BitFarms, one of the largest Bitcoin miners in North America, has announced that 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 forcing carriers to look for more stable sources of revenue. Toronto-based Bitfarms’ operations will increasingly target GPU-as-a-Service products and cloud computing solutions.
The company’s Washington facility will be the company’s first fully converted location. The 18 MW mining farm will be retrofitted to support Nvidia GB300 GPUs with advanced liquid cooling.
BitFarms has signed a fully-funded $128 million contract with a leading US-based data center partner to supply all necessary equipment and construction materials. Completion is targeted for December 2026.
“Despite 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, providing us with a solid cash flow foundation to fund operating expenses, general and administrative expenses, debt service, and contribute to capital expenditures as we wind down our Bitcoin mining business in 2026 and 2027,” said the CEO. said Ben Gagnon.
Bitfarms and other Bitcoin miners pivot to AI
Other miners are making similar bets. Companies like Cipher and Terawulf are partnering with investors like SoftBank and Google to develop AI-enabled data centers.
These ventures are expected to generate billions of dollars in revenue and are acquiring additional capital through debt financing.
BitFarms’ business transformation comes amid financial pressure. The company reported a loss of $46 million on revenue of $68 million in the third quarter. The stock fell about 5.7% in early trading, but has still doubled since the beginning of the year.
The Washington site will feature modular infrastructure for scalable deployment and efficient power management.
The company aims to monetize its facilities through both colocation and cloud services, positioning itself as a provider of AI computing rather than just cryptocurrency infrastructure.
Bitfarms’ broader energy portfolio totals 2.1 GW across North America. The company’s sites are concentrated in areas with robust access to power and fiber optics, making the transition from Bitcoin mining to AI workloads a natural extension of its existing infrastructure.
The company emphasizes the potential of HPC/AI, but faces execution risks. Projects may be delayed, equipment may not meet performance goals, and GPU-as-a-Service economics may fall short of expectations.
The post Bitcoin Miner Bitfarms (BITF) to End Bitcoin Mining and Pivot to AI Computing originally appeared in Bitcoin Magazine and was written by Micah Zimmerman.
