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00:00:04.639Hey guys, welcome or welcome back to the channel McNally Money, the official home of power analysis.
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00:00:10.240A huge episode coming your way today, taking a deep dive look into none other than BitFarms.
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00:00:13.599This has been a highly requested topic or subject on the channel.
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00:00:15.279We're excited to present it to you.
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00:00:18.559Before we do, take a second, smash the like button, guys.
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00:00:20.079Big help to myself and the channel.
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00:00:21.600Anthony absolutely loves it.
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00:00:24.960If you're not already subscribed, McNally Money, feel free to join.
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00:00:32.320And let us know in the comment section below if you're currently holding shares of BitFarms and how you're feeling about this company as we enter 2026.
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00:00:35.439With that being said, let's get into today's video.
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00:00:48.640Okay, guys, Thursday afternoon and a big episode in store for you today.
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00:00:59.920We're gonna be continuing along with our deep dive analysis series today, focusing our sights in on BitFarms and Ben Ganyon's leadership or transition we've seen at this company.
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00:01:02.399A lot of people have requested this one, Anthony.
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00:01:04.079A very exciting topic.
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00:01:11.920Uh, before we get into it though, Bitcoin itself, we mentioned yesterday a very interesting trading day for both Bitcoin and the miners.
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00:01:19.840We've now seen Bitcoin uh fall back down below that$90,000 level uh in the$89,000 and change.
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00:01:29.200And in terms of uh the Bitcoin miners themselves, we've now got a little bit more clarity as to what was causing those big jumps all over the place yesterday.
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00:01:33.760Yeah, and as I say, you know, um don't tend to zoom out too much.
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00:01:41.599We're still sort of six pen down on the last five days, but um it seems to be holding a more of a steady pattern this last 24 hours.
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00:01:44.079As I say, let's see where we're end up at the end of the week.
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00:01:53.040I always look forward to Sunday nights myself because as soon as Asia comes on from the UK side, it seems to perk up a bit, and then lo and behold, when we see the US markets, it goes into reverse.
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00:01:58.239So, as I say, take take a chance to zoom out a little bit sometimes on the on the Bitcoin price.
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00:02:01.280Um, it's it's you know, I I I keep buying Bitcoin.
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00:02:02.560I bought a little bit yesterday.
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00:02:09.520I've been buying a little bit, you know, most months for the past six years, so um, you know, I'm always happy to keep hold of it.
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00:02:22.719Um, some people buy gold, I've been buying Bitcoin, and I think the long-term expectations uh maybe by the time we get to 70, which isn't that too far away, it may be into a nice position for me to start enjoying the rest of my life with it.
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00:02:24.639But um, that's my position at the moment.
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00:02:26.960I don't I don't tend to follow too much on a daily basis.
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00:02:35.520I know we report it with you guys, but you know, zoom out a little bit and um and and take a break from uh from from from the Bitcoin anomaly.
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00:02:36.639Most definitely.
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00:02:40.240Yeah, I think 10 years from now you'll be pretty happy with those purchases.
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00:02:48.400Uh now, based on some of the headlines we're seeing out from Davos, it seems more positive news for Bitcoin and the cryptocurrency industry.
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00:02:55.280So uh President Trump, he did about a 40-minute speech at Davos at the World Economic Forum.
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00:03:09.039A lot of topics were covered, uh, some of them maybe not critical to the channel, but a couple of headline comments specifically calling out the United States as the world capital of artificial intelligence, Bitcoin, and crypto.
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00:03:15.919So this is consistent with what we've seen uh from Trump really since we saw him in person there at the Bitcoin conference.
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00:03:24.319And again, as we've said throughout the last 18 months, more positive adoption headlines and really support for Bitcoin.
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00:03:26.400Yeah, and we've been fortunate.
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00:03:32.000We've been literally, you know, 50 feet away from Donald Trump when he's when he spoke on the on the subject of Bitcoin.
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00:03:43.840He came to the Nashville conference and uh gave an hour's uh speech on where he thought uh you know Bitcoin was going to go and how much the US was going to get involved in Bitcoin, and he hasn't let us down up to now.
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00:04:00.879Um he wants to sort of like obviously focus on the US being you know the biggest player in Bitcoin and also like you say um look you know from an AI perspective as well, is that both of these uh two distinct different strategies are growing uh massively um across the globe.
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00:04:17.279In terms of capsule of crypto, I'd I'd probably still say Dubai, having visited most places around the world, especially in the last um last 12 months, where I've I calculated the day, Bryce, I've been you know overseas 107 days um during during 2025.
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00:04:31.120And um having spent quite a bit of that time in Dubai, it's quite obvious to see why that is that you know that effectively from a from a from a capital city point of view, um, you know, it's it's one of the one of the biggest places for crypto.
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00:04:32.160So many people go there.
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00:04:41.759Obviously, there's a lot of great things for in terms of tax reasons, you've got the great weather there, you've got the probably the best security in the world there, very little crime, and so it's it's great there.
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00:05:01.759But nice to see that obviously the US with 50 million people apparently having some sort of Bitcoin or crypto um in their trading account, that tells you um how much adoption in the US there is, and that far exceeds anything I've seen in the UK or probably the rest of Europe, because in the UK um it's staggeringly way behind that.
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00:05:13.759Um, you know, I I still speak to people on a regular basis here, and some people, yeah, I've heard of Bitcoin, but don't know literally much more than having just about heard of the of the of the of the name of the of the crypto asset.
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00:05:15.439So, you know, that's the challenge.
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00:05:36.000But uh fair play to the president, he's been actually still there, you know, promoting it and promoting also the fact that you know they're bringing in these acts to make sure there's more governance, and um, you know, he talked about the signing of the Genius Act uh last year, and there'll be more and more governance as we see more acts come forward in these next few weeks.
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00:05:40.160And the end game for us is really the announcement of the uh strategic reserve.
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00:05:44.399When that happens, if that does happen, I think, believe me, I think that's game over.
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00:05:56.399I think um if the US has the strategic reserve, Bitcoin strategic reserve, and um you know, I think many other countries around the world, especially those that are pegged to the US dollar, will have to follow suit.
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00:05:58.319Um, and you'll see a lot more of that.
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00:06:03.519Not that we you know we need a massive bump in adoption, I think that will probably tip us over the edge.
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00:06:06.800You know, you might see these once-in-a-lifetime things that happen.
