Bitcoin miner Bitfarms has announced plans to pull back on Bitcoin mining in the coming two years and pivot toward AI-compute centers.
The mining site, located in the Washington State and drawing in 18 MW of power, will be upgraded with state-of-the-art liquid cooling to support Nvidia’s AI-infrastructure cards, GB300s. Bitfarms is targeting December 2026 for the facility’s conversion.
BTC miners make income by adding blocks to the blockchain and receiving a combination of transaction fees and block subsidy as rewards. Revenue can be highly variable, however, depending upon network traffic conditions and the cryptocurrency’s price trend.
Also, miners face tough competition from their peers and since only one of them can grab the block reward at a time, which is dished out about every 10 minutes, it can be a battle to make away with a piece of the pie.
Ben Gagnon, Bitfarms CEO, thinks the GPU-as-a-service model can be more lucrative. As the CEO said in the press release,
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.
The pivot to the HPC/AI business isn’t only for the Washington site, either, as Gagnon has revealed that the company is going to wind down its Bitcoin mining business over the course of 2026 and 2027.
If miners are producing blocks at an average time faster than 10 minutes, the network raises its Difficulty in the next biweekly adjustment. Similarly, it eases things up if miners aren’t able to hit the target time.
In October, Bitcoin miners rapidly expanded their facilities to a new all-time high (ATH), making them faster at their job, and forcing the blockchain to adjust the Difficulty to a new record as well.
Bitcoin has continued its bearish momentum in the past day as its price has slipped to the $98,700 level.
