Bitfarms Conference: BITF to Rebrand as Keel Infrastructure, Pivoting From Bitcoin Mining to AI Data Centers

Core Insights - The company is transitioning from Bitcoin mining to high-performance computing (HPC) and artificial intelligence (AI) infrastructure, rebranding as Keel Infrastructure to reflect this shift [5][15] - The company has a unique portfolio of approximately 2.2 gigawatts of energized, secured, and expansion capacity across Pennsylvania, Quebec, and Washington, with a focus on leveraging low-cost renewable energy [3][16] - The company emphasizes the importance of location for data centers, concentrating on northern geographies to improve efficiency and reduce costs [6] Capacity and Development - In Quebec, the company has 170 MW of capacity, with plans to consolidate power onto a new campus near existing sites [1] - The Scrubgrass site in Pennsylvania has the potential for 1 gigawatt of capacity, including a 750 MW load study currently in progress [2] - Panther Creek in Pennsylvania has secured 350 MW, with potential expansion beyond 400 MW, attracting significant interest due to its proximity to major metro areas [3] Strategic Focus - The company is not competing in compute or cloud services but aims to support hyperscalers and "neo cloud" customers [4] - The focus is on securing leases and converting expansion capacity into secured capacity, which is seen as a key near-term catalyst for valuation [9][11] - The company plans to maintain liquidity through leasing without needing to access capital markets, emphasizing limited soft development costs [12] Timeline and Milestones - The company views 2026 as a year of execution and 2027 as a year of delivery, with several sites expected to come online and generate revenue [10] - Key milestones include site advancement, conversion of expansion capacity, and project commissioning [8] Customer and Financing Strategy - The company is focused on investment-grade counterparties for customer selection, which is crucial for financing large projects [11] - The strategy includes de-risking sites through permitting and execution before committing to specific delivery dates in leases [14] Bitcoin Exposure - The company still holds approximately 2,500 Bitcoin but is winding down its exposure to Bitcoin mining to reinvest in HPC and AI initiatives [15]