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00:06:19.040That may well be the once-in-a-lifetime thing from a Bitcoin perspective that happens, and we've seen some great things over the last couple of years in terms of the ETFs, in terms of the amounts of public companies now holding Bitcoin.
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00:06:25.519We're now hearing banks um will be able to do far more with Bitcoin and crypto assets.
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00:06:31.680Um, so you know, this is this is uh not here for a short term, I think we're here for for a long-term stay.
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00:06:32.720Agreed, yeah.
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00:06:37.920And the crypto market structure bill or legislation is the next big one we're keeping an eye on.
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00:06:41.040Should add a lot of stability to the marketplace.
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00:06:45.920Now, as we move into the miners specifically, again, not a great day overall.
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00:06:52.160We have a few shoots of green, so to speak, BitFarms being one of them, but most of the miners today in the red.
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00:06:56.240Yeah, majority in the red, but not we're not seeing massive downside in the red.
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00:07:00.240Um, you know, there's a couple there probably edging towards four or five percent.
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00:07:10.000Remember when the Bitcoin price uh changed in volatility, the Bitcoin miners have been really uh volatile, you know, massively more than the Bitcoin price.
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00:07:17.839Uh Clean Spark and and BitFarms are the two that are obviously you know both both in the green with Foo Foo, as at the time of the podcast.
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00:07:21.759Now, believe you me, when you get to watch this, maybe an hour's time that may all have changed.
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00:07:26.879I'm looking at the volumes, I always look at the benchmark is really bit farms from a volume perspective.
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00:07:36.800Go back a couple of months ago, they were trading$100 million of shares a day, and at the moment, now three three hours after opening, they're at just over nine million.
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00:07:38.480So that tells me low volumes today.
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00:07:41.439And looking down the rest of the list there, there's nothing that stands out.
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00:07:56.639I mean, iron, yes, they're at 19 million shares, but a lot of trading happens in those first few hours of the day, and um, you know, their normal average uh over a three-month period is 38 million, so they're about halfway there, and I think probably they struggle to get to the their average there.
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00:08:05.199So it looks like low trading today, maybe people sort of like focusing on other things rather than just buying buying uh shares in the in the mining stocks here.
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00:08:12.480But um uh great to see a couple in in the red, even though Bitcoin is um a bit suppressed um as we've seen over the last five days.
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00:08:14.079Clean spark and bit farms.
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00:08:17.839Yeah, nice to see a couple of companies bucking the trend at least.
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00:08:21.600Now, in terms of the housekeeping here, one announcement out from White Fiber.
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00:08:28.240We covered their N scale North Carolina one uh data center announcement uh a couple of weeks ago on the channel.
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00:08:32.080We expected some sort of funding or financing to support that.
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00:08:36.559Lo and behold, uh yesterday they came out with a$200 million convert.
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00:08:39.279They've now upsized that to$210 million.
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00:08:41.120I'll let you walk through the details.
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00:08:42.320Yeah, you're quite right.
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00:08:48.720Upsize it to$210 million with an additional 20 million um, but potentially as well there.
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00:08:59.679Uh 4.5% convertible senior note, which are due in 2031, so in five years' time, in a private placement to actual qualified um institutional buyers.
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00:09:05.279Now, as I said there, the notes bear 4.5% interest, which is payable twice a year.
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00:09:14.639They mature February the 1st, 2031, and have an initial conversion rate of 38.59 shares per thousand dollars principal.
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00:09:25.200That's equivalent to$25.91 per share, which at the moment is a 27% point or 27.5% premium.
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00:09:35.039Uh, the company can start to redeem after February 6, 2029, under the circumconditions and holders can require repurchase under fundamental changes.
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00:09:58.960Now, the use of the proceeds and the related transactions, I might need a little bit of help here, but the net proceeds price of the$202.1 million dollars or$221.5 million if they if the option is uh to increase his exercise, uh, will fund a$120 million zero strike call option for$5.9 million shares price.
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00:10:03.360Uh, can you explain what that is and and how's that compared to what other peers have been doing?
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00:10:04.159I can.
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00:10:07.440I I had to do a bit of research before the uh podcast.
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00:10:17.039So we've seen a lot of cap call transactions in support or in combination with these type of raises, and essentially those are anti-dilution mechanisms.
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00:10:25.039Uh, however, they limit both the upside potential and the cost of an option by capping the maximum gain at a specific price.
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00:10:27.360So that's the cap price we talk about.
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00:10:38.000In this case, Wi-Fi has elected to do what's known as a zero strike call option, which, as the name implies, is a call option with a strike price of zero dollars.
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00:10:55.600So it essentially provides unlimited upside on the shares, still anti-dilutive in nature, as the company is going out and purchasing these options in advance, uh, but gives them more upside potential or upside exposure if the share price of Wi-Fi should really start to take off.
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00:10:57.279So this was an interesting one.
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00:11:00.080We haven't seen used very frequently.
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00:11:08.159And you can see from the price tag, Anthony, a little bit more expensive in terms of a percentage uh maybe compared to the cap call.
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00:11:09.840Yeah, totally agree, Bryce.
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00:11:14.080Um, you know, yeah, a little bit more in terms of that particular uh process.
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00:11:29.440But um overall, you know, um 200 million uh dollars uh will be raised from it, and um, and hopefully that will help towards, like you say, fund uh some of the um HPC strategy that we've been talking about on and on highlighting on the previous podcast.
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00:11:30.960Certainly will, yeah.
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00:11:42.159And one thing we'll say, uh especially as we start to talk about bit farms, these HPC AI build-s are not cheap, and you need to be able to source this money before you can really get going on these projects.
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00:11:44.559So, congratulations to Sam and team.
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00:11:47.279Another great step in the Wi-Fi journey.
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00:11:51.519Now, as I mentioned in the intro, today everything is about BitFarms.
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00:11:53.279We wanted to do a deep dive.
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00:11:57.759This is one of the most popular, most requested companies we get on the channel.
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00:12:01.200Every time we have Ben on, it's one of our top interviews.
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00:12:06.559Uh, before we get into the meat and potatoes here, Anthony, can you give us a high-level overview of BitFarms?
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00:12:21.279You've been working with this company for years and years now, with the old CEO, the new CEO, and really seeing it transform from one of the OG Bitcoin miners into one of the top HPC AI uh players for 2026.
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00:12:30.879Yeah, it's it's just over five years ago that I I got to meet um effectively the some of the first directors in the space.
