![[BitFarms_Horizontal_rgb-reverse.webp|300]] Website: [bitfarms.com](https://bitfarms.com) ### Introduction Bitfarms Ltd. was founded in 2017 by Emiliano Grodzki and Nicolas Bonta, with its headquarters located in Toronto, Ontario, Canada. The company specializes in cryptocurrency mining, primarily focusing on Bitcoin, and has recently announced a strategic pivot towards high-performance computing (HPC) and artificial intelligence (AI) infrastructure. Bitfarms operates with a mission to secure the future of cryptocurrency mining while leveraging its energy and compute infrastructure for emerging technologies like AI. While exact employee numbers are not publicly available in the latest data, the company has grown significantly since its inception, managing multiple facilities across North America and previously in South America. Bitfarms is a publicly traded company listed on both the Nasdaq and Toronto Stock Exchange under the ticker symbol BITF. Over the years, it has established itself as one of the largest Bitcoin mining companies globally, though recent developments indicate a shift away from mining towards AI and HPC data centers due to declining profitability in cryptocurrency operations. This transition reflects the company’s adaptability to market trends and its focus on sustainable, long-term growth in energy-intensive computing sectors [Bitfarms](https://bitfarms.com). ### Key Products and Technology Bitfarms’ core operations have historically centered on Bitcoin mining, but its infrastructure is now being repurposed for AI and HPC workloads. Below are the key aspects of their technology and offerings: - **Bitcoin Mining Infrastructure (Legacy Operations)** - **Type**: Cryptocurrency mining using ASIC miners - **Technical Specifications**: As of recent updates in 2025, Bitfarms reported an operational hashrate of 19.5 EH/s (exahashes per second) and a fleet efficiency of 19 w/TH (watts per terahash) [Bitfarms Investor Relations](https://investor.bitfarms.com). - **Energy Source**: Primarily hydropower and other renewable sources, with a historical capacity of 324 MW operational as of December 2024, though recent reports indicate a reduction to 341 MW currently energized for mining as the company exits this sector [Posts on X](https://x.com/Bitfarms_io). - **Key Differentiators**: Low-cost energy access through hydropower contracts and a focus on sustainability, with past claims of utilizing significant renewable energy (e.g., 69 MW of green energy in 2021). - **Development Stage**: Operational but winding down, with a planned exit from Bitcoin mining by 2027 to focus on AI/HPC. - **Target Customers**: Cryptocurrency markets (historically); transitioning away from this focus. - **HPC/AI Data Center Infrastructure (Emerging Focus)** - **Type**: High-performance computing and AI workload infrastructure - **Technical Specifications**: Sites are being designed to support advanced hardware like Nvidia GB300s with liquid cooling technology. Specific power capacities for AI workloads include a pipeline of 2.1 GW across the U.S. and Canada, with 341 MW currently energized, 440 MW contracted, and 1.3 GW in advanced development [Posts on X](https://x.com/SmallCapSnipa). - **Energy Source**: Leveraging existing energy infrastructure, including access to low-cost power in regions like the PJM Interconnection market. - **Key Differentiators**: Rapid scalability of power infrastructure, strategic locations near major energy grids, and priority access to megawatts, positioning Bitfarms ahead of competitors in the AI data center space. - **Development Stage**: Under conversion, with a notable project at their Washington site targeting completion by December 2026 [GlobeNewswire](https://www.globenewswire.com/news-release/2025/11/13/3187121/0/en/Bitfarms-Announces-Plans-for-Conversion-of-Washington-Site-to-HPC-AI-Workloads.html). - **Target Customers**: AI and tech companies requiring GPU-powered data centers, colocation clients, and cloud service providers. ### Regulatory and Licensing Status As Bitfarms operates primarily in the cryptocurrency mining and data center infrastructure sectors, it does not fall under nuclear regulatory oversight like the NRC. Instead, its regulatory considerations relate to energy usage, environmental compliance, and financial reporting as a public company. Bitfarms must adhere to local and [[Federal|federal]] regulations regarding energy consumption and data center operations in the U.S. and Canada. Key regulatory milestones include securing energy contracts and permits for data center conversions, such as those in the PJM Interconnection market, which provides access to low-cost power. There are no specific timelines for "first commercial deployment" in the traditional sense, as Bitfarms is already operational in mining and is transitioning existing infrastructure for AI/HPC workloads. However, the company has targeted December 2026 for the completion of its Washington site conversion to HPC/AI workloads [Bitfarms Investor Relations](https://investor.bitfarms.com). Investors should note that regulatory challenges may arise from environmental concerns over energy-intensive operations, though Bitfarms has historically emphasized renewable energy use. ### Team and Leadership Bitfarms’ leadership team includes experienced executives in mining and infrastructure development, guiding the company through its strategic pivot: - **Ben Gagnon**, CEO and former Chief Mining Officer, has been instrumental in Bitfarms’ growth in Bitcoin mining and now leads the transition to AI infrastructure. [@hashoveride](https://x.com/hashoveride) - **Emiliano Grodzki**, Co-Founder and former CEO, played a key role in establishing Bitfarms as a major player in cryptocurrency mining. - **Nicolas Bonta**, Co-Founder and Chairman, focuses on strategic direction and corporate governance. Additional leadership updates in 2025 include the appointment of two new executives for HPC/AI and infrastructure roles, though specific names were not detailed in available sources [Bitfarms Investor