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- **Strategic HPC/AI Expansion**: 18MW Washington site converted to HPC/AI with $128M investment, targeting GPUaaS monetization with above-market margins.
- **Vera Rubin Premium**: 99% of 2026-2027 portfolio optimized for Vera Rubin GPUs, expected to command $180/kW/month vs. $140-$150/kW/month for GB300s.
- **Financial Strength**: $84M Q3 revenue, $20M EBITDA, and >$1B war chest (cash + Bitcoin + undrawn debt) support development.
- **Operational Efficiency**: 35% gross mining margin and 28% EBITDA margin, with Bitcoin 2.1 program reducing effective BTC production cost by 33%.
- **Growth Catalysts**: 410MW Panther Creek expansion, 1.3GW Scrubgrass potential, and Quebec regional campus strategy for <2ms latency.

**【CEO Summary Section】**
- **HPC/AI Infrastructure Growth**: Bitfarms is transitioning to a leading North American HPC and AI infrastructure provider, with a focus on high-demand regions like Pennsylvania, Washington, and Quebec. Key developments include:
  - **Washington Site Conversion**: 18 megawatts of low-cost, renewable power being converted to HPC/AI, with $128M invested in critical IT infrastructure for NVIDIA GB300 compatibility.
  - **GPU as a Service (GPUaaS)**: Exploring cloud monetization at Washington, targeting above-market margins due to low power costs and proximity to hyperscalers.
  - **Vera Rubin GPU Readiness**: 99% of 2026-2027 development portfolio optimized for NVIDIA’s next-gen Vera Rubin GPUs, expected to command premium lease rates due to higher energy density (370kW/rack vs. 190kW/rack for GB300s).
  - **Pennsylvania Expansion**: Panther Creek site’s power capacity expanded to 410 megawatts (from 350MW) via ESA conversion, with phase one targeting mid-2027 completion for Vera Rubin infrastructure.
  - **Quebec Strategy**: 170MW of low-cost hydropower being repurposed for HPC/AI, with Sherbrooke site prioritized for GPUaaS due to Montreal’s unmet demand for cloud services.

- **Competitive Advantages**: Cooler climates (Pennsylvania, Washington, Quebec) reduce PUE (1.2-1.3 vs. 1.4-1.5 in Texas), enabling higher revenue per megawatt. Secured power applications in Pennsylvania and Washington provide multi-year lead times for competitors.

**【CFO Financial Commentary】**
- **Q3 Financials**: 
  - Total revenue: $84M (including $69M from continuing operations).
  - Gross mining profit: $21M (35% margin), with Bitcoin 2.1 program reducing effective production cost to $55,200 per BTC (from $82,400).
  - Adjusted EBITDA: $20M (28% of revenue), up 13x YoY.
  - Free cash flow: ~$8M/month from Bitcoin mining, funding OPEX and CapEx.
- **Capital Structure**: 
  - $588M convertible note offering (capped call at $11.88/share) and $300M Macquarie project facility provide >$1B war chest (cash + Bitcoin + undrawn debt).
  - 100% of institutional investors in the convertible note offering participated, signaling strong investor confidence.
- **Liquidity**: $820M in cash and Bitcoin, with $200M available via Macquarie facility for HPC/AI development.

**【Q&A Highlights】**
- **Vera Rubin Economics**: Expected premium lease rates (~$180/kW/month vs. $140-$150/kW/month for GB300s) due to 370kW/rack density and hyperscalers’ urgency to deploy new GPUs.
- **Development Timelines**: 
  - Washington site: GPUaaS deployment by Q4 2026, with GPU financing options reducing CapEx requirements.
  - Panther Creek: Phase one (60MW) delayed to H1 2027 for Vera Rubin compatibility, with phase two (300MW) on track for 2027.
  - Scrubgrass: Potential 1.3GW expansion via natural gas pipeline, targeting 2028+ development.
- **Bitcoin Mining Wind-Down**: Pasco site sale expected to accelerate free cash flow realization, with remaining mining operations winding down as HPC/AI projects ramp.
- **GPU Acquisition**: Conversations with NVIDIA and OEMs on GPU financing, with potential 100% CapEx offset for Washington site.
- **Regional Campus Strategy**: Quebec sites within 90-minute drive of Montreal enable <2ms latency via direct fiber, replicating Amazon’s regional campus model.

Bitfarms Ltd (BITF) Q3 2025 Earnings Call Transcript

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