Bitfarms plunges 18% after plan to wind down Bitcoin mining ops

Bitfarms said it plans to shift its Bitcoin mining sites over the next two years and convert them to power AI, starting with its major site in Washington.

Bitfarms’ stock has plunged after the company announced it would be shuttering its Bitcoin mining operations over the next two years and converting them to artificial intelligence and high-compute data centers.

The company said on Thursday that its 18-megawatt Bitcoin (BTC) mining site in the US state of Washington will be the first to be fully converted to support AI and high-performance computing, with completion expected in December 2026.

“Despite being less than 1% of our total developable portfolio, we believe that the conversion of just our Washington site to GPU-as-a-Service could potentially produce more net operating income than we have ever generated with Bitcoin mining,” said Bitfarms CEO Ben Gagnon.

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