Bitfarms Stock Tumbles as Miner Begins Two-Year Exit From Bitcoin to Embrace AI

Quick Breakdown 

• Bitfarms is winding down its Bitcoin mining operations and converting sites into AI/HPC data centres through 2026–2027.
• The Washington State facility will be the first fully transformed, with leadership calling AI the most profitable path forward for U.S. miners.
• Q3 results showed a $46M loss and revenue miss, triggering an 18% drop in Bitfarms’ stock.

 

Washington facility becomes first to transition

Bitfarms’ share price slid sharply on Thursday after the mining firm revealed plans to phase out its Bitcoin operations and pivot fully into artificial intelligence and high-performance computing over the next two years.

⏰$BITF Announces Plans to Convert Washington Site to HPC/AI Workloads. Pursuing Both Colocation and Cloud Monetization Strategies.

The site will feature:
– Validated reference designs ensuring compatibility with Nvidia GB300 GPUs
– Modular infrastructure enabling phased…

— Bitfarms (@Bitfarms_io) November 13, 2025

The company confirmed that its 18-megawatt mining facility in Washington State will be the first to undergo a full conversion, with the overhaul expected to be completed by December 2026.

CEO Ben Gagnon said the transformation of that site alone, despite representing less than 1% of the firm’s total developable capacity, could generate more net operating income than the company has ever earned from traditional Bitcoin mining.

AI pivot echoes broader industry shift

Gagnon noted that soaring mining difficulty and rising operational costs are prompting U.S. miners to shift toward more profitable sectors. He said the shift toward AI and high-computing workloads is becoming a dominant trend among publicly listed miners, describing AI as the “best opportunity” for companies still based in the United States.

He added that while Bitcoin mining can be relocated to cheaper regions such as Africa, the Middle East, and Russia, HPC and AI remain heavily U.S.-centric industries, making the pivot a more attractive long-term strategy.

The best opportunity is to basically bring forward what should be estimated free cash flow for mining operations today into cash and reinvest those into HPC and AI,” he said.

The announcement followed the release of Bitfarms’ third-quarter earnings, which showed a $46 million loss, nearly double the amount reported a year earlier.

Revenue jumped 156% year-over-year to $69 million, but still fell short of analyst expectations by more than 16%.

Bitfarms mined 520 BTC at an average direct cost of $48,200 and ended the quarter holding 1,827 BTC. Investors reacted swiftly. Bitfarms stock (BITF) closed down almost 18% at $2.60, with additional pressure pushing shares another 3.5% lower in after-hours trading to $2.51 according to Google Finance data.

 

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