Bitfarms Will ‘Wind Down’ Bitcoin Mining and Pivot to AI After $46 Million Loss

Publicly traded Bitcoin Miner Bitfarms will spin off its BTC operations and pivot to AI infrastructure, the firm announced on Thursday.

The announcement comes alongside the company’s third quarter results, in which it posted a net loss of $46 million, compared to a net loss of $24 million in Q3 2024 from its Bitcoin business.

“We continue to execute on our HPC/AI infrastructure development strategy with a fully funded supply chain and plan to convert our Washington site to support Nvidia GB300s with state-of-the-art liquid cooling,” Bitfarms CEO Ben Gagnon said in a statement.

“Despite being less than 1% of our total development portfolio, we believe that converting just our Washington site to GPU-as-a-service could potentially produce more net operating income than we’ve ever generated with Bitcoin mining,” he added.

Gagnon added that the firm will seek to “resolve” its Bitcoin mining business throughout 2026 and 2027.

Bitfarms, which operates 12 data centers in North America with an energy capacity of 341 megawatts (MW), is confident in its ability to make the transition successfully.

“With consistent incoming demand for our sites, we have high confidence in the value of our unique energy portfolio, the demand for our power, and our ability to develop next-generation HPC and AI infrastructure,” Gagnon said on the company’s Q3 earnings call.

The firm recently converted a $300 million debt facility in October for funding a site in Panther Creek, Pennsylvania, which it expects will capitalize on demand for AI infrastructure.

BITF shares ended the trading day down about 18% on Thursday amid the news, changing hands at $2.60. The slip is part of an extended loss over the past month in which shares have fallen more than 51%.

The former Bitcoin miner isn’t the only one looking to AI for his next game. Last week, Bitcoin miner MARA announced that alongside record high revenues would expand its services to include a focus on AI computing.

Many Bitcoin mining firms have embraced the growing opportunities of AI in recent months, but Bitfirms is the first major player to say it plans to abandon its original business focus.

A Bitfarms representative did not immediately respond Decrypt’s request for comment.

Bitcoin has fallen nearly 3% in the past 24 hours and is now trading at $99,441 after hitting its lowest price in six months earlier on Thursday.