Listed Bitcoin miner BitFarms announced Thursday that it will scale back its BTC operations and shift its focus to AI infrastructure.
The announcement coincided with the company’s third-quarter results, in which the company posted a net loss of $46 million, compared to a net loss of $24 million for its Bitcoin business in Q3 2024.
“We continue to execute our HPC/AI infrastructure development strategy with a well-funded supply chain and will be converting our Washington location to support the Nvidia GB300 with state-of-the-art water cooling,” Bitfarms CEO Ben Gagnon said in a statement.
“Despite being less than 1% of our total developable portfolio, we believe that converting just our Washington site to GPU-as-a-service has the potential to generate more net operating income than we have ever generated from Bitcoin mining,” he added.
Gagnon added that the company is considering “winding down” its Bitcoin mining operations in 2026-2027.
Bitfarms, which operates 12 data centers with 341 megawatts (MW) of energy capacity across North America, is confident in its ability to successfully transition.
“With consistent inbound demand for our sites, we have strong confidence in the value of our unique energy portfolio, our power needs, and our ability to develop next-generation HPC and AI infrastructure,” Gagnon said during the company’s third quarter earnings call.
Recently the company Converted $300 million debt facility The company raised funding for its Panther Creek, Pennsylvania, location in October, which it hopes will help it capitalize on demand for AI infrastructure.
Following the news, BITF stock fell about 18% on Thursday, closing at $2.60. The decline is part of widening losses last month, when the stock fell more than 51%.
The soon-to-be former Bitcoin miner isn’t the only one looking to AI for what’s next. Last week, Bitcoin Miner With record revenues, MARA We plan to expand our services with a focus on AI computing.
While many Bitcoin mining companies have taken advantage of growing AI opportunities in recent months, BitFarms is the first major company to announce plans to abandon its original business focus.
A BitFarms representative did not immediately respond. decryption Request for comments.
Bitcoin has fallen nearly 3% in the past 24 hours and is currently trading at $99,441 after falling to a six-month low on Thursday.
