We trace Bitfarms’ shift from a legacy Bitcoin miner to a U.S.-focused AI and HPC builder under CEO Ben Gagnon. From selling South American sites to financing Washington and scaling Pennsylvania, we break down the assets, costs, policy context, and execution plan.

• market backdrop and miner volatility
• policy signals from Davos and U.S. governance
• Bitfarms’ debt reset and leadership change
• Riot’s approach and the defense of independence
• Stronghold acquisition and PJM advantages
• divesting Paraguay to lower blended power costs
• Washington 18 MW design and unit economics
• PUE, cooling, and northern site selection
• Panther Creek phasing and financing approach
• Sharon and Scrubgrass long-term pipeline
• Quebec capacity and staged timelines
• U.S. redomicile, board refresh, and T5 partnership
• outlook for AI contracts and execution risks

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