Bitfarms, one in every of North America’s largest Bitcoin miners, introduced it would step by step wind down its mining operations over the following two years.
The corporate plans to shift its focus to high-performance computing (HPC) and synthetic intelligence (AI) infrastructure.
The transfer displays a broader development amongst crypto miners. Falling Bitcoin costs and shrinking revenue margins are pushing operators to discover extra secure 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 likely be its first absolutely transformed website. The 18 MW mining farm will likely be retrofitted to help Nvidia GB300 GPUs with superior liquid cooling.
Bitfarms has secured a totally funded, $128 million cope with a serious U.S.-based knowledge heart companion to provide all mandatory tools and constructing supplies. Completion is focused for December 2026.
“Regardless of being lower than 1% of our whole developable portfolio, we imagine that the conversion of simply our Washington website to GPU-as-a-Service might probably produce extra internet working revenue than we’ve got ever generated with Bitcoin mining, offering the Firm with a robust 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 stated.
Bitfarms and different Bitcoin miners pivoting to AI
Different miners are making related bets. Corporations equivalent to Cipher and Terawulf have partnered with traders like SoftBank and Google to develop AI-ready knowledge facilities.
These ventures are attracting billions in projected income and unlocking extra capital via 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 website will characteristic modular infrastructure for scalable deployment and high-efficiency energy administration.
The corporate goals to monetize the ability via each colocation and cloud companies, positioning itself as a supplier of AI compute relatively 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 might face delays, tools could not meet efficiency targets, or the economics of GPU-as-a-Service might underperform expectations.
