BitFarms plans to stop its Bitcoin mining operations over the subsequent two years and step by step rework right into a high-performance computing knowledge heart centered on AI.
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- By 2027, BitFarms plans to close down its Bitcoin mining operations and rework the positioning into an AI-centric knowledge heart.
- The Washington web site will help as much as 190 kilowatts per rack utilizing Nvidia GPUs and is focused for completion in December 2026.
Bitfarms will start this transition from its Washington web site, repurposing that facility for a brand new era of compute-intensive workloads, the corporate stated in a Nov. 13 announcement.
Scheduled to be accomplished by December 2026, the 18-megawatt Bitcoin mining facility in Washington will characteristic state-of-the-art infrastructure powered by Nvidia's flagship GPUs and able to supporting workloads of as much as 190 kilowatts per rack with a sophisticated liquid cooling system.
Headquartered in Canada, the corporate has already secured its whole provide chain by way of a binding contract price $128 million with a significant multinational knowledge heart infrastructure supplier primarily based in the US. As a part of the settlement, the companions will present all important IT {hardware} and constructing supplies wanted to finish the conversion.
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“We imagine there are compelling causes to think about pursuing a GPU-as-a-Service or cloud monetization technique, significantly in Washington. Regardless of being lower than 1% of our whole developable portfolio, we imagine that changing simply the Washington web site to GPU-as-a-Service has the potential to generate extra web working revenue than we now have ever generated from Bitcoin mining,” Bitfarms CEO Ben Gagnon stated in an accompanying assertion.
Gagnon expects Washington's turnaround will present the corporate with a “sturdy money circulation base” and assist it wind down its “Bitcoin mining operations in 2026 and 2027.”
Bitcoin mining is a extremely aggressive market attributable to skinny margins and capital-intensive upkeep, and available infrastructure and energy contracts already give crypto miners a bonus over conventional knowledge heart entrants. Consequently, many of those firms have retired their rigs and pivoted to AI and high-performance computing, particularly after the halving in 2024, when block rewards have been reduce and mining economics tightened.
BitFarms' mining revenues have been already displaying indicators of stress by the primary half of 2025 attributable to a major compression in gross margins and rising manufacturing prices. The AI sector is predicted to deliver stronger recurring income and enterprise-grade demand, so BitFarms, like a lot of its publicly traded rivals, is trying to seize this chance.
Shareholders additionally supported this concept, with BitFarms inventory performing extraordinarily properly by way of most of 2025 as the corporate doubled down on its deal with computing infrastructure and capitalized on the burgeoning AI wave.
One other motivation for Bitfarms is its weak monetary efficiency over the previous quarter. BitFarms' web loss was $46 million, or 8 cents per share, lower than analysts anticipated for a lack of 2 cents per share, at the same time as gross sales rose 156% year-over-year to $69 million.
As beforehand reported, the corporate goals to lift $500 million by way of a convertible debt providing, which can permit it to fund its continued growth efforts whereas minimizing shareholder dilution.
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