Bitfarms Ditches Bitcoin Mining for AI: $1B Pivot and Revenue Miss
2.1 Investments Bitfarms is shifting from Bitcoin mining to AI and HPC, converting its Washington facility by 2026. Q3 2025 revenue missed expectations, but liquidity grew to over $1 billion. The company is focusing on North American projects.
Bitfarms is accelerating its transition from Bitcoin mining to high-performance computing (HPC) and artificial intelligence (AI) infrastructure. The company plans to fully convert its Washington State facility by December 2026, installing advanced liquid cooling systems and Nvidia GB300 GPUs, supported by a $128 million agreement with a major U.S. data center partner. This move is expected to generate higher net operating income than previous Bitcoin mining operations. Bitfarms reported $69 million in Q3 2025 revenue, missing analyst expectations by 16.7%, and posted a net loss of $0.02 per share. Despite the earnings miss, Bitfarms raised $588 million through convertible notes, expanding liquidity to over $1 billion, and is advancing projects at its Panther Creek and Sharon campuses. The company discontinued operations in Argentina and Paraguay to focus on North American energy projects, sold 185 BTC for $22 million, and launched a share buyback program. Bitfarms' stock remains up significantly year-to-date, but analysts maintain a cautious outlook due to negative earnings trends.
