Bitfarms expands Beauharnois capacity and reduces mining costs

Quebec mining operations and efficiency

Bitfarms operates four facilities in Quebec that provide 27.5 MW of installed capacity and over 200 Ph/s of hash-power. The company successfully manages 27.5 MW of installed capacity across these four facilities. It produces over 200 Ph/s of hash-power. The company recently purchased 4,660 high performance miners to increase efficiency. You likely know the scale of the Quebec hydropower advantage. The 12% cost drop helps protect margins against the 19.5¢/kWh blockchain rate. Bitfarms also manages operations in other regions including Argentina. The company has 54 MW at Rio Cuarto. It secured a 2.1 cents per kWh fixed rate from November 2023 through April 2024. This rate benefits from seasonally lower natural gas prices. In June 2024, Bitfarms reported 310 MW of total operating capacity, of which 256 MW came from hydropower. The company earned 189 BTC that month. It earned 156 BTC in May 2024. The average operating EH/s was 7.6 in June 2024. The average operating EH/s was 6.4 in May 2024. The company sold 134 BTC in June 2024. It sold 136 BTC in May 2024. The efficiency was 25 w/TH in June 2024. This was an improvement from 27 w/TH in May 2024. Bitfarms operates in four countries: Canada, the United States, Paraguay, and Argentina. In Argentina, the 54 MW facility at Rio Cuarto provides 2.1 cents per kWh during the summer months.

Quebec Operations Metric	Value
Installed Capacity	27.5 MW
Installed Hash-power	>200 Ph/s
New Miner Purchase	4,660 units
Data Centre Rate	13¢/kWh
Blockchain Rate	19.5¢/kWh

The pivot toward AI infrastructure

The company is pivoting toward high-performance computing and AI infrastructure to capture new market share. This strategy uses power-dense data centers for AI workloads. Bitfarms targets AI-driven revenue that starts in 2027. The company manages a massive 2.2 GW development pipeline across North America. This includes a 1.3 GW energy pipeline where more than 80% of the capacity is U.S.-based. The 50 MW Beauharnois expansion supports this long-term growth. The shift to AI infrastructure targets the massive demand for data centers. Data center electricity use is expected to reach 945 TWh by 2030. The company also has 461 MW of energized capacity. This capacity helps the company address the demand for high-performance computing. The shift to AI workloads is driven by the need for large-scale, power-dense data centers. Will the transition to AI workloads fully compensate for the higher blockchain electricity rates?

Capital expansion and US redomiciliation

Bitfarms maintains high financial flexibility to fund its expansion. The company closed an offering of US$588 million in 1.375% convertible senior notes due 2031, which includes the exercise in full of the $88 million option granted to the initial purchasers of the convertible notes during the recent capital raise. This offering has an initial conversion price of approximately US$6.86 per common share. This represents a 30% premium to the last reported sale price of US$5.28 on the Nasdaq as of October 16, 2025. Bitfarms also has a $300 million project-specific financing facility with Macquarie Group. This facility funds the development of the Panther Creek data center campus in Pennsylvania. The company intends to break ground on Panther Creek in Q4 2025. This project aims to capitalize on the demand for HPC/AI infrastructure in Pennsylvania. The company also redomiciled from Canada to the United States in March 2026. This move followed a 12-month strategic review process. The company has more than 200 shareholders. Bitfarms is a North American energy and digital infrastructure company.