Bitfarms .(US:BITF) Yahoo Finance·2025-12-05 22:00Core Thesis - Bitfarms Ltd. is undergoing a significant transformation from Bitcoin mining to government-grade AI cloud infrastructure, indicated by strategic appointments and operational shifts [2][4]. Financial Metrics - As of December 1st, Bitfarms' share price was $3.2800, with trailing and forward P/E ratios of 28.31 and 84.03 respectively [1]. Strategic Appointments - The appointment of Wayne Duso, a former AWS and Dell executive, to the Board on August 18, 2025, signals a strategic pivot towards compliance and federal certifications necessary for serving U.S. government and defense AI workloads [2]. Economic Potential - Panther Creek site could achieve 80% NOI margins with low power costs of $0.02–0.03/kWh, potentially generating $2.5–3.5 billion in annual net revenue from a 500 MW deployment [3]. - The Quebec pilot utilizing AMD's MI300X GPUs shows a potential for 2–3x mining margins and $6–8 million per MW economics when scaled [3]. Operational Enhancements - Bitfarms has strengthened its operational capabilities with the appointment of James Bond as SVP of HPC, focusing on AI deployments, and partnerships with T5 Data Centers for hyperscaler-grade certification [4]. Market Positioning - Bitfarms is evolving into a nuclear-backed, AI-focused GovCloud contender, where Bitcoin mining becomes secondary to a larger, higher-margin AI infrastructure opportunity [4].