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- Publicly traded bitcoin mining company Bitfarms reported a loss of $46 million in the third quarter.
- The company has begun to shift away from mining, shifting focus to providing AI computing infrastructure.
- Bitcoin mining operations will be ended during 2026-2027.
Publicly traded Bitcoin Mining company BitFarms will end its Bitcoin operations and focus on artificial intelligence infrastructure, the mining company announced on Thursday.
The announcement comes alongside the company’s third-quarter earnings, where it reported a net loss of $46 million, compared to a net loss of $24 million in the third quarter of 2024 from its Bitcoin business.
“We continue to execute 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 systems,” Ben Gagnon, CEO of Bitfarms, said in a statement.
“Despite being less than 1% of our total scalable portfolio, we believe that converting our Washington-only site to GPU-as-a-Service could result in greater net operating income than we have ever achieved through Bitcoin mining,” he added.
Gagnon added that the company will look to “wind down” its Bitcoin mining business throughout 2026 and 2027.
Bitfarms, which operates 12 data centers across North America with a power capacity of 341 megawatts, feels confident in its ability to successfully make the transition.
“With continued internal demand for our sites, we have high conviction in the value of our unique energy portfolio, the demand for our energy, and our ability to develop next-generation HPC and AI infrastructure,” Gagnon said on the company’s third-quarter earnings call.
company recently Transferring debt facilities worth $300 million in October to fund a site in Panther Creek, Pennsylvania, which it expects will allow it to capitalize on demand for artificial intelligence infrastructure.
BITF shares ended the trading day down about 18% on Thursday amid the news, trading at $2.60. The slippage is part of an extended loss over the past month in which shares fell more than 51%.
The soon-to-be former Bitcoin miner isn’t the only one looking to AI in his next game. Last week, a Bitcoin miner MARA announced this alongside record high revenues It will expand its services to include a focus on artificial intelligence computing.
Many bitcoin mining companies have embraced the growing AI opportunity 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 Decryption Request for comment.
Bitcoin has fallen nearly 3% in the past 24 hours and is now trading at $99,441 after falling to its lowest price in six months earlier on Thursday.
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