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Bitfarms Engages Strategic Partners to Develop HPC/AI Business

Jan 31, 2025 - financialpost.com
Bitfarms Ltd., a global Bitcoin and data center company, has engaged Appleby Strategy Group and World Wide Technology as consultants to develop its high-performance computing (HPC) and artificial intelligence (AI) business. The consultants will conduct a feasibility analysis of Bitfarms' North American sites and assist in creating sales and development strategies. Bitfarms aims to leverage its 1.2 GW North American portfolio, particularly sites on the PJM grid, for HPC/AI opportunities, which are expected to provide long-term, steady cash flows alongside its Bitcoin mining operations.

Founded in 2017, Bitfarms operates 12 Bitcoin data centers and has two under development across Canada, the U.S., Paraguay, and Argentina, primarily using hydro-electric power. The company is focused on maximizing the utility of its data centers for HPC/AI applications, which could enhance its revenue streams. However, the forward-looking statements in the release highlight potential risks, including the ability to secure profitable contracts and the impact of digital currency market volatility.

Key takeaways:

  • Bitfarms Ltd. has engaged Appleby Strategy Group and World Wide Technology to develop a comprehensive feasibility analysis for its North American sites and advise on its global HPC/AI strategy.
  • The collaboration aims to build accelerated sales and development strategies and market Bitfarms' sites to potential customers.
  • Bitfarms is focused on maximizing the utility and value of its 1.2 GW North American portfolio, particularly for HPC/AI opportunities.
  • The company operates 12 Bitcoin data centers and is committed to using sustainable energy sources, predominantly hydro-electric power.
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