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00:12:43.279And um at the first conference I attended in London, which was the AIM Summit conference, um, the very first person I met, literally within two minutes of walking into the conference, was um was the CEO of Mara, and that was Fred Thiel.
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00:12:49.039And um the second person I met that day was Ben Ganyon, he was the chief mining officer of BitFarms.
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00:12:56.080So on the same day I got to meet him, I think Sue Ennis and Jamie uh Leverton were there from uh from HUT 8 at the time.
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00:13:19.279So um again, it was a great um uh conference for me to attend, got to meet some of the people I've been engaged with through emails and through analysis, and since that um since that meeting we've been there, we've we've been we've been good friends and we've met up at many many conferences, and uh you know it's it's just great to to catch up with him at uh you know various times of the year at various locations.
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00:13:27.919Um he was the chief mining officer, and believe you me, when you heard Ben speak on the stage, you could see that everybody listened to him.
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00:13:37.360Um he was effectively, even though he wasn't the CEO of um of BitFarms and and and Jeff Morphe was the previous CEO, and Jeff was a was a was a great guy.
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00:13:40.000We've we've had Jeff on the on the podcast.
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00:13:44.159Um, you know, I've got to meet Jeff at many, many uh conferences as well.
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00:14:10.000But they used Ben because Ben was so um much of an OG in the Bitcoin space there that um he just knew everything inside out, and to see Ben operate at conferences, um even some of the sort of like the bigger miners, uh you know, uh management teams would look in awe at some of the you know how he was explaining and really going into the detail, um, and he could do that, and he could do that extremely well.
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00:14:16.720So, over that period there, you know, I've covered Bitfarms as I said yesterday on the on the Hive um deep dive.
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00:14:37.200Bit farms and Hive and five or six other miners were the first group of miners I actually started to look at, and when I started when it started to grow to 12-15 miners, uh the last you know four full years, we've seen the likes of BitFarms and Hive really dominate operational performance, and all through that period they just seem to perform well.
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00:14:45.919Now, one thing that did trouble them, and it did affect a lot of other miners, is is obviously the 2021 the top of the uh the bull cycle.
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00:15:03.440I think most of these Bitcoin mining companies thought they would like you know be able to borrow uh millions and millions of dollars and increase their hash rate really quickly by these machines, and lo and behold, we saw the the bear cycle kick in, and many of these miners, bit farms weren't um oblivious to this either.
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00:15:09.120Uh, they they ended up with a debt position of around about a hundred and sixty million dollars.
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00:15:20.480And if they hadn't taken action when they did, we probably wouldn't be talking about bit farms today, they probably would have gone through chapter 11, but they made a conscious decision to really turn that around.
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00:15:27.600And I mean in the space of I mean it's less than probably 15 months, they got that deck position down to zero.
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00:15:38.639They were selling everything but the kitchen sink, they were selling boxes of miners, they were selling bitcoin, they were selling miners that hadn't even been opened, um, you know, just to raise capital to reduce that debt.
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00:15:44.960They could see the writing on the wall, and I know in some of those earlier periods there, some of the debt that Bitfarms had.
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00:15:51.600Um, the percentage of you know, we talk about four and a half percent for that um convertible note we just mentioned there for white fiber.
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00:15:56.960We we can talk about 18-19 percent some of the debt that BitFarms had.
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00:15:58.960That's a significant percentage.
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00:16:01.039This is what Bitcoin miners were faced with.
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00:16:15.519The banks wouldn't lend them money because the banks didn't believe in Bitcoin and thought it was a you know a challenging industry, and therefore they applied interest rates to reflect the risk involved of the industry, and they probably, in hindsight, were not wrong to do that.
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00:16:18.879Um, you know, we do have bull and bear cycles.
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00:16:23.840We're hoping we're still in the bull cycle now, but we've had a really you know challenging bull cycle.
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00:16:26.159The Bitcoin price went to$15,000.
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00:16:46.000Um, but Jeff Morphe, who was the CEO, he led that uh that period there of the 15 months and um got that position down to zero, and ever since then um things have started to to improve you know financially as they always have done from an operational perspective.
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00:16:50.960And then obviously 2024, we saw another announcement from the company.
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00:16:55.200We certainly did, and that's where we're really gonna start to focus in here today.
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00:17:10.640So, as you say, even before his appointment to CEO, we had uh Ben Ganyon on the channel many times uh as a representative of BitFarms, extremely intelligent, extremely knowledgeable in the sector, and as you say, well respected by all of his peers.
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00:17:12.400Uh, so really no surprise.
00:17:12.559 -->
00:17:23.519On the 8th of July, BitFarms came out, they appointed Ben Ganyon, the CEO of the company, and this is really where we started to see this next chapter, so to speak, of growth.
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00:17:32.720We're gonna walk you guys through the transformation that's happened under Ben, but I would say this was a pivotal step for the company and where they are today.
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00:17:34.079It certainly was.
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00:17:45.440And remember, when Ben took over as chief executive officer, unbeknownst to the rest of the world, because this was in-house, riot has started their proposal to actually um acquire BitFarms.
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00:17:46.960That happened in the April.
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00:17:54.799Ben took over in the July, and the rest of the market didn't find out really until about um sort of nine months after Ben was appointed.
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00:18:12.079So around about March April 2025, we then obviously heard that uh Riot started acquiring a number of shares in Bitfarms and had to announce obviously the fact that they'd reached the uh position of shares where you have to notify the market of your intentions.
00:18:12.400 -->
00:18:16.880And so, with all this going on, this was the challenge that Bitfarms had there.
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00:18:25.359They were trying to uh maneuver their business um at the same time having um a peer miner uh looking to acquire them.
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00:18:48.160And so uh fortunately for for bit farms um in the end that hasn't happened, and uh Riots have sold their position in the company and enabled BitFarms really now to sort of like uh go away and and take that distraction away from them and focus on delivering this new strategy uh going forward away from the Bitcoin mining price.
00:18:48.480 -->
00:18:49.599That's exactly right.
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00:18:52.720And I remember that period of time, it was difficult for Ben.
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00:18:57.839You imagine being a new CEO, a lot going on and a bit of a distraction to say the least.
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00:19:01.119So we now fast forward to 2025, March.
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00:19:08.160This is where we really started to see uh the formation of this US or North American focused strategy.
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00:19:10.240BitFarms announced their U.S.
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00:19:14.000strategic acquisition of Stronghold Digital Mining.
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00:19:16.319So we had heard a lot about this portfolio.
