We sit down with Ben Gagnon right after fiscal year 2025 earnings to unpack BitFarms’ rebrand into Keel Infrastructure and the multi-year pivot from Bitcoin mining to AI data center infrastructure. We dig into what is already de-risked, what still depends on permits and power contracts, and how Keel wants to turn megawatts into predictable long-term cash flows. 

• the three-year transformation plan and what “foundational year” really means 
• redomiciling to the US and why corporate structure matters to capital access 
• the 2.2 gigawatt pipeline and the difference between secured and expansion power 
• ESAs, load studies, and the milestones that unlock lease execution 
• Pennsylvania sites and practical questions on land readiness and build approach 
• why onsite generation and grid flexibility could matter for data centers 
• FY25 financial results including accelerated write-downs and GAAP Bitcoin marking 
• how and when Keel winds down Bitcoin mining including the Quebec consolidation plan 
• Moses Lake strategy shift from GPU as a service to colocation 
• capex per megawatt realities and why industry comparisons vary 
• supply chain changes as hyperscalers lock multi-year equipment capacity 
• execution risk management through permitting, hiring, and community engagement 
• Keel’s five-year vision as a developer and owner not an operator 

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