Shownotes Transcript
Bitfarms CEO Ben Gagnon joins us to discuss Q1 2025 earnings and the company's strategic pivot from Bitcoin mining to high-performance computing (HPC) development while maintaining Bitcoin operations as a stable foundation for future growth.• Bitcoin mining industry becoming increasingly competitive, forcing miners to find zero-cost or negative-cost energy solutions to remain viable long-term• Exploring heat recycling from mining operations, with pilot projects showing promise but facing challenges in matching heat generation with demand• Argentina operations facing uncertainty after power supplier Abinesi defaulted on interest payments, though impact is contained at just 12-13% of Bitfarms' hashrate• Completed spectacular renderings for Panther Creek HPC campus designed for hyperscale clients, with $300 million in financing secured for initial development• Bitcoin miners uniquely positioned in the HPC space with large-scale power assets that traditional data centers typically lack• Potential 10-15x valuation increase by transitioning from Bitcoin mining (3-5x EBITDA) to data center business model (20-30x EBITDA)• Bitcoin One program focusing on treasury management to amplify returns through strategic leverage of Bitcoin holdings• Company fully transformed in 11 months under Gagnon's leadership, pivoting from international mining focus to US-based HPC developmentLike, subscribe, and let us know in the comments if you're holding BitFarms shares, what you thought about Q1 earnings, and your outlook for the year ahead.