Bitfarms Stock Plunges as Company Shifts from BTC Mining to AI

Bitfarms says it will gradually retire its Bitcoin BTC $96 838 24h volatility: 5.9% Market cap: $1.93 T Vol. 24h: $114.14 B mining business across 2026–2027 and redeploy its power and real-estate footprint into high-performance computing (HPC) and AI data centers.

The shift was outlined alongside Q3 2025 results and a dedicated Washington-state conversion plan. 

What Changed for Bitfarms

According to the earnings release, the Washington site becomes the first AI facility. The company will retrofit its 18 MW Washington State data center to support Nvidia GB300-class GPUs with advanced liquid cooling, designed for up to 190 kW per rack and a targeted PUE of 1.2–1.3. Bitfarms says the supply chain for the build is fully funded via a $128 million binding equipment agreement. Completion is targeted for December 2026, so the shift will be gradual.

From continuing operations, Bitfarms posted Q3 net loss of $46 million ($0.08/share) on $69 million in revenue; overall results reflect a strategic exit from Latin America, with Argentina and Paraguay now treated as discontinued operations.

Management highlighted $588 million in recently issued convertible notes and the conversion of a Macquarie facility to up to $300 million of project financing for the Panther Creek (PA) campus, with an additional $50 million drawn in October to accelerate long-lead items. 

Bitfarms also lists 341 MW of energized capacity today within a broader 2.1 GW North American energy portfolio and twelve North American data centers, giving it multiple sites that can be re-tooled for AI/HPC. 

Management’s Explanation Behind the Shift

CEO Ben Gagnon said the AI push is now the company’s core development strategy and singled out Washington as a potential GPU-as-a-Service (GaaS) hub that could generate more operating income than any period of BTC mining. He also guided that the mining wind-down will occur through 2026–2027.

Birfarms (BITF) Stock Reacts with Plunge, Bitcoin Still Down

BITF shares fell sharply after the print and strategy update. Several outlets flagged a double-digit drop as traders digested the miss versus consensus and capex plans for AI build-outs.

Bitcoin itself is soft: BTC traded around $97k–$101k in recent sessions after several retests of the $99k area this month, adding macro pressure to miners’ near-term cash flows.

Crypto Miners Shift to AI

Peers are diversifying—but not fully exiting. Marathon (MARA) used its Q3 call to outline expansion into AI and energy infrastructure; Hut 8 launched a GPU-as-a-Service line; and IREN (Iris Energy) has signed multi-year AI cloud contracts scaling to 23k GPUs. Bitfarms is among the first large public miners to put a dated, company-wide mining exit on paper. 

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