Overview
- The company said it will wind down Bitcoin mining in 2026–2027 and is evaluating a GPU‑as‑a‑Service model starting at its Washington site.
- BitFarms will convert its 18 MW Washington facility into its first AI center supporting Nvidia GB300 GPUs with liquid cooling, backed by a $128 million supply deal and designed for up to 190 kW per rack with a projected PUE of 1.2–1.3.
- To fund the transition, BitFarms closed a $588 million convertible and has a $300 million Macquarie credit facility, reporting $814 million in liquidity split between $637 million in cash and $177 million in unencumbered Bitcoin.
- The company completed the acquisition of its Sharon, Pennsylvania property and will shift 30 MW there to AI with an 80 MW substation targeted by end‑2026, while utility PPL gave positive indications on converting 60 MW to firm power at Panther Creek as BitFarms outlines a 2.1 GW North American infrastructure pipeline.
- Q3 revenue was $69 million with adjusted EBITDA of $20 million and a net loss of $46 million, as the firm mined 520 BTC, sold 185 BTC for $22 million, held 1,827 BTC as of Nov. 12, and repurchased 7.8 million shares for about $10 million; shares fell as much as 17% intraday and were recently down 3.8%.