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00:19:26.640Stronghold is obviously a company we're well aware of, but this was a big step uh based on the fact that they were operating a lot of megawatts in South America at that time.
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00:19:42.799They were, and um, you know, that that effects of the acquisition there increased the energy portfolio to you know 623 megawatts um under management and you know secured a 1.1 gigawatt growth pipeline in Pennsylvania.
00:19:42.880 -->
00:19:59.759And we talked on many podcasts about um you know Pennsylvania as a uh estate, as an area for high performance compute, and the fact that there's a number of um big hyperscalers currently based there because the location is extremely.
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00:20:02.720Viable for HPC delivery.
00:20:03.119 -->
00:20:06.160You know, in a similar way that we've we've focused on Texas as well.
00:20:06.240 -->
00:20:09.359There are a number of states that are really, really high potential.
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00:20:11.440Pennsylvania is certainly one of those.
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00:20:22.960And the fact that BitFarms now has sites surrounded at one point by I think about eight hyperscalers tells you how valuable some of the power assets that BitFarms have in that region alone.
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00:20:24.079You're right there.
00:20:24.240 -->
00:20:26.240And we dug into the archives a little bit.
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00:20:34.319This is from the BitFarms presentation when they acquired those assets from Stronghold and a few interesting, I guess, precursors.
00:20:34.400 -->
00:20:37.759You can see the title of the slide, increasing US exposure.
00:20:37.839 -->
00:20:42.079So that strategic shift, diversifying beyond bitcoin mining.
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00:20:44.240So this was the next kind of breadcrumb.
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00:20:47.440We knew Ben wanted to be more focused on the US.
00:20:47.599 -->
00:20:54.400Now we're starting to hear maybe he wants to be more focused on uh other revenue streams outside of Bitcoin mining.
00:20:54.480 -->
00:21:02.000And keep in mind, as you mentioned, Anthony, Ben is an OG in the Bitcoin mining space, potentially been doing it longer than anyone else.
00:21:02.160 -->
00:21:05.039So this was another interesting development in the story.
00:21:05.119 -->
00:21:08.799Now we've got a couple pictures of the stronghold assets.
00:21:08.960 -->
00:21:11.759At this point in time, we knew there was potential.
00:21:12.000 -->
00:21:14.799We knew these were exciting in the PJM market.
00:21:14.880 -->
00:21:16.480We were starting to learn about that.
00:21:16.720 -->
00:21:23.359And in the case of Scrubgrass and Panther Creek, actually has uh coal power generation on site.
00:21:23.519 -->
00:21:29.759So this is really where we started to get some information about the potential of these Pennsylvania sites.
00:21:30.079 -->
00:21:43.759Yeah, so those sites came with 307 megawatts of operating power capacity with an additional uh 647 megawatts of potential PGM import power capacity there.
00:21:43.920 -->
00:21:45.920That would take the total for those two sites.
00:21:46.000 -->
00:21:52.799So around about 950 megawatts, just short of one gigawatt of long-term total potential capacity.
00:21:53.119 -->
00:21:58.400Um, as I said, in an area literally surrounded by hyperscalers.
00:21:58.960 -->
00:22:00.960Now, the next slide here is interesting.
00:22:01.039 -->
00:22:02.559Again, a bit of a precursor.
00:22:02.640 -->
00:22:05.599You can now see an image of Sharon and Scrubgrass.
00:22:05.680 -->
00:22:12.240So again, Pennsylvania sites, but now Ben starts talking about ROIC, return on invested capital.
00:22:12.319 -->
00:22:18.799You can see they start naming some of the, I guess, potential space for GPUs in these locations.
00:22:18.960 -->
00:22:23.119But you'll notice on the right, Anthony, they've still got that Paraguay asset.
00:22:23.200 -->
00:22:28.240And this was really before we knew uh this full strategy was going to take place.
00:22:28.880 -->
00:22:31.839Yes, and we we we've we've talked about uh this deal.
00:22:31.920 -->
00:22:40.960Obviously, Q1 2025, the the strategic sale of that Tigwazu Falls site there in Paraguay to Hive Digital.
00:22:41.039 -->
00:22:43.519We covered it yesterday on the Hive Deep Dive there.
00:22:43.680 -->
00:22:51.519It was a great asset for Hive to buy, but equally, if you think about what Bitfarms were trying to do, it was certainly a win for them as well.
00:22:51.759 -->
00:23:01.279And um, this this effectively, you know, by selling that site there for 85 million, it reduced their corporate electricity price by around about 10%.
00:23:01.680 -->
00:23:10.880So if you look about the price they were paying in all their various sites across North and South America, um, by selling that site there reduced their power cost.
00:23:11.039 -->
00:23:17.680Um, so again, you know, not just um, you know, getting the 85 million, but also saving them, saving the money at the same time.
00:23:18.000 -->
00:23:18.799Most definitely.
00:23:18.880 -->
00:23:21.839And and this is really where the stage has now been set.
00:23:21.920 -->
00:23:27.759So this slide, we started to talk about these undersea uh fiber optic or data connections.
00:23:27.920 -->
00:23:38.240We started to talk about the Washington potential, and you can really see this three-prong strategy now, Pennsylvania, Washington State, and Quebec up here in Canada.
00:23:38.400 -->
00:23:40.079We'll talk about a little bit later.
00:23:40.319 -->
00:23:45.200But this was the, I guess, pinnacle or culmination of this strategic U.S.
00:23:45.279 -->
00:23:46.160pivot, Anthony.
00:23:46.240 -->
00:23:58.319Then we started to hear about the New York office, uh, the gap conversion, the re-domiciling in the United States, and we really started to see this vision from Ben starting to come together.
00:23:58.640 -->
00:24:11.680Yeah, and if you think about the reason behind this, and and and many of the miners have done this, we've seen likes of Bit Digital, the likes of Hive Digital, um also move their offices to um to the US there.
00:24:11.920 -->
00:24:39.440One of the strengths of doing that is obviously you've got um a significant larger investor base in that in the US as you have compared to other countries around the world, and having that investor base there means that when your shares are traded and you're down as a US uh company, um, you're more liable to buy those shares in US companies if you're a US uh investor than maybe uh Canadian or or European stocks that we sometimes talk about.
00:24:39.599 -->
00:24:50.640And so um having that uh listing now they are listed on the NASDAQ anyway, but having that listing as a US company also gives them the opportunity to be including some of the US indices.
00:24:50.799 -->
00:24:55.359So we talk about miners going into the Russell 2000, the Russell 3000 there.
