Ben Gagnon CEO of Bitfarms joins us to unpack Q3 results, explain IFRS versus operational reality, and walk through the strategy to pivot from Bitcoin mining to high‑margin HPC and AI infrastructure. We cover Washington’s build, the power pipeline, lease timing, and why patience can create more value than quick wins.

• Clarifying Bitfarms Q3 revenue treatment under IFRS and Paraguay asset classification
• Bitfarms options strategy reducing effective cost of Bitcoin and de‑risking cash flows
• $1.1bn war chest and capital allocation toward HPC and AI infrastructure
• No rush leases strategy to secure higher long‑term rates and stronger terms
• BITF location advantage in Washington, Pennsylvania, Quebec and cooling economics
• Washington build economics, potential cloud model, and payback expectations
• Managing construction risk, supply chains, and next‑gen rack densities
• Power pipeline status: energized, secured, under application across sites
• Environmental benefits including water treatment and closed‑loop cooling
• Funding mix ahead with project debt, structured capital, and new CFO
• Outlook for public Bitcoin mining vs distributed, marginal‑cost models

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