Bitfarms Will 'Wind Down' Bitcoin Mining and Pivot to AI After $46 Million Loss – Decrypt

Publicly traded Bitcoin miner Bitfarms will wind down its BTC operations and pivot to AI infrastructure, the agency introduced on Thursday. 

The announcement comes alongside the agency’s third-quarter earnings, by which it posted a internet lack of $46 million, in comparison with a internet lack of $24 million in Q3 2024 from its Bitcoin enterprise. 

“We proceed executing on our HPC/AI infrastructure improvement technique with a totally funded provide chain and plan to transform our Washington website to assist Nvidia GB300s with state-of-the-art liquid cooling,” mentioned Bitfarms CEO Ben Gagnon, in a press release. 

“Regardless of being lower than 1% of our whole developable portfolio, we consider that the conversion of simply our Washington website to GPU-as-a-service may doubtlessly produce extra internet working revenue than we’ve ever generated with Bitcoin mining,” he added.

Gagnon added that the agency would look to “wind down” its Bitcoin mining enterprise all through 2026 and 2027. 

Bitfarms, which operates 12 knowledge facilities throughout North America with an vitality capability of 341 megawatts (MW), is assured in its capability to make the transition efficiently. 

“With constant inbound demand for our websites, we’ve excessive conviction within the worth of our distinctive vitality portfolio, the demand for our energy, and our capability to develop next-generation HPC and AI infrastructure,” mentioned Gagnon on the agency’s Q3 earnings name. 

The agency just lately transformed a $300 million debt facility in October for the financing of a website in Panther Creek, Pennsylvania, which it expects will permit it to capitalize on demand for AI infrastructure. 

Shares of BITF completed the buying and selling day down about 18% on Thursday amid the information, altering fingers at $2.60. The slip is a part of an prolonged loss over the past month by which shares have fallen greater than 51%. 

The soon-to-be former Bitcoin miner just isn’t the one one trying to AI for its subsequent play. Final week, Bitcoin miner MARA introduced that alongside file excessive revenues it might be increasing its companies to incorporate a concentrate on AI compute.

Many Bitcoin mining companies have embraced the rising AI alternative in current months, however Bitfirms is the primary main participant to say it plans to desert its authentic enterprise focus.

A consultant for Bitfarms didn’t instantly reply to Decrypt’s request for remark. 

Bitcoin has fallen practically 3% within the final 24 hours and is now buying and selling at $99,441 after falling to its lowest value in six months earlier Thursday.