00:24:55.599 -->
00:25:13.200Once you get accepted into those indices, that brings even more opportunity for your shares to be purchased because you know uh many uh funds have to buy uh shares in those indexes, and if you're buying shares, you're not just buying one or two shares, you have to buy the the index shares.
00:25:13.359 -->
00:25:22.880And if bit farms are part of that index, it means um that their shares will be be purchased by the funds because they have to as part of the index.
00:25:22.960 -->
00:25:28.799Now we saw this happen in 2021 with the likes of uh Mara and Wright platforms.
00:25:28.880 -->
00:25:37.359They were the first two really big miners to um go onto the onto the NASDAQ, and being US miners, they had advantage over everybody else.
00:25:37.519 -->
00:25:45.359They were US companies basically you know getting that capital um you know into the company to grow so much quicker than some of the Canadian miners.
00:25:45.440 -->
00:26:35.119Remember, we talked yesterday, Hyde the oldest miner, BitFarms and HUT 8, probably the second and third oldest miners, and Mara and Riot significantly after those, but grew significantly quicker because of the fact they were the US base with with the corporate structure in the US, and so now with Bitfarms trying to do that, there this is going to give them the opportunity to also have access to that significantly more capital, and also the fact is that if you think about the uh opportunities in America, especially listening to what the president said yesterday, in terms of the US being the number one area for HPCAI, this is only a positive uh way forward for them to you know take those facilities in Pennsylvania and Washington to drive that strategy um as much as they can.
00:26:35.519 -->
00:26:45.039I'm glad you brought that up because all during this time, this was when we were hearing about this policy change, this adoption, and obviously Ben picking up on that trend.
00:26:45.279 -->
00:26:51.920So Ben took over, they got the stronghold assets, they divested some of the Paraguay assets.
00:26:52.160 -->
00:26:54.079Ben now has the sites he wants.
00:26:54.240 -->
00:27:00.400Now we start hearing about this AI conversion and the fact that maybe not all megawatts are created equally.
00:27:00.480 -->
00:27:04.000So you mentioned we focus a lot on ERCOT and Texas.
00:27:04.319 -->
00:27:09.359The problem down there is it's obviously quite a bit hotter than places like Washington or Quebec.
00:27:09.599 -->
00:27:25.519Now you can see Ben specifically calls this out, and the fact that these sites they've now acquired uh not only have great characteristics in terms of megawatts, latency, things like that, also a much lower PUE based on their northern location.
00:27:26.000 -->
00:27:40.400Yeah, and having that lower PUE suggested between 1.2 and 1.3 means less power to support um the HPC uh strategy is required, which means obviously saving money that way.
00:27:40.559 -->
00:27:59.680You know, you look at uh Texas where the PUE is closer to 1.45, maybe even 1.5, that could mean you're you know you're using you know 10-20% more power to um you know to keep those um uh GPUs cooler, uh, you know, especially in the more warmer climates there.
00:27:59.759 -->
00:28:05.519So as further you go uh into North America, the cooler it gets, the PUE becomes more reasonable.
00:28:05.680 -->
00:28:22.720Now, obviously, industry standard is about 1.1, so still slightly high in industry standard, but significantly better than some of the southern states, where a lot of action activity is already occurring in terms of HPC, uh contracts being awarded and sites being built as we speak.
00:28:23.039 -->
00:28:29.039Yeah, and the other nice benefit there is the lower the PUE, the more critical megawatts you can market and sell.
00:28:29.119 -->
00:28:31.759So the bigger those critical IT loads become.
00:28:31.839 -->
00:28:35.680And that's exactly what we started to hear now with the Washington site.
00:28:35.759 -->
00:28:38.160So this is an 18 megawatt location.
00:28:38.319 -->
00:28:41.920You can see they're optimizing it for GB300 deployment.
00:28:42.079 -->
00:28:53.759But what's interesting about this, and really why Ben was so adamant about this pivot, this single site of 18 megawatts has the ability to offset all of their Bitcoin mining revenue.
00:28:53.920 -->
00:29:00.079And we actually pulled a clip from one of our recent interviews with Ben uh talking about exactly that.
00:29:00.559 -->
00:29:04.319Public miners have built up these huge portfolios of power.
00:29:04.480 -->
00:29:20.400And when you're looking at how do you actually exercise against your fiduciary obligation and your duties to maximize value for shareholders, it's really hard to justify expanded capex and bitcoin mining right now, given the opportunity in HPC and AI.
00:29:20.799 -->
00:29:25.920And this was a great um a great um option for for bit farms to to take up on there.
00:29:26.000 -->
00:29:42.559I mean, if you if you look at the COs we spoke to, I think Ben and maybe Sam Sabar are the only two that have really highlighted that they don't see a future in the mining sector and are now really focusing how they can use that power better and maybe you know HPC.
00:29:42.880 -->
00:29:58.480And as we've seen, you know, the likes of Ben move away from all the mining in South America, including you know Argentina, where they found the challenging political decisions there, and the access to energy in the end became just too much of a of a hindrance to them.
00:29:58.559 -->
00:30:07.359They've literally walked away from that, they've sold their sites in Paraguay, they've got the funds there, and they're now going to be able to deliver Washington in 2026.
00:30:07.680 -->
00:30:17.359That rendering there looks amazing, it looks a big site, it's only 18 megawatts, and we're talking about some sites 250-260 megawatts, even bigger than that.
00:30:17.440 -->
00:30:19.599There, that's 18 megawatts, guys.
00:30:19.759 -->
00:30:21.119That's that looks quite big there.
00:30:21.200 -->
00:30:24.319I've been to a 150 megawatt site and it's enormous.
00:30:24.480 -->
00:30:32.799Um, now the cost of these sites is not cheap, even though BitFarms are managing to do this, it looks around about 7 million dollars per megawatt.
00:30:32.960 -->
00:30:38.480Remember, we did a bit of a comparison with some of the uh the main contracts that have been award at the moment.
00:30:38.640 -->
00:30:53.039The average price, um, if you discount um the likes of Core Scientific and uh Riot, who are doing a more of a hybrid or even a low-cost option there, you're looking at sort of like between 9 and 10 million, as high as 16 million.
00:30:53.119 -->
00:31:03.759So Bitfarms look like they're going to be able to do this a little bit cheaper than some of their peer miners, but it's still going to cost 128 million just to deliver 18 megawatts.
