Bitfarms, historically known for its Bitcoin mining operations, has announced a strategic pivot from cryptocurrency mining to artificial intelligence (AI) and high-performance computing (HPC). The company aims to fully phase out Bitcoin mining over the next two years and repurpose its Washington-based facility as a cutting-edge AI hub.
CEO Ben Gagnon explained that the decision is driven by declining Bitcoin profitability and rising energy costs, which have contributed to growing miner debt, now estimated at $12.7 billion. Bitfarms reported a Q3 net loss of $46 million on revenues of $68 million, reflecting current market challenges in the mining sector.
The Washington facility, accounting for less than 1% of the company’s total portfolio, will be converted to support NVIDIA GB300 GPUs with liquid cooling, targeting HPC and AI workloads. The center will operate at a power capacity of 18 MW, with full completion expected by December 2026. According to Gagnon, the GPU-as-a-Service model is expected to generate higher operating profits than the company ever achieved in Bitcoin mining.
Bitfarms has secured a $128 million agreement with a major US data center infrastructure provider to supply all critical IT components and materials for the facility’s upgrade. The new site will feature a Power Usage Effectiveness (PUE) of 1.2–1.3, placing it among the most energy-efficient centers in the industry.
Gagnon emphasized that the shift to HPC/AI creates a sustainable revenue model, enabling Bitfarms to gradually wind down mining operations between 2026 and 2027 while maintaining steady cash flow for operational expenses and debt servicing.
This transition mirrors broader industry trends: other major mining firms, including Cipher and TeraWulf, have already attracted investments from SoftBank and Google to develop AI and HPC data centers. Similarly, MARA announced plans to merge mining activities with high-performance computing initiatives.
Bitfarms’ pivot underscores the evolving role of crypto infrastructure in the broader technology economy, highlighting the intersection of blockchain expertise and next-generation AI workloads. By leveraging GPU-as-a-Service, the company aims to establish a profitable and future-proof model that extends beyond traditional cryptocurrency mining.
