Bitfarms will shut its Bitcoin mining operations over the following two years and regularly convert them into high-performance computing information facilities centered on AI.
Abstract
- Bitfarms will shut its Bitcoin mining operations by 2027 and convert its websites into AI-focused information facilities.
- The Washington website will help as much as 190 kilowatts per rack utilizing Nvidia GPUs and is scheduled for completion in December 2026.
Bitfarms will start this transition with its Washington website and repurpose the power for a brand new era of compute-intensive workloads, the corporate mentioned in a Nov. 13 announcement.
Anticipated to be accomplished in 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 programs.
The Canada-based firm has already secured your entire provide chain via a binding settlement value $128 million with a big multinational information middle infrastructure supplier primarily based in the US. As a part of the settlement, the companion will provide all IT {hardware} and significant building supplies vital to finish the conversion.
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“We consider there are compelling causes to contemplate pursuing a GPU-as-a-Service or cloud monetization technique, particularly in Washington. Regardless of being lower than 1% of our whole developable portfolio, we consider that changing simply our Washington website to GPU-as-a-Service may probably produce extra web working earnings than we’ve got generated from Bitcoin mining,” Bitfarms CEO Ben Gagnon mentioned in an accompanying assertion.
Gagnon expects Washington’s conversion to fund the corporate with “a stable money circulation basis” and help the liquidation of the corporate’s “Bitcoin mining enterprise” in 2026 and 2027.
Bitcoin mining has turn out to be a extremely aggressive market with shrinking margins and capital-intensive upkeep, and with infrastructure and energy contracts available, crypto miners have already got a bonus over conventional information middle entrants. As such, many of those corporations tore down their platforms and pivoted to synthetic intelligence and high-performance computing, particularly after the 2024 halving that decreased block rewards and tightened the mining financial system.
Bitfarms’ mining income was already exhibiting indicators of stress within the first half of 2025, with extremely compressed gross margins and rising manufacturing prices. With the AI sector anticipated to generate elevated recurring income and enterprise-level demand, Bitfarms is trying to capitalize on the chance like a lot of its publicly traded rivals.
Shareholders additionally backed the thought, and Bitfarms inventory carried out fairly properly via most of 2025 as the corporate doubled down on its pivot into computing infrastructure and capitalized on the rising wave of synthetic intelligence.
One other motivation for Bitfarms has been its weak monetary efficiency over the past quarter. Bitfarms posted a web lack of $46 million, or 8 cents per share, which was under analyst expectations for a lack of 2 cents per share regardless of a 156% year-over-year enhance in income to $69 million.
As beforehand reported, the corporate is trying to increase $500 million via a convertible senior notes providing, which might enable it to fund ongoing enlargement efforts and decrease shareholder dilution.
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