00:31:03.920 -->
00:31:08.319And we've been talking about you know a pipeline of 2.1 gigawatts.
00:31:08.400 -->
00:31:22.240Uh, this is going to be a you know a challenge for any company to sort of like you know start raising capital to deliver HPC for that size of pipeline power, but it gives them the opportunity to plan for the years ahead.
00:31:22.400 -->
00:31:34.720You know, they're already looking at um Washington 2026 and also starting to actually put out their um uh facilities um at the Panther Creek site, which is one of their main sites in Pennsylvania.
00:31:34.799 -->
00:31:39.200So doing a sort of like a you know two projects on the go at the same time there.
00:31:39.279 -->
00:31:43.119But this comes with a lot of cost involved, a lot of capital to raise.
00:31:43.200 -->
00:31:51.599Now, fortunately, we've already highlighted the fact that by selling the two sites in in Paraguay, that's raised$115 million.
00:31:52.079 -->
00:31:58.240That's helped towards that$128 million, which will supply the 18 megawatts of critical IT.
00:31:58.799 -->
00:31:59.680It certainly will.
00:31:59.839 -->
00:32:06.960So at this point, now up to 82% of their megawatts in North America, 85% of those in the United States.
00:32:07.119 -->
00:32:11.680And as you just alluded to, Panther Creek, really the crown jewel in their portfolio.
00:32:11.759 -->
00:32:13.359So we've talked about Washington.
00:32:13.440 -->
00:32:15.440Now we want to move into Pennsylvania.
00:32:15.599 -->
00:32:17.759You're quite right to mention Panther Creek.
00:32:17.839 -->
00:32:26.880We talked about the Macquarie uh financing or$300 million of project financing at this site, but Panther Creek is really just the surface here.
00:32:26.960 -->
00:32:32.400You can see Sharon scrubgrass up to 1.3 gigawatts at that campus.
00:32:32.640 -->
00:32:36.400We talk about the revenue on 18 megawatts, Anthony.
00:32:36.559 -->
00:32:40.079This is really where BitFarm starts to move into the big leagues.
00:32:40.400 -->
00:32:49.599Yeah, I mean, look at Panther Creek, they're you know, potentially 410 um or more than 410 megawatts of power at 316 acres.
00:32:49.680 -->
00:32:51.519I mean, these sites are enormous.
00:32:51.680 -->
00:32:58.720We've been to Corsicana and they just had to purchase not just one parcel of land but two parcels of land.
00:32:58.880 -->
00:33:01.279They've also purchased the land at Rockdale.
00:33:01.359 -->
00:33:05.119So, you know, these sites for these companies, you know, they're enormous.
00:33:05.200 -->
00:33:33.519We've been to Childress and how large that site is in terms of that's going to be developed for Horizon 1 to 4, and it wouldn't surprise me they make another announcement in 2026 that says Horizon 5 to 10, and Microsoft take the whole lot because um that's the only way I can see that site increasing their uh uh HPC um density because I can't see another client being allowed on that site with Microsoft there, there'd be too much um too much secret source to um to worry about.
00:33:33.599 -->
00:33:42.960But Panther Creek um 350 megawatts of secured power in 26 and 27 and indications potentially to increase that capacity beyond 500 megawatts.
00:33:43.359 -->
00:33:46.559Um, again, you know, we talk about these high amounts of megawatts.
00:33:46.720 -->
00:33:51.359Remember the cost per megawatt, and that's the sort of borrowing that you're going to need require.
00:33:51.519 -->
00:33:53.359Um, now they're going to do this in phases.
00:33:53.519 -->
00:34:13.119Phase one, 50 megawatts, um, should be completed by uh the end of the first half of 2027 with a further 300 megawatts in phase two to be completed by the end of next year, and then phase three, which is the 60 megawatts, that's subject to approval, uh, along with phase four, which is 100 megawatts, subject to additional loan studies.
00:34:13.280 -->
00:34:33.679So this is um obviously, you know, because of the capital requirements, it's going to be done in a phased way there, so they can borrow the money, get things moving, get Washington starting to repay some of the costs there, and then proof of concept, you know, is it makes it far more easy to borrow then for the second, third, and fourth phases, as you can see from the uh from the slide.
00:34:34.000 -->
00:34:38.000Yeah, and they've got a long runway of projects ahead of them here in Pennsylvania.
00:34:38.159 -->
00:34:43.199The other thing we wanted to quickly mention about this region, we're seeing a lot of political support.
00:34:43.360 -->
00:34:45.760There's a lot of data centers already located here.
00:34:45.920 -->
00:34:49.039We've talked about BitFarms involvement with the community.
00:34:49.199 -->
00:34:53.920You can see involved with the local fire hall here doing a food or donations drive.
00:34:54.000 -->
00:34:57.519So this is again a theme we've seen emerge in the space.
00:34:57.599 -->
00:35:03.039Uh however, Pennsylvania seems very supportive of Bipfarms and what they're trying to do.
00:35:03.679 -->
00:35:04.159Yeah.
00:35:04.400 -->
00:35:06.960And we've mentioned obviously the Panther Creek.
00:35:07.039 -->
00:35:11.760We've also got Sharon, 110 megawatt site there on 17 acres.
00:35:12.079 -->
00:35:26.400They closed a land purchase on that back in October 2025, and that will start um you know looking at uh you know the long lead times of equipment for that site there, engaging the owners, and you know, the construction of new fiber lines for the campus there.
00:35:26.480 -->
00:35:29.599So a lot of pre pre-work needs doing to that site there.
00:35:29.760 -->
00:35:32.480The biggest site of all is the scrubgrass site itself.
00:35:32.559 -->
00:35:39.280That's 1.3 gigawatts there, over 650 acres, and a 2028 pipeline site there.
00:35:39.360 -->
00:35:44.400So the next steps for that site really is a detailed loans, detailed loads.
00:35:44.639 -->
00:35:55.679That's to do with the power of the 750 megawatts, uh, engineering plans on natural gas pipeline and development plans for additional generating and data center campuses there.
00:35:55.760 -->
00:36:11.519So they have enough with Washington and Panther Creek in really they've ironed out those um strategies and design, and they're gonna start working through those there, but they still have Sharon Subcraft as further, you know, obviously, sites to develop in future years.
00:36:11.679 -->
00:36:14.000So they can see now as you can see this growth.
00:36:14.079 -->
00:36:21.360Um, you know, it looks like the next four or five years are going to be really, really uh busy for the likes of BitFarms, as they are for many other miners too.
