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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Bitfarms
Bitfarms (BITF) investor relations material
Bitfarms 28th Annual Needham Growth Conference Virtual summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.28th Annual Needham Growth Conference Virtual summary13 Jan, 2026
Market trends and investment thesis
Data center and compute demand is accelerating, driven by AI, with a 20-year trend of 8.8% annualized growth and lease rates rising from 3% to 12% since 2022.
Power and infrastructure, not silicon or capital, are the main bottlenecks for HPC and AI growth, with a projected 45 GW power shortfall for data centers by 2030.
Companies with energy and infrastructure assets are expected to benefit most as demand and lease rates rise.
Strategic focus is on optimizing lease timing to maximize rates and margins, prioritizing infrastructure development, and targeting next-gen GPU compatibility.
Plans include leapfrogging current GPU architectures to develop for NVIDIA's Vera Rubin GPUs, expected to be in highest demand by 2027.
Portfolio and site-specific developments
Holds the largest power portfolio in its regions, with sites in Pennsylvania, Quebec, and Washington, all outside Texas and in high-demand, cool climates.
Pennsylvania campuses secured power ahead of the recent HPC/AI demand surge, with Panther Creek and Sharon leading in development.
Quebec portfolio (170 MW) is 100% renewable and can be converted from Bitcoin mining to HPC/AI, potentially increasing provincial data center capacity by 25%.
Washington site (18 MW) is in a prime data center cluster with the lowest U.S. power costs and is being considered for GPU as a service or colocation.
Scrubgrass campus in Pennsylvania has potential for over 1 GW capacity, with power and generation expansion under evaluation.
Financial position and capital strategy
Raised $590 million in Q3 via convertible notes and maintains $750 million in unencumbered liquidity plus $200 million available for project development.
Strong balance sheet enables self-financing of initial projects through Notice to Proceed (NTP), expected for Washington, Sharon, and Panther Creek by late 2026.
Financing strategy includes project-level debt (60-65% LTV), recycling equity, and selective equity raises, with a focus on prudent leverage and risk management.
Will avoid over-leverage and speculative building, only committing major capital post-lease signing.
Vera Rubin infrastructure: CapEx and timeline impact
How do PUE advantages translate to economics?
Equity sources for project pipeline, post-NTP debt
Partial view of Summaries dataset, powered by Quartr API
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Next Bitfarms earnings date
Q4 202518 Mar, 2026
Bitfarms
Next Bitfarms earnings date
Q4 202518 Mar, 2026
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Bitfarms is a blockchain infrastructure company that operates some of the largest cryptocurrency mining data centers in North America. Bitfarms provides computing power to cryptocurrency networks such as Bitcoin, earning fees from each network for securing and processing transactions.
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