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Mike Colonies

Managing Director of Equity Research at H.C. Wainwright

Mike Colonnese is a Managing Director of Equity Research at H.C. Wainwright, specializing in cryptocurrency and blockchain sector research. He covers 11-14 publicly traded companies including Hut 8 Mining, MicroStrategy, Coinbase Global, Bitfarms, Bitcoin Depot, Cipher Mining, and HIVE Digital Technologies, maintaining an 86.45% buy rating distribution across 155 total ratings. Ranked 4.99 stars on TipRanks with a 36% success rate and average return of 18.50% per rating, Colonnese has generated notable returns including a 460% return on his best-performing CLSK recommendation. He brings over 13 years of financial services experience, having previously served as Director and Senior Equity Research Analyst at Cantor Fitzgerald leading cryptocurrency research efforts, followed by roles at Bank of America, Wells Fargo, and Sidoti & Company covering fintech and traditional finance sectors, with his career beginning in private wealth management at Fidelity Investments.

Mike Colonies's questions to Bitfarms (BITF) leadership

Question · Q3 2025

Mike Colonies inquired about the anticipated pace and timing of Bitfarms' Bitcoin mining operations winding down, particularly concerning hash rate coming offline during the conversion to HPC AI data centers.

Answer

Ben Gagnon (CEO and Director, Bitfarms) explained that the wind-down begins with the LATAM exit, including the Argentina facility closure and the sale of the Pasco Paste facility (representing under 20% of hash rate). He noted that selling these assets pulls forward 1-2 years of free cash flow for immediate reinvestment in HPC AI. The Washington site conversion, impacting about one exahash, is expected mid-2026, with other sites gradually converting thereafter, leading to an orderly transformation.

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Question · Q3 2025

Mike Colonies asked about the economic implications and CapEx differences for Vera Rubin GPUs compared to Blackwell, and the strategy for winding down Bitcoin mining operations.

Answer

Ben Gagnon (CEO) explained that Vera Rubin GPUs will command higher economics due to increasing infrastructure shortage and significantly higher energy density (370 kW/rack vs. 190 kW/rack for GB300s), making existing infrastructure incompatible. He detailed the phased wind-down of mining operations, starting with the Paso Pe facility sale and then Washington, with free cash flow reinvested into HPC/AI infrastructure.

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