Bitfarms is attempting a rare rerating: turning a 2.1 GW Bitcoin-mining power pipeline into contracted AI infrastructure before regulation, capital intensity, and timing risks catch up.
Overview
Bitfarms (BITF) is undergoing a major transformation from a pure-play Bitcoin miner into a diversified digital infrastructure provider focused on high-performance computing and AI. The pivot includes a rebrand to Keel Infrastructure and a redomiciliation from Canada to the US, intended to attract institutional capital and reframe valuation from “hashprice-driven miner” toward “contracted infrastructure.” The company currently has two revenue engines: (1) legacy self-mining using efficient ASIC fleets (reported ~18 w/TH efficiency and broad footprint), still the primary revenue driver as of Q3’25; and (2) an emerging HPC/AI infrastructure business that monetizes “power-ready” sites via hosting/colocation and advanced liquid-cooled designs suited for next-gen GPUs. The core value proposition is speed-to-power: Bitfarms controls ~2.1 GW of secured capacity in North America, a meaningful advantage in a market where interconnection queues can exceed seven years. The transition aims to reduce volatility, increase margins, and secure long-duration contracted cash flows, but it introduces execution, uptime, regulatory, and capital intensity risks during the buildout period.