Bitfarms will shut down its Bitcoin mining operations over the following two years and regularly convert them into AI-focused high-performance computing knowledge facilities.
Abstract
- Bitfarms will shut down its Bitcoin mining operations by 2027 and convert its websites into AI-focused knowledge facilities.
- The Washington web site will help as much as 190 kilowatts per rack utilizing Nvidia GPUs, with completion focused for December 2026.
Bitfarms will start this transition with its Washington web site and repurpose the power for a brand new technology of compute-heavy workloads, the corporate stated in a Nov. 13 announcement.
Anticipated to be accomplished by 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 techniques.
The Canada-headquartered firm has already secured the complete provide chain through a binding settlement value $128 million with a big US-based multinational knowledge middle infrastructure supplier. As a part of the deal, the companion will provide all essential IT {hardware} and constructing supplies wanted 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 at Washington. Regardless of being lower than 1% of our whole developable portfolio, we consider that the conversion of simply our Washington web site to GPU-as-a-Service might probably produce extra web working earnings than we’ve ever generated with Bitcoin mining,” Bitfarms CEO Ben Gagnon stated in an accompanying assertion.
Gagnon expects the Washington conversion to fund the corporate with “a powerful cashflow basis” and help the wind-down of the corporate’s “Bitcoin mining enterprise in 2026 and 2027.”
Bitcoin mining has change into a extremely aggressive market with thinning margins and capital-intensive maintenance, and with available infrastructure and energy contracts, crypto miners have already got an edge over conventional knowledge middle entrants. As such, many of those companies have knocked over their rigs and pivoted to AI and high-performance computing, particularly following the 2024 halving that minimize block rewards and tightened mining economics.
Bitfarms’ mining income was already exhibiting indicators of stress by the primary half of 2025, with sharply compressed gross margins and hovering manufacturing prices. With the AI sector anticipated to usher in stronger recurring income and enterprise-grade demand, Bitfarms is seeking to seize the chance like a lot of its publicly traded rivals.
Shareholders have additionally backed the thought, and Bitfarms shares have carried out fairly properly all through most of 2025 as the corporate doubled down on its pivot into compute infrastructure and capitalized on the booming AI wave.
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 beneath analyst expectations of a 2-cent loss per share regardless of a 156% year-over-year soar in income to $69 million.
As beforehand reported, the corporate is seeking to increase 500 million {dollars} through a convertible senior notes providing, which might permit it to fund ongoing growth efforts whereas minimizing shareholder dilution.
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