Practical Islamic Finance to be uncomfortable investing in it.


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