Bitfarms will shut down its Bitcoin mining operations over the subsequent two years and steadily convert them into AI-focused high-performance computing knowledge facilities.
Abstract
- Bitfarms will shut down its Bitcoin mining operations by 2027 and convert its websites into AI-focused knowledge facilities.
- The Washington website will help as much as 190 kilowatts per rack utilizing Nvidia GPUs, with completion focused for December 2026.
Bitfarms will start this transition with its Washington website and repurpose the power for a brand new technology of compute-heavy workloads, the corporate mentioned in a Nov. 13 announcement.
Anticipated to be accomplished by December 2026, the 18 megawatt Bitcoin mining facility in Washington will home state-of-the-art infrastructure powered by Nvidia’s flagship GPUs, able to supporting workloads of as much as 190 kilowatts per rack with superior liquid cooling methods.
The Canada-headquartered firm has already secured the complete provide chain by way of a binding settlement value $128 million with a big US-based multinational knowledge heart infrastructure supplier. As a part of the deal, the companion will provide all important IT {hardware} and constructing supplies wanted to finish the conversion.
You may also like: Canary Capital’s XRP ETF information $58M in launch day quantity, topping all 2025 launches
“We consider there are compelling causes to think about pursuing a GPU-as-a-Service or Cloud monetization technique, particularly at Washington. Regardless of being lower than 1% of our complete developable portfolio, we consider that the conversion of simply our Washington website to GPU-as-a-Service may probably produce extra web working revenue than we’ve ever generated with Bitcoin mining,” Bitfarms CEO Ben Gagnon mentioned in an accompanying assertion.
Gagnon expects the Washington conversion to fund the corporate with “a powerful cashflow basis” and help the wind-down of the corporate’s “Bitcoin mining enterprise in 2026 and 2027.”
Bitcoin mining has turn into a extremely aggressive market with thinning margins and capital-intensive repairs, and with available infrastructure and energy contracts, crypto miners have already got an edge over conventional knowledge heart entrants. As such, many of those corporations have knocked over their rigs and pivoted to AI and high-performance computing, particularly following the 2024 halving that minimize block rewards and tightened mining economics.
Bitfarms’ mining income was already displaying indicators of stress by the primary half of 2025, with sharply compressed gross margins and hovering manufacturing prices. With the AI sector anticipated to herald stronger recurring income and enterprise-grade demand, Bitfarms is trying to seize the chance like lots of its publicly traded rivals.
Shareholders have additionally backed the thought, and Bitfarms shares have carried out fairly nicely all through most of 2025 as the corporate doubled down on its pivot into compute infrastructure and capitalized on the booming AI wave.
One other motivation for Bitfarms has been its weak monetary efficiency during the last quarter. Bitfarms posted a web lack of $46 million, or 8 cents per share, which was under analyst expectations of a 2-cent loss per share regardless of a 156% year-over-year soar in income to $69 million.
As beforehand reported, the corporate is trying to elevate 500 million {dollars} by way of a convertible senior notes providing, which might enable it to fund ongoing enlargement efforts whereas minimizing shareholder dilution.
Learn extra: Seismic secures $10m for blockchain privateness infrastructure