Relations](https://investor.bitfarms.com). ### Funding and Financial Position Bitfarms has not disclosed total funding raised in private rounds, as it transitioned to a public entity relatively early in its history. As a public company (Nasdaq/TSX: BITF), its market cap and stock performance are key indicators of financial health. As of recent reports in November 2025, the stock experienced an 18% decline following the announcement of its pivot away from Bitcoin mining to AI data centers, reflecting investor uncertainty [Cointelegraph on X](https://x.com/Cointelegraph). Specific market cap figures for December 2025 are not available in the current data. In terms of recent financing, Bitfarms secured a private debt facility of up to $300 million with a division of Macquarie Group in April 2025 to fund initial HPC project development at Panther Creek [Bitfarms Investor Relations](https://investor.bitfarms.com). The company reported a $46 million loss in the period leading to its pivot announcement in November 2025, highlighting financial pressures in the Bitcoin mining sector [Yahoo Finance](https://finance.yahoo.com/news/bitfarms-wind-down-bitcoin-mining-021355271.html). Bitfarms is not pre-revenue in its legacy mining operations, having earned 2,914 BTC in 2024, but expects lower revenues in Q4 2025 due to reduced mining capacity [Posts on X](https://x.com/chinoalemano). ### Recent News and Developments | Date | Event | Details | |---------------|--------------------------------------------|---------------------------------------------------------------------------------------------------| | Dec 22, 2025 | Energy Pipeline Update | Bitfarms’ energy pipeline reaches 2.1 GW across U.S. and Canada, with 341 MW energized [Posts on X](https://x.com/SmallCapSnipa). | | Nov 13, 2025 | Pivot to AI Data Centers Announced | Plans to wind down Bitcoin mining over two years, focusing on AI/HPC infrastructure [Bloomberg](https://www.bloomberg.com/news/articles/2025-11-13/bitfarms-to-wind-down-bitcoin-mining-to-focus-on-ai-data-centers). | | Jul 28, 2025 | Second Executive Office in NYC | Announced a new office in New York City following acquisition of [[Stronghold Digital Mining]] [Bitfarms Investor Relations](https://investor.bitfarms.com). | | May 1, 2025 | New Debt Facility for HPC Development | Secured up to $300 million from Macquarie Group for Panther Creek HPC project [Bitfarms Investor Relations](https://investor.bitfarms.com). | | Feb 3, 2025 | January Operations Update | Operational hashrate at 15.2 EH/s, energized two North American sites, and signed agreements for HPC transition [Bitfarms Investor Relations](https://investor.bitfarms.com). | ### Partnerships and Collaborations - **[[Stronghold Digital Mining]]**: Acquisition completed or on track for Q1 2025 close, enhancing Bitfarms’ presence in the PJM Interconnection market and providing access to additional power capacity for HPC/AI workloads [Bitfarms Investor Relations](https://investor.bitfarms.com). - **Macquarie Group**: Financial partnership through a $300 million debt facility to support HPC project development, validating Bitfarms’ data center pipeline [Bitfarms Investor Relations](https://investor.bitfarms.com). - **ASG and WWT**: Signed agreements in early 2025 to support HPC infrastructure development, though specifics of the collaboration are limited in public data [Bitfarms Investor Relations](https://investor.bitfarms.com). ### New Hampshire Relevance Bitfarms’ infrastructure and energy focus could have potential relevance for [[New Hampshire]], particularly in the context of data center power demands and grid support. The company’s operations are concentrated in North America, with significant presence in the PJM Interconnection market (covering parts of the Mid-Atlantic and Midwest) and sites in Canada, such as Baie-Comeau, Quebec. While there is no direct proximity to New Hampshire’s [[Seabrook Station]] or specific mention of Northeast U.S. projects beyond Pennsylvania, Bitfarms’ access to the ISO-NE grid through regional energy markets could facilitate future expansion into the area. Bitfarms’ pivot to HPC/AI data centers aligns with growing data center load demands in New Hampshire and the broader Northeast, where tech companies seek reliable, high-capacity power. The technology readiness for AI workloads (targeting completion by 2026) may not align immediately with urgent NH deployment timelines, but it could support longer-term initiatives. There is no direct alignment with NH legislative initiatives like HB 710 or SMR provisions, as Bitfarms is not in the nuclear sector; however, its focus on low-cost, flexible power strategies could appeal to state goals for sustainable industrial growth. Potential applications include powering data centers and supporting grid stability through energy trading. There are no known NH connections or expressed interest in the state as of the latest data. ### Competitive Position Bitfarms faces competition from other Bitcoin miners pivoting to AI/HPC, such as Core Weave, which has also shifted focus to GPU-powered data centers for higher revenue per megawatt [Posts on X](https://x.com/shfwms). Compared to Core Weave, Bitfarms benefits from a larger existing energy pipeline (2.1 GW) and priority access to power, positioning it favorably for rapid scaling. Another competitor, HIVE Blockchain, operates in similar regions and has collaborated with Bitfarms through a binding letter of intent for the sale of a 200 MW site in Paraguay in Q1 2025 [Bitfarms Investor Relations](https://investor.bitfarms.com). Bitfarms’ unique advantage lies in its early-mover status in securing significant power capacity, though risks include financial losses during the transition and potential regulatory hurdles in energy-intensive operations. ### Closing Note Bitfarms is at a pivotal stage, transitioning from Bitcoin mining to a leadership position in AI and HPC infrastructure with a promising outlook driven by its substantial energy pipeline. **RSS_FEED**: https://investor.bitfarms.com/news-releases/rss *Report generated December 24, 2025*