Bitfarms executives presented a strategy to move from Bitcoin mining toward high-performance computing and artificial intelligence data center infrastructure. Chief Operating Officer Liam Wilson stated the company's core thesis is that "infrastructure is not a bubble." He argued the constraint is "power and infrastructure," not capital or semiconductor production, as chips can be produced faster than facilities can be built and energized.
Wilson pointed to rising data center lease rates as evidence. He said rates grew about 3% on average over the last 20 years but have increased at an average of about 12% since 2022. He cited industry commentary around a future power shortfall for data centers by 2030 and referenced a Microsoft CEO statement about GPUs the company cannot deploy due to infrastructure constraints.
The company plans to avoid signing leases prematurely. It aims to optimize for higher rates and margins by prioritizing infrastructure development to reduce time between contract signing and revenue generation. Bitfarms intends to leverage the supply-demand gap to lock in higher rates under multi-year agreements once sites are closer to delivery.
Wilson said Bitfarms is designing roughly 99% of its 2026 and 2027 development portfolio for NVIDIA's next-generation "Vera Rubin" GPUs, rather than focusing on the Blackwell generation. He stated Vera Rubin infrastructure requirements are "largely incompatible" with Blackwell-designed facilities, and this could create stronger economics in 2027.
The company's power portfolio is concentrated in regions it views as higher value, emphasizing cooler climates and access to fiber infrastructure. Wilson contrasted northern locations such as Pennsylvania, Washington, and Quebec with hot climates like Texas, stating cooling needs affect efficiency and costs. He said a similar design could have an estimated power usage effectiveness of about 1.4–1.5 in Texas versus roughly 1.2–1.3 in Pennsylvania, Quebec, or Washington.
Key site updates were provided. For Moses Lake, Washington, Wilson said the region has a "10-year waitlist for power" and described it as part of a major West Coast data center cluster. Bitfarms is pursuing colocation opportunities and evaluating a potential GPU-as-a-service strategy for the site. He said converting Moses Lake to GPU-as-a-service could generate more annual net operating income than the company has ever generated from Bitcoin mining.
Panther Creek, Pennsylvania was described as Bitfarms' flagship HPC/AI campus with 350 MW of secured power under contract. Wilson said 50 MW is targeted for delivery at the end of 2026 and 300 MW at the end of 2027. He noted $200 million remaining on a Macquarie project facility and said the company has received positive indications that could support an increase to 410 MW.
For Sharon, Pennsylvania, Wilson said the company has 110 MW secured under an energy services agreement and is currently operating 30 MW of Bitcoin mining. Bitfarms has begun development on an additional 80 MW substation, with a goal to have the full 110 MW substation online by year-end 2026. The company is targeting site completion and revenue in the first half of 2027.
Wilson said Bitfarms operates 170 MW of low-cost hydropower across multiple Bitcoin mining sites in Quebec, which are 100% renewable. He said the company confirmed in the last month that it can convert those megawatts to HPC/AI use. Most sites are within a 90-minute drive of Montreal. Bitfarms plans to focus development in Sherbrooke using standardized design work from its Washington site.
Scrubgrass, Pennsylvania was described as the only portfolio site not fully secured today. Wilson said it represents a longer-lead "gigacampus" opportunity with potential capacity above 1 GW. He said Bitfarms has completed conceptual load studies with FirstEnergy up to 750 MW and is moving toward a detailed load study. The company is evaluating additional on-site generation tied to a potential pipeline connection to the Tennessee Gas Pipeline, which could supply up to 550 MW of natural gas. Combined, he said these pathways could potentially provide 1.3 GW of gross capacity.
Chief Financial Officer Jonathan Merne said the company recently completed convertible financing that raised $590 million in proceeds. He reiterated the $200 million remaining on the Macquarie Panther Creek facility and said Bitcoin operations generate about $8 million per month, which supports operating costs and funds investment.
Merne said Bitfarms has $750 million of "unencumbered liquidity" plus $200 million available under the Macquarie facility. He stated the balance sheet allows the company to advance Washington, Sharon, and Panther Creek through "notice to proceed" without external capital. Management expects to reach NTP for the three sites in the second half of 2026, with revenue potential "late 2027."
On capital strategy, Merne described an infrastructure-style approach using project finance at the asset level. He said the company is focused on avoiding running out of money before NTP, over-leveraging, and "building on spec" without a lease. He discussed the need for equity alongside debt in project financing and said the company may consider options such as selling minority interests at the project level.
During questions, executives said inbound interest has increased, particularly over the prior three months. Wilson highlighted unexpected demand for both the Sharon facility and the 18 MW Moses Lake site. He said other facilities are not yet at a stage where the company wants to actively market them, as Bitfarms believes lease negotiations carry meaningful discounting until projects are closer to NTP. Merne added that the company is balancing lease-price maximization against balance sheet limits and shareholder expectations.
Wilson summarized broader corporate steps as part of Bitfarms' U.S. pivot. These include the recent sale of its Paso Pe facility as a full exit from Latin America, the transition to U.S. GAAP for 2024–2025 results, the establishment of a New York City office, and work toward a potential U.S. redomiciliation in 2026.