Bitfarms
Bitcoin miner rebranding as Keel Infrastructure to lease power sites to AI data centers.
On the record
Checkpoint: Target of signing 3 AI/HPC leases at Panther Creek, Sharon, and Moses Lake
The call
Bitfarms controls real power capacity AI data centers need, but competitors have already signed the hyperscaler deals it still lacks.
Bitfarms owns physical land, power hookups, and utility connections that AI companies need to build data centers. These assets take years to build from scratch, which should give Bitfarms an advantage. However, competitors like Hut 8 and Core Scientific have already signed massive deals with Google and Microsoft, while Bitfarms has signed zero. The company is also shutting down its old bitcoin mining business, so it has no revenue cushion while it tries to land AI tenants. Everything changes if Bitfarms actually gets one or more signed contracts by the end of 2026, especially at its Panther Creek facility.
Why
01
AI pressure: Hyperscalers (Microsoft, Google, CoreWeave) signing rival power sites instead of Bitfarms'. AI demand is real but going to faster-moving landlords first; Bitfarms has zero signed AI/HPC leases as of Q1 2026. Could AI do the core job? Only partly.
02
Bigger players: IREN, Hut 8, and Core Scientific, plus data-center REITs Digital Realty and Equinix. Peer miners already signed multi-billion hyperscaler contracts (IREN-Microsoft, Hut 8-Google) that Bitfarms hasn't matched. Could a giant copy it? Probably.
03
What protects it. Its 2.2 GW of secured power, permits, and utility ties at Panther Creek and Sharon take years for new entrants to copy.
What would change this call
Whether Bitfarms signs any AI/HPC lease at Panther Creek, Sharon, or Moses Lake by year-end 2026. Confirms or breaks the entire pivot thesis versus faster-moving peers.
Headcount trend after dropping ~50% in three months to July 2026. Shows whether staffing cuts reflect efficiency or execution trouble on the buildout.
Cash and Bitcoin treasury balance versus the stated ~$520-533M runway through 2028. Indicates if funding needs a capital raise before any lease revenue arrives.
Headcount trend after dropping ~50% in three months to July 2026. Shows whether staffing cuts reflect efficiency or execution trouble on the buildout.
Cash and Bitcoin treasury balance versus the stated ~$520-533M runway through 2028. Indicates if funding needs a capital raise before any lease revenue arrives.
Key numbers
- $37M Q1 2026 revenue, down 23% YoY
- Zero signed AI/HPC leases as of Q1 2026
- $520M-$533M cash/Bitcoin, funds buildout to 2028
Named risks
- Zero signed AI/HPC leases as of Q1 2026 despite entire strategy pivot resting on future tenants.
- Headcount collapsed ~49.7% in three months to ~93 by July 2026, signaling execution or attrition risk.
- Legacy mining revenue being deliberately wound down ($37M Q1 2026, down 23% YoY) before AI revenue replaces it.
- Sherbrooke land deal and other buildouts contingent on further regulatory approvals through Q1 2027.
- Bitcoin price volatility affects value of ~2,500 BTC treasury being sold to fund transition.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| IREN | losing to | IREN signed $9.7B, 10-year Microsoft lease by April 29, 2026; Bitfarms has zero signed leases |
| Hut 8 | losing to | Hut 8 signed $7B, 15-year Google-backed lease reported April 29, 2026 |
| Core Scientific | losing to | Core Scientific has $10B+ AI contracts including CoreWeave as of March 3, 2026 |
| Riot Platforms | contesting | Riot's $950M hostile bid rejected May 2024; stake capped at 15%+ via September 2024 settlement |
| Digital Realty and Equinix | contesting | Traditional data-center REITs not structurally barred from AI/HPC landlord market Keel is entering |
Questions people ask
- Is Bitfarms profitable in 2026?
- No. Bitfarms reported a FY2025 net loss of $209M on $229M revenue as of March 31, 2026, and Q1 2026 continuing operations showed a $128M loss with revenue down 23% YoY to $37M, per its May 12, 2026 earnings call transcript.
- Has Bitfarms (now Keel Infrastructure) signed any AI data center leases?
- As of Q1 2026 (reported May 10, 2026), Bitfarms had zero signed HPC/AI leases. Management's stated goal is to sign three leases by year-end 2026 at Panther Creek, Sharon, and Moses Lake, but none were confirmed as of that report.
- Why did Bitfarms rebrand to Keel Infrastructure?
- Bitfarms completed a shareholder-approved redomiciliation from Canada to Delaware and rebranded as Keel Infrastructure Corp on April 1, 2026, reflecting its pivot from Bitcoin mining to AI/HPC data center infrastructure, per its FY2025 results release dated March 30, 2026.
- Who are Bitfarms' biggest competitors in AI data centers?
- IREN signed a $9.7B, 10-year Microsoft contract; Hut 8 signed a $7B, 15-year Google-backed lease; Core Scientific has $10B+ in AI contracts including CoreWeave, all reported by April 29, 2026, none of which Bitfarms/Keel has yet matched.
- Does Bitfarms still mine Bitcoin?
- Legacy mining continues but is being wound down; CEO Ben Gagnon stated on March 31, 2026 the company is 'no longer making any investments into Bitcoin mining,' and it holds about 2,500 BTC it plans to sell gradually to fund its AI/HPC transition.
- How much cash does Bitfarms have to fund its AI data center buildout?
- Bitfarms reported roughly $520M in cash and Bitcoin as of March 27, 2026, with liquidity cited around $533M by May 8, 2026, which management says can fund development into 2028 without new capital raises.
Timeline
- 2026-07-13Sherbrooke, Quebec gives conditional approval for 96 MW AI/HPC campus consolidating three legacy mining sites
- 2026-05-12Q1 2026 results: $37M revenue (-23% YoY), $128M loss from continuing operations, zero signed AI leases
- 2026-04-01Bitfarms completes redomiciliation to Delaware, rebrands as Keel Infrastructure Corp
- 2026-03-31CEO states company no longer investing in Bitcoin mining; five senior infrastructure hires announced
- 2026-03-30FY2025 results reported: $229M revenue, $209M net loss
- 2026-01-14Company details pivot: ~99% of 2026-27 portfolio designed for Nvidia Vera Rubin GPUs
- 2024-09-23Riot Platforms settlement caps its Bitfarms stake at 15%+ after hostile takeover attempt
- 2024-08-21Bitfarms acquires Stronghold Digital Mining in ~$175M all-stock deal
- 2024-05Riot Platforms makes ~$950M hostile takeover bid, rejected by Bitfarms board
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Bitfarms Reports Fiscal Year 2025 Results (2026-03-30)
- $229M revenue amid $209M loss, AI pivot (2026-03-31)
- Bitfarms Ltd. Q1 2026 Earnings Call Transcript (2026-05-12)
- Bitfarms Q1 Earnings Call Highlights (2026-05-10)
- BITF Details Pivot From Bitcoin Mining to AI Data Centers and HPC Power Play (2026-01-14)
- BITF to Rebrand as Keel Infrastructure (2026-06-26)
- Bitfarms Employees (93): Headcount Trends 2026 (2026-07-15)
- $229M revenue amid $209M loss, AI pivot (2026-03-31)
- Bitcoin Miner Takeover Battle Cools as Riot and Bitfarms Reach Settlement (2024-09-23)
- Bitfarms makes an acquisition after shaking off Riot's takeover try (2024-08-21)
- Keel Infrastructure - Bitcoin Mining (2026-07-20)
- Sherbrooke conditionally approves land sale for Keel's $1.8 billion AI/HPC center (2026-07-14)