Keel Infrastructure Corp. (: BITF)

Bitfarms Ltd primarily owns and operates data centers housing computers designed for validating transactions on the Bitcoin blockchain, a process known as mining. The company operates in the cryptocurrency mining industry, leveraging computational power to secure and maintain the Bitcoin network. Bitfarms generates revenue by selling computational power to mining pool operators under a formula-driven rate known as Full Pay Per Share (FPPS). This rate compensates the company for its computational power used for hashing calculations, measured by hashrate. The fees paid by mining pool operators to Bitfarms may be in cryptocurrency, U.S. dollars, or another currency, but are received daily in Bitcoin. The company accumulates the cryptocurrency fees it receives or exchanges them for U.S. dollars through reputable cryptocurrency trading platforms.

• Bitcoin Mining: Bitfarms operates data centers that house specialized computers, or miners, designed to validate transactions on the Bitcoin blockchain. The company sells computational power to mining pool operators under the FPPS model, receiving daily payments in Bitcoin. The primary products in this segment include the computational power provided by the miners and the proprietary MGMT-2 software suite, which controls, manages, reports, and secures mining operations. This segment caters to the cryptocurrency mining market, specifically Bitcoin mining pool operators.

• Electrician Services: Through its subsidiary Volta, Bitfarms provides electrician services to both commercial and residential customers in Québec, Canada. Volta also assists Bitfarms in building and maintaining its Bitcoin data centers in Quebec. This segment caters to the general market for electrician services in Québec.

Bitfarms holds a significant position in the cryptocurrency mining industry, with operations in Canada, the United States, Paraguay, and Argentina. The company's competitive advantages include its geographically diversified portfolio of low-cost energy sources, proprietary software for managing mining operations, and strategic expansion plans. Bitfarms faces competition from other cryptocurrency mining companies such as Riot Platforms, Inc. and HIVE Digital Technologies Ltd. The company's strategic initiatives, including diversification into areas like energy generation, energy trading, heat recycling, and high-performance computing and artificial intelligence (HPC/AI), further strengthen its position in the industry.

Bitfarms' customer base primarily consists of mining pool operators who purchase computational power from the company. The specific names of these customers are not disclosed in the provided text. However, the company's operations are supported by long-term competitively priced power contracts with various power grid operators and hydroelectric sources. The general customer base includes entities involved in the cryptocurrency mining ecosystem, particularly those participating in Bitcoin mining pools.