The Toronto- and New York City-headquartered firm is selling some bitcoin mining facilities and converting others to AI data centres as part of a pivot away from the digital asset. The firm will “wind down” its bitcoin treasury to help fund the shift, CFO Jonathan Mir said on a call with analysts to discuss the company’s third-quarter results. (The Logic)
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The Toronto- and New York City-headquartered firm is selling some bitcoin mining facilities and converting others to AI data centres as part of a pivot away from the digital asset. The firm will “wind down” its bitcoin treasury to help fund the shift, CFO Jonathan Mir said on a call with analysts to discuss the company’s third-quarter results. (The Logic)
Talking point: Bitfarms joins competitors Riot, TeraWulf and Cipher Miner in pivoting from bitcoin mining to AI data centres, which use the same equipment. Demand for data centres is booming, while bitcoin mining profitability fell more than seven per cent in September amid a decline in the price of the asset. Bitfarms also announced it will convert its mining site in Washington to an AI data centre, targeting December 2026 for completing the conversion. The pivot is expensive—Bitfarms posted a US$81-million loss in the third quarter, more than double its US$37-million loss last year and including a US$35-million loss from discontinued operations. Its stock was down about 18 per cent Thursday afternoon.
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