Bitfarms’ AI Pivot: Bigger Profits Than Bitcoin? 💸

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In a turn of events most unexpected, Bitfarms, that paragon of Bitcoin mining, has declared its intention to pivot toward AI-compute centers. A move as audacious as a man in a top hat attempting to juggle flaming torches. 🤯

Bitfarms CEO: AI Might Out-Earn Bitcoin Mining (Says the Man Sipping Tea)

In a press release, Bitfarms, that paragon of Bitcoin mining, has revealed plans to convert one of its facilities to support High-Performance Computing (HPC)/Artificial Intelligence (AI) workloads. A decision as thrilling as a waltz with a cactus. 🌵

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. A timeline as reliable as a British summer. ☀️

Established in 2017, Bitfarms has established itself as one of the largest miners on the Bitcoin network, but it appears that the company is now looking to move to greener pastures. Or perhaps just a different kind of pasture. 🐄

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. A rollercoaster with no safety harness. 🎢

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. A contest as exciting as watching a snail race. 🐌

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. A farewell as graceful as a duck on a pond. 🦆

As mentioned before, Bitcoin mining rewards are only given out in intervals of about 10 minutes. This happens because of the existence of a feature known as the Difficulty, which regulates the network’s toughness based on the speed at which miners are performing their duty.

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. A game of chess where the rules change every move. 🏰

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. A sprint as exhausting as a marathon. 🏃‍♂️

The latest adjustment, however, has brought with it a relief for the miners. As the above chart from CoinWarz shows, Difficulty has just seen a cooldown of about 2% from its ATH. A moment of peace as rare as a sunny day in London. ☔

BTC Price

Bitcoin has continued its bearish momentum in the past day as its price has slipped to the $98,700 level. A drop as dramatic as a lead balloon. 🎈

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2025-11-14 16:36