BitFarms plans to stop its Bitcoin mining operations over the subsequent two years and regularly rework right into a high-performance computing information heart centered on AI.
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- By 2027, BitFarms plans to close down its Bitcoin mining operations and rework the location into an AI-centric information heart.
- The Washington web site will assist 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 technology of compute-intensive workloads, the corporate mentioned in a Nov. 13 announcement.
Scheduled to be accomplished by December 2026, the 18-megawatt Bitcoin mining facility in Washington will function 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 complicated liquid cooling system.
Headquartered in Canada, the corporate has already secured its whole provide chain by means of a binding contract value $128 million with a significant multinational information heart infrastructure supplier based mostly in the US. As a part of the settlement, the companions will present all essential IT {hardware} and constructing supplies wanted to finish the conversion.
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“We imagine there are compelling causes to contemplate pursuing a GPU-as-a-Service or cloud monetization technique, notably in Washington. Regardless of being lower than 1% of our complete 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’ve ever generated from Bitcoin mining,” Bitfarms CEO Ben Gagnon mentioned in an accompanying assertion.
Gagnon expects Washington’s turnaround will present the corporate with a “sturdy money move base” and assist it wind down its “Bitcoin mining operations in 2026 and 2027.”
Bitcoin mining is a extremely aggressive market as a consequence of skinny margins and capital-intensive upkeep, and available infrastructure and energy contracts already give crypto miners a bonus over conventional information heart entrants. In consequence, many of those corporations 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 as a consequence of a major compression in gross margins and rising manufacturing prices. The AI sector is anticipated to convey stronger recurring income and enterprise-grade demand, so BitFarms, like lots of its publicly traded rivals, is seeking to seize this chance.
Shareholders additionally supported this concept, with BitFarms inventory performing extraordinarily effectively by means of most of 2025 as the corporate doubled down on its concentrate on 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 means of a convertible debt providing, which is able to enable it to fund its continued growth efforts whereas minimizing shareholder dilution.
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