Overview
- Bitfarms said it will phase out Bitcoin mining through 2026–2027 and refocus on AI/HPC services, including GPU-as-a-Service and cloud offerings.
- The company closed $588 million in convertible notes to fund its transition and converted a Macquarie facility into up to $300 million of project financing for its Panther Creek campus, with an additional $50 million drawn.
- The 18 MW Washington State site will be the first fully converted AI facility, designed for Nvidia GB300 GPUs with liquid cooling up to 190 kW per rack and a targeted PUE of 1.2–1.3.
- Development updates include positive utility indications at Panther Creek that could support more than 500 MW and full acquisition of the Sharon, Pennsylvania site, where a new 80 MW substation is expected by late 2026.
- Shares fell about 18% on the announcement as Q3 results showed $69 million in revenue, adjusted EBITDA of $20 million, and a net loss of $46 million.