00:36:21.679 -->
00:36:25.119And not to mention eight sites in Quebec up here in Canada.
00:36:25.199 -->
00:36:30.960We've heard both Hive and Wi-Fi talk about how difficult it is to penetrate into the Canadian market.
00:36:31.119 -->
00:36:38.159Even hyperscalers who have endless money, there just aren't available megawatts to get for AI HPC compute.
00:36:38.239 -->
00:36:47.760So 170 megawatts total here in Canada, expected 2027, but further bolstering that uh pipeline over the next few years.
00:36:48.079 -->
00:36:49.199Yeah, you're quite right.
00:36:49.360 -->
00:37:00.159And engineering plans for uh Sherbrooke at 96 megawatts will start as early as 2027 with 74 megawatts of potential expansion in 2028.
00:37:00.239 -->
00:37:02.880That takes you the full 170 megawatts there.
00:37:02.960 -->
00:37:07.280So it looks like they've got a real timetable in place how they're going to plan this.
00:37:07.360 -->
00:37:09.599They're not going to try and do everything in one go there.
00:37:09.679 -->
00:37:14.880That would be uh not advisable because we're talking serious amounts of money here.
00:37:14.960 -->
00:37:21.679We're talking billions of dollars to borrow to fill some of these sites in Pennsylvania and obviously Quebec as as well.
00:37:21.760 -->
00:37:26.639They've managed to get the funding in place for Washington, but Washington's 18 megawatts.
00:37:26.880 -->
00:37:29.760Remember, they've got 2.1 gigawatts of pipeline.
00:37:30.159 -->
00:37:39.360That's a significant difference from 18 megawatts, but it shows you that they have potential, they have vision, they have growth, and they have Ben Ganyon as CEO.
00:37:39.599 -->
00:37:41.679I think that ticks most of the boxes, Bryce.
00:37:42.000 -->
00:37:43.440I think it does too, yeah.
00:37:43.519 -->
00:37:53.920And if we fast forward just to the most recent developments in 2026, again, continuing on with that strategy, you mentioned 115 million total out of Paraguay.
00:37:54.079 -->
00:37:59.199The remaining 30 million came from the divestiture or sale of their Paso Pay site.
00:37:59.360 -->
00:38:14.400And then finally, just on January 14th, an announcement talking about a new board chair transition and this US redomiciliation or the final piece of that uh US strategy that Ben initiated about a year and a half ago.
00:38:14.800 -->
00:38:16.079Yeah, another good announcement.
00:38:16.239 -->
00:38:26.719They've announced um Edie Hofmeister as the chair of the company, um, and the appointment uh supports their um strategy of redomiciling to the United States.
00:38:26.880 -->
00:38:32.480She replaces Brian Howlett, who's served as a direct since 2020, and um Mr.
00:38:32.559 -->
00:38:44.559Howlett will continue to serve as an independent director, but she's got two decades of extensive expertise in legal affairs, corporate governance, business strategy um developed over the years in senior leadership roles.
00:38:44.639 -->
00:38:46.800So she'll bring a lot of that to the team there.
00:38:46.960 -->
00:38:48.719She'll be focused in the New York office.
00:38:48.800 -->
00:38:50.480That's where the read on the sound too there.
00:38:50.559 -->
00:38:59.119So you can see Ben Over that even in his short tenure as CEO has already started to make sure the right people at the right levels in place there.
00:38:59.199 -->
00:39:16.800Remember, um, they also brought in a data center uh partner in terms of T5 to help deliver these uh stretches in terms of building these data centers because when you don't have that expertise in-house, you want to make sure you partner with the best out there, and BitFarms certainly did.
00:39:16.880 -->
00:39:19.360They went out and partnered with T5, they're one of the best.
00:39:19.679 -->
00:39:21.360Another strategic decision.
00:39:21.440 -->
00:39:23.199So you can see this story evolve.
00:39:23.280 -->
00:39:26.800Basically, the history of BitFarms in 30 minutes there for you.
00:39:26.880 -->
00:39:41.199Uh, since Ben's taken the chair, we've seen the evolution of the portfolio in terms of their sites, we've seen the evolution of their revenue strategy, we've seen new key appointments in terms of the management and leadership team, the board of directors.
00:39:41.360 -->
00:39:47.119Uh, in terms of closing thoughts here, Anthony, this is one we've been big fans of for years and years.
00:39:47.280 -->
00:39:58.800We've been big supporters of Ben, and it seems like he's really uh taken this role, taken the initiative, and set up BitFarms for a great trajectory over the next few years.
00:39:59.199 -->
00:39:59.519Yeah.
00:40:00.079 -->
00:40:16.719Yeah, it's been it's been they've had a challenging period over the sort of last three or four years with everything we've mentioned in the video in terms of the fact that they've gone through leadership change, they've had a they had the debt issue, which fortunately uh Jeff when he was in charge there he managed to get that down to to to zero.
00:40:16.880 -->
00:40:36.000Uh Benz took over, re-adopted the strategy, had to sort of like go through that distraction, and now they can now sort of like really focus on what they've been planning to do for the last 18 months, is that make sure that you know they deliver in in North America, especially the US, with that sort of nearly 90% of power base there.
00:40:36.159 -->
00:40:40.079They've moved offices to there now, full focus will be on them.
00:40:40.400 -->
00:40:50.800Ben, I will tell you, um, you know, as a CEO of the company, he's probably one of the most popular um uh people in the in the sort of like to the to real invest retail investors.
00:40:50.880 -->
00:40:57.440We've had him on the podcast many, many times, and um, you know, he's always his podcasts are always well viewed.
00:40:57.599 -->
00:40:59.360Uh, certainly some of the top podcasts.
00:40:59.440 -->
00:41:01.760I think we highlighted some of our top podcasts from last year.
00:41:01.920 -->
00:41:09.599He had two of the top ten in terms of interviews uh for the year there, you know, alongside the likes of Dan Roberts, another another favourite.
00:41:09.679 -->
00:41:15.599But you think about the year that Dan Roberts had, and Ben's podcast, you know, still slightly outdone Dan there.
00:41:15.760 -->
00:41:25.039So this is how popular Ben's looked at, and yet, you know, uh the bit the Bit Farm share price hasn't um you know developed as much as shareholders would want to.
00:41:25.199 -->
00:41:40.320I think with the strategy in place now and the full focus on delivering them sites in Pennsylvania and going through and completing the build-out of the Washington site there, whilst managing um Quebec as well, I think the future is really bright.
