Keel Infrastructure Corp. (NASDAQ: KEEL)

Bitfarms Ltd. primarily owns and operates data centers that house computers, referred to as miners, designed to validate transactions on the Bitcoin blockchain. The company runs its miners around the clock to generate hashing power that it sells to mining pool operators under a full pay per share arrangement. As of March 26, 2025, Bitfarms operates 15 data centers located in Canada, the United States, Paraguay, and Argentina, with an energized capacity of 461 megawatts and a contracted capacity of 908 megawatts. The firm sources electricity from Hydro Quebec, Hydro Sherbrooke, Hydro Magog, the City of Baie Comeau, and predominantly power grid operators in Washington State and Pennsylvania in the United States, as well as from the Paraguay national electricity grid; much of this power is derived from clean hydroelectric generation. In addition to mining, Bitfarms provides electrical contracting services through its subsidiary Volta, which serves commercial and residential customers in Québec, Canada. The company also utilizes its proprietary MGMT System, upgraded to MGMT 2, to monitor miner location, status, computing power, and temperature to maximize uptime. Bitfarms’ strategy includes diversification beyond Bitcoin mining into areas such as energy generation, energy trading, heat recycling, and high performance computing and artificial intelligence.

Bitfarms generates revenue mainly by selling computational capacity to mining pool operators, which pays the company in Bitcoin on a daily basis under the full pay per share model. The Bitcoin received is either retained under the Company’s digital asset management program or exchanged for U. S. dollars through established cryptocurrency trading platforms. Under the digital asset management program, Bitfarms decides how much of the mined Bitcoin to hold in custody with trusted custodians such as Anchorage Digital Bank N. A. The firm also operates a hedging program designed to mitigate the impact of Bitcoin price volatility on its operating cash flows. Additionally, Bitfarms runs a synthetic hodl program that uses financial instruments to create Bitcoin equivalent exposure without holding the underlying asset. Volta contributes incremental revenue by providing electrical installation, maintenance, and repair services to commercial and residential clients in Québec, Canada. No other material revenue streams are described in the filing.

Bitfarms positions itself as a geographically diversified Bitcoin miner with access to low cost hydroelectric and alternative energy sources, which reduces its exposure to volatile electricity prices. The company competes with other publicly traded mining firms such as Riot Platforms, Stronghold Digital Mining, Hut 8 Corp., and Marathon Digital Holdings. Bitfarms differentiates itself through long term power contracts, proprietary MGMT 2 monitoring software, and a strategy to expand into high performance computing, artificial intelligence, energy generation, and heat recycling initiatives. These advantages aim to improve operating efficiency, lower operating costs, and create additional revenue streams beyond pure bitcoin mining. The firm’s ability to secure electricity at competitive rates across multiple jurisdictions provides a resilient foundation for sustained operations.

The company’s primary customers are mining pool operators that purchase hashing power to secure Bitcoin network rewards. Through Volta, Bitfarms also serves commercial and residential electricity customers in Québec, Canada. The filing does not disclose specific customer names, so the base is described by type rather than by individual entities.