Bitfarms — soon to be renamed Keel Infrastructure — is pivoting from Bitcoin mining to developing, owning, and operating data center infrastructure for HPC and AI workloads. The core business model involves leasing data center capacity under multi-year agreements to hyperscalers, cloud providers, and AI companies, structured as either powered shell leases or colocation arrangements. Revenue is driven by megawatts leased and the rate per kilowatt per month. The company's foundation is a portfolio of secured power, owned land, and grid interconnections in Pennsylvania, Washington state, and Quebec — all assembled before AI-driven demand made these markets acutely constrained. Bitcoin mining is the legacy business, retained only to generate cash flow during the transition; Bitfarms operates over 100,000 ASIC miners and generates roughly $8M per month in mining free cash flow. The company also owns two coal refuse-fired power plants in Pennsylvania that sell electricity into wholesale markets and provide behind-the-meter power for collocated data centers. HPC development is concentrated on sites at Panther Creek and Sharon in Pennsylvania, and Moses Lake in Washington, with initial HPC revenue targeted for 2027. A key strategic bet is designing facilities for NVIDIA's next-generation Vera Rubin GPU architecture rather than current-generation hardware. Bitfarms intends to finance construction primarily through project-level debt secured by lease agreements with investment-grade tenants, supplemented by roughly $520M in existing liquidity.