00:41:40.480 -->
00:41:49.440And if you if you remember some of the podcasts we've done before, they're certainly um always, you know, generally my top three miners um, you know, for from the competitions.
00:41:49.519 -->
00:41:54.719So I always have a uh you know a high uh expectation of bit farms, and I hope they don't let me down.
00:41:55.039 -->
00:41:56.159No, I don't think they will.
00:41:56.239 -->
00:42:01.360And we've seen continual buying, insider buying from Ben Ganyon himself throughout the year.
00:42:01.440 -->
00:42:09.679We fully expect them to land an HPC AI deal at some point in 2026 and look forward to covering that news when it happens.
00:42:09.920 -->
00:42:13.679Now, you just mentioned uh the New York office for BitFarms.
00:42:13.840 -->
00:42:23.199I wanted to bring up the fact we're actually gonna be out in New York the second week of February, the 9th to 13th, for Anthony Pompliano's Bitcoin Investor Week.
00:42:23.360 -->
00:42:25.199We took this one in last year, Anthony.
00:42:25.280 -->
00:42:26.639We were both very impressed.
00:42:26.800 -->
00:42:32.800Really, the who's who of Bitcoin uh influencers and notable speakers in the space.
00:42:33.199 -->
00:42:36.480Yeah, I I enjoyed it last year and I'm gonna equally enjoy it this year.
00:42:36.559 -->
00:42:39.679I'm already mousewater watering at some of the speakers when they get there.
00:42:39.840 -->
00:42:47.519Anthony Scaramucci, Mike Novogratz, Grant Codone, um, Lynn Olden, Bo Hines, Jan Vanek, uh, some big, big names there.
00:42:47.679 -->
00:42:50.079Kathy Wood, obviously Pomp himself.
00:42:50.159 -->
00:42:52.000Um, he'll be obviously doing some interviews.
00:42:52.079 -->
00:42:55.519From the mining space, we've got Fred Teal, the CEO and chairman of Mara.
00:42:55.840 -->
00:42:59.679So hopefully we can have a few words with with um with Fred while we're there.
00:43:00.000 -->
00:43:02.000Maybe some other miners in in the place there.
00:43:02.320 -->
00:43:06.719There's a few New York-based uh miners, so uh maybe a few more turn up.
00:43:06.800 -->
00:43:15.199But we're really looking forward to seeing you know what some of these experts think of of Bitcoin, where it is at the moment, where it's going uh in the future.
00:43:15.280 -->
00:43:23.199But I do remember uh Jan Vanek and um Kathy Wood on the stage last year giving their view as to where they saw Bitcoin by the end of 2025.
00:43:23.280 -->
00:43:27.840And I remember Kathy Wood saying I think it was 200,000, and Jan Vanek was a bit more conservative.
00:43:27.920 -->
00:43:30.079He only said it was going to be 180,000.
00:43:30.320 -->
00:43:33.280So um we ended up just over 90,000.
00:43:33.360 -->
00:43:39.920So uh maybe 2026 um a better year for predictions, but it was always interesting to see what their thought process is.
00:43:40.000 -->
00:43:51.199It's not just about the prediction, it's how they believe we're gonna get to that prediction, what's happening that they're seeing is giving them real impetus to get the Bitcoin price um to that to that high.
00:43:51.360 -->
00:44:02.800And and and obviously, with a lot of uh financiers here now, and we talk about Bitcoin on the on the balance sheet of public companies, that has definitely grown over the last two years, uh, grown significantly.
00:44:03.119 -->
00:44:15.360You know, we used to cover this over a year ago when if you had three Bitcoin as a public company, you were in the top 70 companies, you have to have something like about 150 Bitcoin now to make the top hundred.
00:44:15.760 -->
00:44:18.320Uh, that's how much we've seen the growth of it.
00:44:18.400 -->
00:44:23.679And we've seen one company grow a bit more than everybody else, and that strategy, they're over 700,000.
00:44:23.760 -->
00:44:31.199They're probably you know, more than half of the uh Bitcoin held in public companies is held in one company.
00:44:31.280 -->
00:44:33.440Uh, that's how far ahead of the game they are.
00:44:33.599 -->
00:44:39.199But um, but Mara in second place they're giving them you know a little bit of a run there with over 50,000 held.
00:44:39.280 -->
00:44:41.280So it'd be a really good conference to to go to.
00:44:41.360 -->
00:44:42.480I'm looking forward to it, Bryce.
00:44:42.559 -->
00:44:43.280I enjoyed it last year.
00:44:43.360 -->
00:44:44.800I'm sure we'll do the same this year.
00:44:45.119 -->
00:44:46.079Yeah, I think we will.
00:44:46.159 -->
00:44:48.079It'll be great to get out there and mingle.
00:44:48.239 -->
00:44:51.519Maybe we'll have to remind them of their predictions from last year.
00:44:51.599 -->
00:44:54.480That's exactly why we don't do price targets or predictions.
00:44:54.559 -->
00:44:57.519We'll leave it to the experts and and see how they fare.
00:44:57.840 -->
00:45:06.559Uh, the last piece I wanted to quickly bring up, we talked a lot today about energy, this uh focus from BipFarms to find and source energy in the United States.
00:45:06.800 -->
00:45:11.360Luxor was on uh a couple of months ago talking about their energy trading platform.
00:45:11.599 -->
00:45:13.840So they sell forward hashrate, obviously.
00:45:13.920 -->
00:45:18.960They've got the hash rate index, they've now expanded into the energy side of things as well.
00:45:19.119 -->
00:45:22.960Uh so we'd encourage you guys to go over there, take a closer look through the website.
00:45:23.119 -->
00:45:30.000But we're starting to hear pretty much by the day how valuable, important, scarce these megawatts are.
00:45:30.159 -->
00:45:35.599And we thought a very interesting uh offering or product that kind of complements the video.
00:45:35.679 -->
00:45:40.559So let us know below, you guys, your thoughts on BitFarms if you're currently holding shares.
00:45:40.719 -->
00:45:44.079This strategy we've seen evolve since Ben took the wheel.
00:45:44.239 -->
00:45:45.760Uh, we'd love to hear your thoughts.
00:45:45.920 -->
00:45:46.880Hit the like button.
00:45:47.039 -->
00:45:48.079Feel free to subscribe.
00:45:48.159 -->
00:45:49.840We'll see you back here tomorrow.
