HPC/AI Infrastructure and Strategy - Bitfarms has a 1.9 GW power infrastructure asset portfolio in high-demand HPC/AI regions in North America, located in cool climates for improved efficiency[24] - The company is developing 18 MW of HPC/AI infrastructure at its Washington site for Nvidia Blackwell in 2026, with a secured supply chain for $128 million[26, 28] - Panther Creek in Eastern Pennsylvania is planned as a flagship HPC/AI campus with over 410 MW of power and 316 acres of land, with Phase 1 (50 MW) expected in H1 2027 and Phase 2 (300 MW) in H2 2027[33, 34] - Bitfarms has 170 MW of hydropower operating across multiple sites in Quebec, with potential to convert BTC mining infrastructure to HPC/AI[38] - Scrubgrass is a potential gigacampus site with 1.3 GW capacity and 650 acres, offering proximity to Pittsburgh and Cleveland[39, 40] Financial Performance and Capitalization - Bitfarms reported ~$8 million in monthly free cash flow from BTC mining operations in Q3 2025[49] - Q3 2025 revenue was $69 million, a 11% increase Q/Q and a 900% increase Y/Y[51] - Adjusted EBITDA for Q3 2025 was $20 million, a 122% increase Q/Q[51] - The company has over $1 billion in cash and Bitcoin on hand, with remaining funds available from the Macquarie facility[55] Strategic Initiatives - Bitfarms is undergoing a U S pivot, with the majority of planned MW development based in the U S , a new NYC office, and a transition to U S GAAP accounting, aiming for U S redomicile in 2026[42] - The company is evaluating a cloud monetization strategy for its Washington site to replace BTC mining cash flows[42]