Bitfarms has transformed from a Latin American Bitcoin mining company to a North American energy and HPC/AI powerhouse, with CEO Ben Gagnon highlighting their strategic repositioning and financial strength to capitalize on the explosive growth in data center demand. This comprehensive transition includes stabilizing their Bitcoin operations while developing high-value data center infrastructure in Pennsylvania and Washington state to serve the rapidly expanding AI computing market.
• Complete reorganization of the company with strengthened management team
• Pivot to North America with 82% of megawatts now in the US and Canada
• Bitcoin mining fleet now fully deployed and optimized at 17 watts per terahash
• Secured $300 million Macquarie financing facility for Panther Creek development
• Strategic partnership with T5 Data Centers to manage construction process
• Pennsylvania location benefits from robust energy access, cooler climate, and fiber connectivity
• Washington site offers immediate access to cheap hydroelectric power in high-demand region
• Strong balance sheet with $220-230 million in liquidity across cash and Bitcoin
• Active share repurchase program with over 10% of available shares already bought back
• Argentina site shutdown negotiated for optimal capital recovery
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