Bitfarms, one of North America’s largest Bitcoin miners, announced it will gradually wind down its mining operations over the next two years.
The company plans to shift its focus to high-performance computing (HPC) and artificial intelligence (AI) infrastructure.
The move reflects a broader trend among crypto miners. Falling Bitcoin prices and shrinking profit margins are pushing operators to explore more stable revenue streams. Bitfarms’ Toronto-based operations will increasingly target GPU-as-a-Service offerings and cloud computing solutions.
The company’s Washington State facility will be its first fully converted site. The 18 MW mining farm will be retrofitted to support Nvidia GB300 GPUs with advanced liquid cooling.
Bitfarms has secured a fully funded, $128 million deal with a major U.S.-based data center partner to supply all necessary equipment and building materials. Completion is targeted for 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,” CEO Ben Gagnon said.
Bitfarms and other Bitcoin miners pivoting to AI
Other miners are making similar bets. Companies such as Cipher and Terawulf have partnered with investors like SoftBank and Google to develop AI-ready data centers.
These ventures are attracting billions in projected revenue and unlocking additional capital through debt financing.
Bitfarms’ pivot comes amid financial pressures. The company reported a $46 million third-quarter loss on $68 million in revenue. Shares fell about 5.7% in early trading, though the stock has still doubled this year.
The Washington site will feature modular infrastructure for scalable deployment and high-efficiency power management.
The company aims to monetize the facility through both colocation and cloud services, positioning itself as a provider of AI compute rather than just cryptocurrency infrastructure.
Bitfarms’ broader energy portfolio totals 2.1 GW across North America. Its sites are clustered in regions with robust access to power and fiber, making the shift from Bitcoin mining to AI workloads a natural extension of its existing infrastructure.
While the company emphasizes the potential of HPC/AI, it faces execution risks. Projects could face delays, equipment may not meet performance targets, or the economics of GPU-as-a-Service could underperform expectations.