Bitfarms, one among North America’s largest Bitcoin miners, announced it is going to progressively wind down its mining operations over the subsequent two years.
The corporate plans to shift its focus to high-performance computing (HPC) and synthetic intelligence (AI) infrastructure.
The transfer displays a broader pattern amongst crypto miners. Falling Bitcoin costs and shrinking revenue margins are pushing operators to discover extra steady income streams. Bitfarms’ Toronto-based operations will more and more goal GPU-as-a-Service choices and cloud computing options.
The corporate’s Washington State facility will probably be its first absolutely transformed web site. The 18 MW mining farm will probably be retrofitted to help Nvidia GB300 GPUs with superior liquid cooling.
Bitfarms has secured a totally funded, $128 million cope with a significant U.S.-based information heart accomplice to provide all needed gear and constructing supplies. Completion is focused for December 2026.
“Regardless of being lower than 1% of our whole developable portfolio, we consider that the conversion of simply our Washington web site to GPU-as-a-Service may probably produce extra web working revenue than we have now ever generated with Bitcoin mining, offering the Firm with a powerful cashflow basis that would fund opex, G&A, and debt service and contribute to capex as we wind down our Bitcoin mining enterprise in 2026 and 2027,” CEO Ben Gagnon mentioned.
Bitfarms and different Bitcoin miners pivoting to AI
Different miners are making comparable bets. Firms resembling Cipher and Terawulf have partnered with traders like SoftBank and Google to develop AI-ready information facilities.
These ventures are attracting billions in projected income and unlocking extra capital by debt financing.
Bitfarms’ pivot comes amid monetary pressures. The corporate reported a $46 million third-quarter loss on $68 million in income. Shares fell about 5.7% in early buying and selling, although the inventory has nonetheless doubled this 12 months.
The Washington web site will function modular infrastructure for scalable deployment and high-efficiency energy administration.
The corporate goals to monetize the ability by each colocation and cloud companies, positioning itself as a supplier of AI compute fairly than simply cryptocurrency infrastructure.
Bitfarms’ broader vitality portfolio totals 2.1 GW throughout North America. Its websites are clustered in areas with strong entry to energy and fiber, making the shift from Bitcoin mining to AI workloads a pure extension of its present infrastructure.
Whereas the corporate emphasizes the potential of HPC/AI, it faces execution dangers. Initiatives may face delays, gear could not meet efficiency targets, or the economics of GPU-as-a-Service may underperform expectations.
