Bitfarms, a serious North American publicly traded Bitcoin miner, is formally getting ready to depart the mining enterprise behind.
The corporate introduced Thursday that it’s going to wind down its Bitcoin operations over 2026 and 2027 after posting a steep $46 million loss within the third quarter, practically double its $24 million loss throughout the identical interval final yr.
Bitcoin mining corporations throughout the U.S. and Canada have been speeding to seize the booming demand for AI compute, however Bitfarms has develop into the primary main participant to brazenly say it plans to desert Bitcoin mining totally.
The corporate will now concentrate on high-performance computing and AI infrastructure.
Bitfarms Abandons Bitcoin Mining Following Deep Losses, Shifts to AI Infrastructure
The corporate detailed its transition plans alongside earnings, revealing that its 18-megawatt facility in Washington State will develop into the primary Bitfarms web site absolutely transformed to assist HPC and AI workloads.
The power is anticipated to run as much as 190 kilowatts per rack, use superior liquid cooling, and assist validated designs optimized for Nvidia’s next-generation GB300 GPUs.
Bitfarms stated it has already signed a totally funded $128 million binding settlement with an American infrastructure supplier for IT tools and supplies for the conversion.
The corporate expects the location to be accomplished by December 2026, working at an industry-leading energy utilization effectiveness (PuE) between 1.2 and 1.3.
CEO Ben Gagnon stated the Washington facility represents lower than 1% of Bitfarms’ complete developable portfolio however may nonetheless generate extra earnings than the corporate has ever earned from Bitcoin mining.
With practically $1 billion in liquidity, the corporate plans to pursue a GPU-as-a-Service mannequin, which may function the monetary basis as Bitcoin revenues decline.
Bitfarms at present operates 12 knowledge facilities throughout North America with 341 megawatts of put in capability and a 1.3-gigawatt improvement pipeline.
Regardless of confidence in its shift to AI, the corporate’s Q3 outcomes spotlight the monetary pressure of mining in 2025.
Income rose 156% year-over-year to $69 million, although nonetheless beneath analyst expectations, whereas the corporate mined 520 BTC in the course of the quarter at a mean direct price of $48,200.
In keeping with Bitcoin treasury knowledge, Bitfarms held 1,827 BTC as of Wednesday. Shares of Bitfarms (BITF) fell sharply following the announcement, dropping practically 18% to $2.60 on Thursday and slipping additional in after-hours buying and selling.
The inventory is now down greater than 51% over the past month.
Beneath Monetary Scrutiny, Bitfarms Upsizes Debt Deal and Joins Mining Business’s AI Pivot
The transition is unfolding throughout a interval of turbulence for the corporate.
Earlier within the yr, Bitfarms disclosed accounting errors in its 2022 and 2023 experiences, prompting a proposed investor class motion alleging weaknesses in its monetary reporting controls.
The corporate additionally expanded a serious debt financing deal in October, upsizing a deliberate convertible be aware sale from $300 million to $500 million attributable to robust investor demand.
@Bitfarms_io has expanded its deliberate convertible be aware sale to $500 million, up from the $300 million introduced only a day earlier.#Bitcoin #Mininghttps://t.co/EGAAW05VqU
— Cryptonews.com (@cryptonews) October 17, 2025
The notes, maturing in 2031, carry a 30% premium conversion value at $6.86 per share.
The broader mining sector can also be shifting. Marathon Digital lately introduced it will broaden into AI compute alongside document income.
IREN signed a multiyear $9.7 billion AI compute cope with Microsoft, giving the tech large entry to its infrastructure.
These strikes mirror the rising view that AI gives greater margins, steadier demand, and fewer regulatory uncertainties than Bitcoin mining.
Bitfarms’ pivot additionally comes throughout a unstable interval for the cryptocurrency itself.
Supply: Cryptonews
Bitcoin fell practically 3% over the past 24 hours to $99,441, its lowest degree in six months.
Company accumulation additionally slowed considerably in October, with private and non-private firms including solely 14,447 BTC, the smallest month-to-month improve of 2025.
Even the most important treasury holder, Michael Saylor’s Technique, noticed its dominance fall from 75% to 60% amid slower purchases and rising competitors from corporations like Metaplanet and Coinbase.
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