Overview
- Bitfarms will wind down its Bitcoin mining business across 2026–2027 and redeploy sites to high‑performance computing and AI services.
- The first conversion targets an 18 MW facility in Washington for Nvidia GB300 GPUs with advanced liquid cooling, up to 190 kW per rack and a 1.2–1.3 PUE, backed by a $128 million binding supply deal and a December 2026 completion goal.
- The company closed a $588 million convertible notes offering and reports about $814 million in liquidity, while converting a $300 million Macquarie facility to project financing and drawing an additional $50 million for long‑lead items.
- Q3 results showed $69 million in revenue and a $46 million net loss; the firm mined 520 BTC, sold 185 BTC, and held 1,827 BTC as of November 12.
- Shares fell roughly 17–18% after the announcement, as investors weighed execution risks and a broader industry shift by miners toward AI and HPC infrastructure.