Bitfarms Business Summary

Bitfarms Ltd. (rebranding as Keel Infrastructure) is a vertically integrated energy and digital infrastructure company that generates revenue through industrial-scale Bitcoin mining, hosting services, and a strategic pivot into high-performance computing (HPC) and AI. The company’s business is segmented into proprietary mining, which earns block rewards and transaction fees, and its emerging GPU-as-a-Service (GaaS) division, which leases high-density compute capacity for AI workloads. Currently redomiciling to the United States, Bitfarms is repurposing its 1.4 GW power pipeline to support advanced data center operations. It competes directly with Marathon Digital Holdings (MARA), Riot Platforms (RIOT), CleanSpark (CLSK), and Cipher Mining (CIFR). Relative to these peers, Bitfarms occupies a mid-market position, differentiating itself through a "power-first" strategy that leverages low-cost, renewable energy assets to transition from a pure-play miner to a diversified infrastructure provider. Founded in 2017 by Nicolas Bonta and Emiliano Grodzki, Bitfarms is led by CEO Ben Gagnon, a seasoned mining executive and former Chief Mining Officer with a background in founding multiple crypto-infrastructure firms. The executive team includes CFO Jonathan Mir, who leads the firm’s financial strategy and U.S. redomiciliation, and COO Liam Wilson, who manages global data center operations. In January 2026, Edie Hofmeister was appointed Chair of the Board, bringing over 20 years of legal and corporate governance expertise from senior roles at Tahoe Resources. The board is further bolstered by independent directors such as Brian Howlett and Wayne Duso, whose backgrounds in capital markets and infrastructure development are critical to the company’s ongoing transformation into a U.S.-domiciled leader in digital and AI infrastructure.