🚀 Why I Think $BITF Is an Undervalued 10X AI Infrastructure Play in the Making

From Bitcoin miner to AI data center disruptor—Bitfarms is entering its second act

Sep 23, 2025

👀 Everyone Still Thinks Bitfarms Is a Bitcoin Miner

Bitfarms ($BITF) is, for most investors, still trapped in the crypto mining bucket: volatile, cyclical, and highly correlated to the Bitcoin hash rate and price action.

Viewing Bitfarms through this lens is the wrong way to think about the company right now.

They’re still a mining business, sure, but their long-term plan and recent developments show a broader pivot to a future-facing AI infrastructure company with data center assets that can reach high valuations (multiple sources I’ve spoken with compared them to CoreWeave’s and Iris Energy’s moves last year).

🧠 My view: Bitfarms is basically executing the CoreWeave playbook—but it’s doing it earlier, cheaper, and much more quietly. The second they begin to execute, it won’t trade at mining stock multiples for long.

🔄 Strategic Pivot: Mining to AI + HPC Infrastructure

Bitfarms’ most important development (in my opinion) is the continued pivot into high-performance computing (HPC) and artificial intelligence (AI) infrastructure.

This isn’t lip service, either—Panther Creek and Moses Lake are two real data center campuses that have some of the best real estate assets in the country:

🦾 Panther Creek Campus (Pennsylvania)

350–410MW planned capacity, with full buildout targeted by 2027
Located in one of the largest energy markets in the U.S. (PJM Interconnection), with an abundance of cheap energy sources (nuclear, natural gas, coal)
Favorable permitting process, robust transmission infrastructure, and low power pricing
Partnered with T5 Data Centers to develop the land (3GW+ capacity managed, 100% uptime since 2012)
Client conversations have already begun

🌲 Moses Lake Site (Washington)

Site already acquired in one of the largest data center clusters on the West Coast
Sits in a clean energy region (much more ESG-friendly), a big plus for AI workloads
Management anticipates a client announcement here soon

💡 Basically, it’s the exact same playbook we saw with CoreWeave: convert energy-rich Bitcoin mining campuses to high-margin AI compute campuses.

🧠 Board-Level Insider: AWS Exec Joins Bitfarms’ Board

In August 2025, Bitfarms quietly added an Amazon Web Services (AWS) veteran to its Board of Directors: Wayne Duso.

If you know AWS, then you know what this means. Duso isn’t a ceremonial addition to a green-lighting board. He has led and scaled multiple businesses within AWS, most related to infrastructure and data services.

Management is telling the market they’re building serious AI/HPC infrastructure by placing a board member with direct experience inside one of the biggest cloud providers and a strong track record building out AWS compute and data centers.

🧠 My Take: This is the type of move that gets little investor reaction outside a small business profile, but it tells you the management team isn’t playing small. Bitfarms is building toward enterprise-class compute infrastructure, and it has the financial firepower to make it real.

💰 They Have the Financial Firepower to Follow Through

Speaking of financial firepower, unlike most early-stage tech and infrastructure plays I cover, Bitfarms actually has real liquidity to back its vision:
$230M in total liquidity (cash, short-term securities, and marketable bonds)
$8M in monthly FCF generation from Bitcoin mining (runs to $100M per year)
$300M debt facility from Macquarie (specializes in global infrastructure projects)
Bitcoin mining is just a self-funding vehicle to back their AI infrastructure expansion
Bitfarms has deep-pocketed backers, real cash flow from an energy-intensive core, and proven experience running large-scale compute operations.

📌 Mining as a Bitcoin miner won’t go away, it will just support the evolution of the company.

📉 Valuation: Ultra-Discounted to Bitcoin Miners With HPC Assets

Bitfarms is still trading like a crypto mining stock, but the company is taking tangible steps to become a diversified data infrastructure company.

TEV/Revenue LTM
- BITF: 2.9x
- CLSK (Core Scientific): 6.3x
- CRWV (CoreWeave): 23.6x
- IREN (Iris Energy): 8.7x
TEV/Revenue NTM
- BITF: 1.65x
- CLSK: 3.3x
- CRWV: 9.95x
- IREN: 3.36x

🧠 That’s the thing about asymmetry: you’re buying at a 1.65x forward revenue multiple for a company with hard assets, FCF, and a path into one of the highest growth segments (AI compute). CoreWeave’s multiple is 10x higher. That gap can’t last forever.

⚡ Catalysts: Path to 10x?

I’ll run through a series of 10x catalysts here, but they’re all completely achievable if Bitfarms can execute:

Client signings and expansion at Moses Lake and Panther Creek
First revenue from AI/HPC contracts in 2026
AI GPU partner announced (Nvidia, AMD, etc.)
Sell-side re-rating as data center compute segment is modeled separately from BTC mining
AI capex narrative gains more legs, and investors look for cheaper plays than NVDA or CRWD
Spin-off or rebrand to split into 2 segments (BTC mining vs. data center/AI infrastructure)

Bitfarms doesn’t have to re-rate at the same level as CoreWeave (its ~$3B market cap is higher than every HPC asset play I follow except Envestnet-Exselect). Bitfarms just needs to lay out a plan that shows it’s building a similar path.

The catalysts above would be enough to make a 5–10x rerating a real possibility in my opinion.

🧾 Final Thoughts: Bitfarms Is Palantir 2020 Meets CoreWeave

This is what I love: unloved, mispriced, backed by real hard assets and FCF.

Management has already been executing on the Bitcoin mining side, and they’re now taking tangible steps to move into the data center AI infrastructure play—with energy-secure land, proven development partners, and the cash to fund their transformation.

I’m buying here, while it still trades at crypto mining stock multiples, because if Bitfarms can land one or two major AI/HPC clients by the end of the year, I just don’t see how this stays under $1B.

🧠 I’m not buying BITF as a speculative meme stock. It’s an early-stage data infrastructure builder with a bunch of optionality baked in, and it’s still flying under the radar.

I’m long—and building.

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