Keel Infrastructure (KEEL.TO) Stock Analysis & Winston Score

Bitfarms is a company that mines Bitcoin. It uses large warehouses full of specialized computers to solve complex math problems, and when it wins, it earns Bitcoin as a reward. The company does not sell products to regular customers — it simply collects Bitcoin and sells it on the open market. Bitfarms makes money by selling the Bitcoin it mines. It operates mining facilities across several countries, including Canada, the United States, Paraguay, and Argentina, giving it access to cheaper electricity in different regions. Low electricity costs are the core competitive advantage in this industry, since power is the biggest expense for any miner. The company's financial results are heavily tied to the price of Bitcoin and the global "mining difficulty," which rises as more competitors enter the market — both factors are outside Bitfarms' control and create significant earnings volatility.