Bitfarms
4 months agoNews Editor 01

Bitcoin Miner Bitfarms Exits Mining, Pivots to AI Computing Infrastructure

Bitfarms, one of North America's largest Bitcoin miners, announced a two-year plan to exit Bitcoin mining entirely and pivot to high-performance computing (HPC) and artificial intelligence (AI) infrastructure. The company will convert its 18 MW Washington State mining facility to support Nvidia GB300 GPUs with liquid cooling, backed by a fully funded $128 million equipment deal with a major U.S. data center partner. CEO Ben Gagnon stated that the Washington site alone could generate more net operating income from GPU-as-a-Service than the company ever earned from mining. Bitfarms reported a $46 million Q3 loss on $68 million revenue; shares fell 5.7% but have doubled year-to-date. Other miners like Cipher and Terawulf have partnered with SoftBank and Google to build AI data centers. The pivot leverages Bitfarms' 2.1 GW energy portfolio across North America, but execution risks remain.

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Bitcoin Miner Bitfarms Exits Mining, Pivots to AI Computing Infrastructure