Release Date: March 27, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Could you provide an update on the regulatory stance and timing for using the stronghold sites for AI and HPC capacity rather than Bitcoin mining? A: Ben Gagnon, CEO: For the existing generating and grid import capacity at the stronghold site, no further regulatory approval is needed. However, for additional megawatts under study and application, approvals could take 12 to 36 months. Immediate power capacity is available now, with potential for HPC use in 2026.
Q: Can you break down the expected CapEx for 2025, particularly how much is allocated to Bitcoin mining versus infrastructure for AI and HPC? A: Jeffrey Lucas, CFO: Of the $95 million CapEx for 2025, only about $7 million is for miner logistics. The majority is allocated to infrastructure development, particularly at the stronghold and Sharon facilities, with some work in Quebec and Argentina.
Q: What are the due diligence timelines for potential HPC and AI customers, and what kind of setup would they likely use at your facilities? A: Ben Gagnon, CEO: Hyperscalers typically have a due diligence timeline of 9 to 12 months. They may start with powered land and progress to powered shell setups. The timeline to energization is crucial for driving value in HPC deals.
Q: With the focus on North American energy and HPC infrastructure, is there potential for further divestment of your South American portfolio? A: Ben Gagnon, CEO: The South American sites are profitable and generating free cash flow, unlike the Yguazu site, which required significant investment. While we are open to opportunities, the current focus is on maintaining profitable operations.
Q: How do you address potential clients' concerns about Bitfarms' experience in HPC development, given your background in Bitcoin mining? A: Ben Gagnon, CEO: We emphasize our strategic advisors and internal team, who fill knowledge gaps and help us leverage our core competencies in Bitcoin mining for HPC and AI. This approach has been well-received by potential clients.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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