BitFarms, one of many largest Bitcoin miners in North America, has introduced that it’ll step by step wind down its mining operations over the subsequent two years.
The corporate plans to shift its focus to high-performance computing (HPC) and synthetic intelligence (AI) infrastructure.
The transfer displays a broader pattern amongst crypto miners. Falling Bitcoin costs and shrinking revenue margins are forcing carriers to search for extra secure sources of income. Toronto-based Bitfarms’ operations will more and more goal GPU-as-a-Service merchandise and cloud computing options.
The corporate’s Washington facility would be the firm’s first absolutely transformed location. The 18 MW mining farm can be retrofitted to assist Nvidia GB300 GPUs with superior liquid cooling.
BitFarms has signed a fully-funded $128 million contract with a number one US-based knowledge middle associate to produce all crucial gear and development supplies. Completion is focused for December 2026.
“Regardless of lower than 1% of our complete developable portfolio, we consider that changing simply our Washington website to GPU-as-a-Service has the potential to generate extra internet working revenue than now we have ever generated from Bitcoin mining, offering us with a strong money circulation basis to fund working bills, normal and administrative bills, debt service, and contribute to capital expenditures as we wind down our Bitcoin mining enterprise in 2026 and 2027,” stated the CEO. stated Ben Gagnon.
Bitfarms and different Bitcoin miners pivot to AI
Different miners are making comparable bets. Corporations like Cipher and Terawulf are partnering with traders like SoftBank and Google to develop AI-enabled knowledge facilities.
These ventures are anticipated to generate billions of {dollars} in income and are buying further capital by way of debt financing.
BitFarms’ enterprise transformation comes amid monetary strain. The corporate reported a lack of $46 million on income of $68 million within the third quarter. The inventory fell about 5.7% in early buying and selling, however has nonetheless doubled because the starting of the 12 months.
The Washington website will function modular infrastructure for scalable deployment and environment friendly energy administration.
The corporate goals to monetize its services by way of each colocation and cloud companies, positioning itself as a supplier of AI computing moderately than simply cryptocurrency infrastructure.
Bitfarms’ broader vitality portfolio totals 2.1 GW throughout North America. The corporate’s websites are concentrated in areas with sturdy entry to energy and fiber optics, making the transition from Bitcoin mining to AI workloads a pure extension of its present infrastructure.
The corporate emphasizes the potential of HPC/AI, however faces execution dangers. Initiatives could also be delayed, gear could not meet efficiency objectives, and GPU-as-a-Service economics could fall wanting expectations.
The publish Bitcoin Miner Bitfarms (BITF) to Finish Bitcoin Mining and Pivot to AI Computing initially appeared in Bitcoin Journal and was written by Micah Zimmerman.
