Bitfarms is shifting its focus from Bitcoin mining to the development of HPC/AI data centers. They are emphasizing a strategy of building first and determining pricing later, with nearly 99% of their upcoming 2026-27 projects centered around NVIDIA’s next-generation Vera Rubin GPUs to cater to hyperscalers and GPU-as-a-service opportunities.
According to management, the main challenge in the industry lies in power and infrastructure rather than chip availability. They point to increasing lease rates, projected shortages in data center power, and a preference for cooler markets to enhance efficiency and reduce costs.
Bitfarms claims to have the necessary funding to progress with key sites in the U.S., including recent convertible proceeds of $590 million, approximately $750 million in available funds, and a $200 million Macquarie facility. They anticipate obtaining notice to proceed (NTP) for Moses Lake, Sharon, and Panther Creek by the second half of 2026, with revenue potential by late 2027.
The company’s Chief Operating Officer, Liam Wilson, believes that “infrastructure is not a bubble,” highlighting the exponential growth in compute supply over the years and the increasing demand for data center capacity due to AI advancements. He argues that the current bottleneck is not capital or chip production but rather power and infrastructure limitations.
Wilson mentioned that lease rates for data centers have been rising significantly since 2022 compared to the past two decades. Bitfarms intends to focus on infrastructure development to shorten the time between signing contracts and generating revenue while avoiding premature lease agreements.
The company’s power resources are concentrated in regions deemed high value, with an emphasis on cooler climates and access to fiber infrastructure. Specific sites include Moses Lake (Washington), Panther Creek (Pennsylvania), Sharon (Pennsylvania), Quebec, and Scrubgrass (Pennsylvania).
Chief Financial Officer Jonathan Merne highlighted that Bitfarms recently completed a convertible financing round raising $590 million. The company currently has $750 million in unencumbered liquidity and access to a $200 million Macquarie facility, enabling them to advance key projects without external funding.
Executives reported increased interest from stakeholders over the past three months, particularly for the Sharon facility and Moses Lake site. Wilson also mentioned corporate actions such as selling the Paso Pe facility as part of Bitfarms’ strategic shift towards focusing on U.S. operations.
Bitfarms Ltd., a publicly traded Bitcoin mining company listed on NASDAQ under ticker BITF, operates large-scale cryptocurrency mining farms using specialized hardware to secure the Bitcoin blockchain.