Recent news coverage includes market and economic context relevant to Bitfarms' operating environment, with specific articles highlighting upcoming earnings reports and company developments in early 2026.

• Bitfarms was preparing to report Q4 earnings as of late March 2026, indicating ongoing investor interest in its financial performance [N8].
• Pre-market reports for March 31, 2026, included Bitfarms among companies releasing earnings, reflecting its public market activity [N7].
• Recent news articles focus on broader market trends such as economic strength, energy supply tightness, and data center growth in key U.S. states, which are relevant to Bitfarms' strategic markets [N2][N4][N5].
• No direct recent announcements of HPC lease agreements or new operational milestones were reported in the latest news cycle.
• The company’s stock price was noted to have declined more than the broader market in early 2026, reflecting market volatility and investor sentiment [N7][N8].

Bitfarms is positioned to capitalize on the growing demand for HPC and AI workloads by leveraging its portfolio of energy-advantaged infrastructure assets in constrained markets. Its strategic acquisitions and capital formation efforts provide a foundation for developing large-scale HPC data centers. The company's focus on securing power and permits before leasing aims to reduce development risk and enhance lease negotiation strength. Building specialized internal expertise and partnering with industry leaders may improve execution quality and operational efficiency. The transition from Bitcoin Mining to HPC infrastructure leasing could lead to higher revenue per megawatt and improved revenue predictability under multi-year contracts.

The transition from Bitcoin Mining to HPC data center operations involves execution risks, including the ability to complete development projects on time and within budget. The company faces substantial indebtedness and capital requirements, which may limit financial flexibility and increase vulnerability to adverse economic conditions. Delays in permitting, grid interconnection, or customer leasing could impact cash flows. The HPC data center market is competitive, and failure to secure long-term lease agreements or to adapt to evolving technology requirements could adversely affect business outcomes. Additionally, reliance on a limited number of counterparties in Bitcoin Mining revenue presents concentration risk during the transition period.

Bitfarms' competitive advantages stem from its ownership of scarce, high-value power positions in supply-constrained, high-demand HPC data center markets, including PJM in Pennsylvania, the Pacific Northwest, and Québec. The company controls interconnected, permitted, and energized capacity with renewable hydroelectric power, which is difficult and time-consuming for new entrants to replicate. Its nearly 1,000 acres of owned land, behind-the-meter generation assets, and established grid interconnections provide a structural barrier. Additionally, Bitfarms has proven infrastructure development capabilities, operational expertise in power and energy management, organizational agility with a lean workforce, and sufficient financial capacity to fund multiple concurrent projects, all of which support its strategic pivot to HPC data centers.

• Indebtedness and Capital Requirements: Bitfarms' substantial indebtedness and the capital needed for data center development could affect its financial condition and ability to execute its strategy. Refinancing risks, restrictive covenants, and market volatility may limit access to capital, potentially delaying or reducing development scope [S2].
• Execution Risk in HPC Data Center Development: Developing HPC data centers requires meeting higher standards for redundancy, cooling, power quality, and uptime. Poor execution could lead to operational failures, increased costs, or delays, impacting financial performance [S1].
• Market and Customer Concentration: Bitcoin Mining revenue is concentrated, with one mining pool operator accounting for 88% of total revenue in 2025. Transitioning to HPC infrastructure leasing depends on securing multi-year contracts with creditworthy tenants, which has not yet occurred [S1].
• Regulatory and Permitting Delays: Obtaining permits and grid interconnections in supply-constrained markets can be time-consuming and uncertain, potentially delaying project timelines and revenue generation [S1].

• Bitfarms Ltd is a North American digital and energy infrastructure company focused on developing, owning, and operating data centers and energy infrastructure for HPC and AI workloads, maintaining legacy Bitcoin Mining operations to fund development efforts as of early 2026 [S1].
• The company is undergoing a U.S. Redomiciliation to Keel Infrastructure Corp., with shares expected to trade under ticker KEEL following completion [S1].
• Bitfarms has a portfolio of Infrastructure Assets with a 2.2 GW power capacity pipeline, including 648 MW secured and 1,513 MW planned capacity across U.S. and Québec sites, currently deployed to support Bitcoin Mining but intended for HPC data center operations [S1].
• The primary growth area is HPC Infrastructure, developing data centers designed for HPC and AI workloads to lease capacity under long-term contracts to hyperscalers, cloud providers, AI companies, and enterprises; as of December 31, 2025, this segment had not generated revenue [S1].
• Bitcoin Mining is the legacy business line, operated for cash generation during transition; as of March 27, 2026, mining continues at all sites with no incremental capital planned for hashrate expansion [S1].
• The company’s HPC Infrastructure strategy focuses on power assets in supply-constrained geographies: PJM in Pennsylvania, Pacific Northwest (Washington), and Québec, Canada, emphasizing interconnected, scalable power and renewable hydroelectric capacity [S1].
• Bitfarms has competitive advantages including scarce high-value power positions, proven infrastructure development capability, operational expertise in power and energy management, organizational agility with approximately 274 employees, and financial capacity with approximately $520 million liquidity as of March 30, 2026 [S1].
• The company has executed strategic transactions including the acquisition of Stronghold (adding two Pennsylvania sites with large-scale HPC data center potential), exit from Latin American operations, and capital formation via $588 million convertible notes to fund the transition to HPC data centers [S1].
• The company is building capabilities for HPC data center development by recruiting specialized expertise and partnering with industry-leading firms for design, construction, and operations [S1].
• As of September 30, 2026, Bitfarms reported cash and equivalents of $59.5 million, current assets of $860.1 million, current liabilities of $70.9 million, a current ratio of 12.13, and a cash ratio of 0.84 [S2].
• For the quarter ended March 31, 2026, revenue was $36.99 million; for the quarter ended September 30, 2026, net income was a loss of $62.7 million and basic and diluted EPS were -$0.10 [S2].
• The company’s indebtedness and capital requirements for data center development pose risks including refinancing needs, restrictive covenants, vulnerability to economic conditions, and potential delays in data center development [S2].