Bitfarms (NASDAQ:BITF), operating under its newly completed Keel Infrastructure rebrand, outlined its shift toward U.S.-based high-performance computing and artificial intelligence infrastructure during an investor presentation led by Chief Executive Officer Ben Gagnon.
Gagnon said the company has completed both its rebrand and its redomiciliation to the United States, adding that Keel is “about halfway through” a three-year strategic conversion. He said the company has also executed on 2025 objectives including acquiring Pennsylvania assets, closing the Stronghold transaction, converting to U.S. GAAP and exiting Latin America.
Focus Shifts to U.S. Power and AI Infrastructure
Gagnon said Keel’s growth pipeline is now more than 90% concentrated in the United States, with roughly 2 gigawatts in Pennsylvania. The company is focused on integrating power, land and connectivity for customers building AI and high-performance computing capacity.
He said Keel is not seeking to compete with major cloud or AI companies, but instead wants to help those customers deploy compute faster and with more certainty in key markets.
The company does not expect to generate HPC revenue in 2026, Gagnon said. Instead, 2026 will focus on permitting, lease execution and beginning construction across several sites. He said 2027 is expected to be the first year in which facilities come online and HPC revenue begins.
Three Main Sites Targeted for Leases
Keel is prioritizing three advanced sites for lease execution: Panther Creek, Sharon and Moses Lake. Gagnon said the company is focused on signing three leases this year and described those agreements as a central potential driver of shareholder value.
- Panther Creek: Gagnon called the Pennsylvania site Keel’s “flagship hyperscale campus,” with 350 megawatts of grid-secured capacity and potential expansion to 500 megawatts or more. He said the site has cleared zoning and is moving through land development and environmental permitting, with final permits expected in the mid- to late-summer timeframe. Given its scale, he said likely customers would be a hyperscaler or large neocloud.
- Sharon: The 110-megawatt Pennsylvania site is expected to be Keel’s first fully online site in the state, Gagnon said. He said the customer pool is broader at that size and noted recent interest from financial institutions using agentic AI systems to manage cash and evaluate data.
- Moses Lake: The 18-megawatt site in central Washington is expected to be the first site fully online and generating revenue, potentially in the second quarter of 2027. Gagnon said it is geared toward emerging neoclouds, enterprise and government customers.
Two other sites, Sherbrooke and Scrubgrass, remain part of the company’s AI campus plans but are less advanced, Gagnon said.
Lease Talks Tied to Permitting Progress
Asked about confidence in signing leases before all permits are complete, Gagnon said customers typically do not engage deeply too early in a development process. However, waiting until all permits are cleared could delay energization, which he described as a key value driver.
He said the company is now in what it views as the “sweet spot” for commercialization, after clearing zoning at Panther Creek and establishing a clearer path through remaining approvals.
“We’ve been at the commercialization for a couple of months now,” Gagnon said, adding that interest accelerated after zoning progress.
Moses Lake GPU Service Plan Shelved
In response to a question about whether Keel would use its own GPUs at Moses Lake, Gagnon said the company had previously considered a GPU-as-a-service model. However, inbound demand from neoclouds led management to decide against running both an infrastructure business and a GPU service business.
“We really just want to focus on infrastructure,” Gagnon said.
Designing for Vera Rubin, Not Blackwell
Gagnon said Keel is designing future facilities around Nvidia’s Vera Rubin infrastructure rather than Blackwell, arguing that facilities completed in 2027 should be built for future data center requirements rather than current ones.
He said Vera Rubin systems require much higher energy density than Blackwell systems and suggested Blackwell-designed facilities may not fully optimize Vera Rubin deployments. However, he said precise construction cost differences are not yet known because Nvidia’s reference architecture is still evolving and large-scale Vera Rubin data centers have not yet been built.
Asked about labor availability, Gagnon said Pennsylvania, Washington and Quebec do not face the same labor constraints seen in Texas, citing availability of electricians, carpenters and pipe fitters.
Looking beyond the current pipeline, Gagnon said Keel’s core competency has been identifying power opportunities and developing them into energy infrastructure. He said future growth would focus on larger sites aligned with the company’s development timeline, rather than smaller acquisitions that could distract from current execution priorities.
About Bitfarms (NASDAQ:BITF)
Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.
Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.
