Bitfarms, a company specializing in Bitcoin mining, has announced its complete exit from this business over the next two years. Instead of cryptocurrency mining, the company will focus on developing high-performance computing (HPC) capabilities and building data centers for artificial intelligence.
This is reported by Business • Media
Reasons for the Strategic Shift and Financial Details
A key factor in this decision was the decline in mining profitability caused by the drop in Bitcoin prices and rising energy costs. The industry is experiencing an increase in miners’ debt, which has approached $12.7 billion, further highlighting the challenging market situation.
For the third quarter of 2025, Bitfarms reported a net loss of $46 million on revenues of $68 million. These financial results reflect the pressure on the company due to the decreasing profitability of traditional Bitcoin mining.
Reorientation Towards Artificial Intelligence and New Data Center
Bitfarms is beginning the modernization of its facility in Washington, USA, which will become the first fully specialized data center for HPC and artificial intelligence tasks. Its capacity will reach 18 MW, with the completion of the upgrade scheduled for December 2026. The facility will implement modern liquid cooling technologies and NVIDIA GB300 graphics processors, aimed at AI and scientific calculations.
“We continue to execute our HPC/AI infrastructure development strategy with a fully funded supply chain and plan to convert our Washington facility to support NVIDIA GB300 with modern liquid cooling,” said CEO Ben Gagnon.
Although the Washington site accounts for less than 1% of the company’s total portfolio, Bitfarms’ management believes that its transformation into GPU-as-a-Service could provide greater operational profit than traditional Bitcoin mining.
The shift to HPC, according to Ben Gagnon, creates a financial foundation that allows for the gradual winding down of mining operations in 2026-2027, while maintaining a stable cash flow for operational needs and servicing debt obligations.
To upgrade its infrastructure, the company has signed a $128 million contract with a leading American data center solutions provider. This provider will supply all necessary IT components and materials for the modernization of the Washington facility.
The new Bitfarms data center will have a Power Usage Effectiveness (PuE) index of 1.2-1.3, which is considered one of the best metrics in the industry.
As the CEO emphasized, Bitfarms’ UEX model is focused on ensuring stable revenues after the end of the mass Bitcoin mining era and on integrating the cryptocurrency sector into the new artificial intelligence economy.
It is worth noting that similar changes are occurring throughout the industry: leading mining companies, including Cipher and TeraWulf, have already attracted investments from giants like SoftBank and Google to create modern data centers, while MARA has announced the integration of mining with HPC workloads.