Bitfarms is one of North America’s largest Bitcoin mining companies. announced It will slowly wind down all mining activities over the next 2 years.
The company intends to focus on high-performance computing infrastructure (HPC) as well as artificial intelligence (AI).
This move is part of a wider trend in the crypto mining industry. Operators seek more stable income streams due to the falling Bitcoin prices. Bitfarms, based in Toronto, will focus more on GPU-as a Service offerings and cloud computing.
Washington State will be the first site to fully convert. The mining farm’s 18 MW will be retrofitted with Nvidia GPUs GB300 and advanced liquid cooling.
Bitfarms secured a $128 million fully-funded deal with an important U.S. data center partner for the supply of all equipment and materials. The completion date is December 2026.
“Despite being less than 1% of our total developable portfolio, we believe that the conversion of just our Washington site to GPU-as-a-Service could potentially produce more net operating income than we have ever generated with Bitcoin mining, providing the Company with a strong cashflow foundation that could fund opex, G&A, and debt service and contribute to capex as we wind down our Bitcoin mining business in 2026 and 2027,” Ben Gagnon is the CEO at Ben Gagnon.
Bitfarms, other Bitcoin mining companies pivot to AI
The other miners are making The same bets. Similar bets. Cipher Terawulf and SoftBank have formed a partnership to build AI-ready, data centers.
You can also find out more about the following: ventures The debt-financed projects will unlock billions in additional revenue.
Bitfarms has a pivot due to financial pressures. The company’s third quarter loss was $46 millions on revenue of $68million. Early trading saw shares fall about 5.7%, although the stock is still up by more than double this year.
Washington will have modular power and energy management systems that are scalable.
The facility will be monetized through colocation as well as cloud services. By doing so, the company hopes to become a leader in AI computation rather than simply cryptocurrency infrastructure.
Bitfarms’ broader portfolio of energy totals 2.1 GW in North America. Sites of Bitfarms’ are in locations with easy access to electricity and fiber. This makes it a natural choice to switch from Bitcoin to AI workloads.
Although the company is promoting the benefits of HPC/AI it also faces some execution risk. The company faces execution risks. Projects may be delayed, the equipment might not perform to target, or GPU-as-a-Service’s economics could fall short of expectations.
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Source: bitcoinmagazine.com
