Executives from Bitfarms (NASDAQ:BITF) outlined a near-term corporate transition and a longer-term shift away from Bitcoin mining toward high-performance computing (HPC) and artificial intelligence (AI) infrastructure during a discussion with investors.
Ben Gagnon said the company has historically been “a longtime energy infrastructure company,” but over the past year has pivoted to “100% North American infrastructure and 100% HPC and AI infrastructure,” adding that Bitfarms is “no longer making any investments into Bitcoin mining.”
Re-domiciliation and rebrand to Keel Infrastructure
Gagnon emphasized that the company is not trying to compete directly in compute or cloud services, instead focusing on enabling hyperscalers and “neo cloud” customers to deploy capacity on time and operate without interruption.
Portfolio overview: 2.2 GW across Pennsylvania, Quebec, and Washington
Gagnon described what he called a “unique portfolio” totaling about 2.2 gigawatts of energized, secured, and expansion capacity across Pennsylvania, Quebec, and Washington, with the “vast majority” of the pipeline in Pennsylvania.
- Sharon (Pennsylvania): 110 MW in western Pennsylvania near Pittsburgh and Cleveland.
- Panther Creek (Pennsylvania): 350 MW secured, with potential to expand beyond 400 MW and possibly “upwards of 500 MW.” Gagnon said it is roughly three hours from New York and Philadelphia and is attracting significant interest.
- Scrubgrass (Pennsylvania): Potential for a gigawatt of capacity, including a 750 MW detailed load study “under active processing with FirstEnergy,” with visibility expected in the Q3–Q4 timeframe. The company is also working on an additional 550 MW of on-site natural gas generation, which would bring total capacity to about 1.3 GW, according to Gagnon.
- Washington: An 18 MW site under development, which Gagnon said is being developed with Turner Construction and Vertiv.
- Quebec: 170 MW, with a focus on 96 MW in Sherbrooke. Gagnon said Bitfarms has three Bitcoin mining sites there (48 MW, 30 MW, and 18 MW) and plans to consolidate power onto a new campus near those sites.
Location strategy and the role of latency
Gagnon argued the company’s primary differentiation is location, describing data centers as “still a real estate play” where timing and geography influence the value of power. He said Bitfarms’ sites are concentrated in northern geographies—Pennsylvania, Quebec, and Washington—adding, “We don’t have a single site below 40 degrees north.” He cited proximity to major metro areas and cooler climates as advantages that can improve efficiency and lower operating and capital costs.
On latency, Gagnon said the importance depends on use case. He stated that model training is generally less latency-sensitive, while inference is more dependent on proximity—adding that inference is where he expects “most of the demand” over the next few years. He pointed to Panther Creek’s proximity to New York and Philadelphia and the Washington footprint’s proximity to Seattle, Portland, and Vancouver as advantages for inference workloads.
Milestones and timeline: leasing focus in 2026, delivery in 2027
Asked about milestones, Gagnon described three investor catalysts: continued site advancement (permitting and construction) to support lease execution; conversion of expansion capacity into secured capacity; and eventual delivery as projects are commissioned.
He said lease execution is a key near-term catalyst because valuations in the sector can differ significantly between companies with signed leases and those without. He also said the market is not assigning much value to the company’s expansion capacity, and that converting expansion capacity to secured capacity—such as firming up the Scrubgrass load study into an ESA and firm service—could be another catalyst.
On timing, Gagnon said 2026 is “a year of execution” and 2027 is expected to be “a year of delivery,” with the company aiming for sites to be commissioned and generating revenue. He said Moses Lake in Washington is “very likely” to be the first to come online in the first half of next year, with Sharon and Panther Creek likely to come online in the second half, while cautioning that more specific guidance would come after notice-to-proceed (NTP) and signed leases.
Jonathan (Bitfarms executive) added that the company views 2026 as a “commercial inflection point,” saying that getting to active commercial discussions over the past nine months represented “transformational progress.”
Financing approach, tenant credit, and remaining Bitcoin exposure
On customer selection, Jonathan said the company is focused on investment-grade counterparties, either directly or through a “credit wrap” that is “back-to-back with the lease,” calling that structure “table stakes” for financing large projects at an attractive cost of capital.
Regarding funding, Jonathan said Bitfarms’ plan is designed to maintain liquidity through leasing and beyond without needing to access capital markets, emphasizing that soft development costs are relatively limited compared with total project cost. He also said long lead-time items are sometimes expected to be provided by customers, depending on design requirements.
When asked about on-site power generation, Jonathan said the company’s stated capacity at Panther Creek and Scrubgrass reflects grid-connected firm capacity, not behind-the-meter generation. He described the potential for co-located combined-cycle gas turbine generation at Scrubgrass as an expansion opportunity given proximity to the Tennessee Gas Pipeline.
On liquidated damages and delivery risk, Gagnon said the company’s strategy is to de-risk sites through permitting and execution before committing to specific delivery dates in leases.
Finally, Gagnon said the company still holds “a little under 2,500 Bitcoin” on its balance sheet, “fully owned, unencumbered,” but reiterated that the company is no longer a Bitcoin-focused business and intends to continue winding down that exposure “with discipline into strength” to reinvest proceeds into HPC and AI initiatives. Jonathan added that liquidity planning assumes “not making any tangible cashflow out of the Bitcoin mining business.”
About Bitfarms (NASDAQ:BITF)
Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.
Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.
