![[BitFarms_Horizontal_rgb-reverse.webp|300]] Company website: https://bitfarms.com/ ### Introduction **Bitfarms Ltd.**, a global vertically integrated Bitcoin mining company, was founded in 2017 by Emiliano Joel Grodzki and Nicolas Bonta. Headquartered in Toronto, Canada, with a second principal executive office recently established in New York City as of July 2025, the company operates across North America and South America, emphasizing sustainable practices through renewable energy sources. Bitfarms' mission is to provide high-performance Bitcoin mining operations while maintaining low operating costs and leveraging renewable energy for efficiency and sustainability. The company's key focus areas include Bitcoin mining with a pivot toward high-performance computing (HPC) and artificial intelligence (AI) infrastructure, strategic U.S. expansion, and optimizing a robust energy portfolio of approximately 1.4 GW, with about 80% in the U.S. Bitfarms operates 13 data centers and hosting agreements in Canada, the United States, Paraguay, and Argentina, prioritizing vertical integration, fleet efficiency, and diversification into AI-driven technologies to meet growing computational demands. ### Key Products and Technology - **Bitcoin Mining Operations**: Proprietary mining using advanced ASIC miners, with operational hashrate reaching 19.5 EH/s and fleet efficiency of 19 w/TH as of April 2025. Features include low-cost renewable energy (e.g., hydro in Quebec and Paraguay), vertical integration for cost control, and sales of computational power to mining pools; applications focus on securing the Bitcoin network and generating revenue through BTC production (e.g., 268 BTC mined in April 2025). - **Data Center Infrastructure**: 13 operating facilities across four countries, with energized capacity supporting mining and potential HPC repurposing; expansions include acquisitions like Stronghold Digital Mining for U.S. growth. Technologies emphasize sustainability (e.g., carbon-free hydropower), high uptime, and scalability; applications include hosting agreements and colocation services for third-party miners. - **Fleet Upgrade and Efficiency**: Completed transformative upgrades in Q1 2025, deploying energy-efficient miners to achieve over 94% hydro-powered operations and reduce costs. Key features: Improved power efficiency (from 45% better than prior year), real-time tracking tech for operations; supports global hashrate peaks like 943 EH/s in May 2025. - **HPC/AI Infrastructure**: Emerging platform for AI and HPC workloads, leveraging existing data centers (e.g., Panther Creek site development). Features include GPU-compatible setups, accelerated sales strategies, and MLOps tools; applications target AI training, machine learning, and high-compute demands, with no large miner purchases planned for 2025-2026 to focus on this pivot. ### Team and Leadership - **Ben Gagnon, Chief Executive Officer and Director**: Proven strategist in Bitcoin mining with extensive experience guiding companies through growth; appointed CEO in July 2024, focusing on U.S. expansion and HPC pivot; previously held leadership roles in mining operations. [@hashoveride](https://x.com/hashoveride). - **Jeffrey Lucas, Chief Financial Officer**: Senior financial and operations executive with expertise in high-growth public companies; drives treasury management, financial strategies, and efficiency; Harvard Business School alumnus with a background in tech and finance. - **Liam Wilson, Chief Operating Officer**: Oversees global operations, including data center expansions and efficiency; experienced in transacting over 900 MW of power deals; background in Bitcoin mining panels and infrastructure management, contributing to over 4 years at Bitfarms. ### Recent News and Developments (2025) | Date | Event | Details | |------------|--------------------------------|-------------------------------------------------------------------------| | July 28, 2025 | Announces Second Principal Executive Office in NYC and Conversion to U.S. GAAP | Designated NYC as second principal office; initiated transition to U.S. GAAP accounting to strengthen North American leadership in energy and compute infrastructure. | | July 22, 2025 | Q2 2025 Financial Results | Revenue of $67 million (33% YoY increase); gross mining margin at 43%; total energy pipeline ~1.4 GW (~80% U.S.-based); highlighted Macquarie debt facility for HPC. | | July 14, 2025 | Corporate Share Buyback Program | Authorized repurchase of up to 10% of public float (49.9 million shares) to enhance shareholder value. | | June 12, 2025 | AI Infrastructure Expansion Announcement | Emphasized reshaping power and infrastructure for AI demands, focusing on expansion and optimization. | | June 10, 2025 | Strategic HPC Expansion at Bitcoin Conference | CEO announced pivot to HPC infrastructure to lead next-gen digital innovation. | | June 4, 2025 | Priority Shift to HPC and AI | CEO outlined focus on HPC/AI opportunities, U.S. footprint expansion. | | May 14, 2025 | Q1 2025 Financial Results | Revenue $67 million (34% YoY increase); completed Stronghold acquisition and Yguazu sale; held 1,166 BTC; $37 million from BTC sales. | | May 6, 2025 | Participation in Investor Conferences | Announced attendance at Consensus 2025, AIM Summit London, and BTC 2025 for discussions on AI/HPC. | | May 1, 2025 | April 2025 Production Update | Mined 268 BTC; hashrate 19.5 EH/s; Macquarie debt up to $300 million for Panther Creek HPC; no miner purchases planned 2025-2026. | | April 2, 2025 | Q4 2024 Financial Results (with 2025 Outlook) | Revenue $56 million (21% YoY); hashrate 18.6 EH/s; efficiency 19 w/TH; energy pipeline ~1.4 GW. | | March 3, 2025 | February 2025 Production Update | Hashrate 16.1 EH/s; Stronghold acquisition and Yguazu sale on track; appointed Craig Hibbard to team. | | February 3, 2025 | January 2025 Production Update | Hashrate 15.2 EH/s; energized Sharon PA and Baie-Comeau sites; conference participations announced. | | January 31, 2025 | Engages Partners for HPC/AI Development | Partnered with ASG and WWT for HPC/AI strategy and sales acceleration. | ### Partnerships and Collaborations - **Macquarie Group**: Private debt facility for up to $300 million (initial $50 million draw) to fund HPC/AI development at Panther Creek, PA; validates pipeline and enables non-dilutive growth; potential for future collaborations. - **Appleby Strategy Group (ASG) and World Wide Technology (WWT)**: Engaged as expert consultants for HPC/AI strategy, artificial intelligence development, and accelerated sales; supports building MLOps and infrastructure for AI workloads. - **Stronghold Digital Mining**: Acquisition completed in Q1 2025, adding U.S. data centers and power assets to expand hashrate and HPC capabilities. - **HIVE Digital Technologies**: Sale of 200 MW Yguazu, Paraguay site completed in May 2025 for strategic refocus on U.S. operations. - **Hosting Agreements**: Collaborations with two additional data centers for expanded operations in Canada, U.S., Paraguay, and Argentina, enhancing global footprint and efficiency. ### Closing Note As a publicly traded company (NASDAQ/TSX: BITF) with secured funding including a $300 million debt facility and Q1 2025 revenue of $67 million, Bitfarms is in a mature growth stage, with a positive future outlook driven by hashrate expansion to over 19 EH/s, strategic U.S. focus, and diversification into HPC/AI projected to generate significant value through 2026. *Report generated July 28, 2025*