Bitfarms Ltd
Financials · Capital Markets
125 BTC pressuring marginal-cost miners. Diversification across QC hydro, PY hydro, AR gas and US grid is real (lowest single-jurisdiction concentration in the listed cohort) but also a complexity tax. 04/kWh hydro base in QC + PY keeps cash cost-to-mine below most US peers, (3) optional AI/HPC pivot on Pennsylvania + Washington sites gives non-BTC revenue leg without diluting hash, (4) BTC-on-balance-sheet exposure scales with cycle, (5) Stronghold acquisition closed in 2025 added owned-power optionality.
(1) post-halving economics squeeze miners whose all-in cost-to-mine sits in the $50-65k band, (2) Argentina country risk (FX controls, energy policy) caps the Rio Cuarto site's strategic value, (3) recurring ATM equity issuance funds capex and dilutes per-share BTC exposure, (4) HPC/AI pivot is narrative until contracted megawatts materialize on a 10-K, (5) Riot still on the cap table - strategic optionality on a renewed approach is not zero.
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