Bitfarms Pivots to AI, Abandons Bitcoin Mining

Bitfarms, a Bitcoin mining company, announces a significant shift in strategy, moving away from Bitcoin mining to focus on building AI infrastructure. This decision comes after reporting a substantial net loss in the third quarter. The company plans to convert its Washington site to support advanced Nvidia graphics processing units with liquid cooling technology, aiming to generate more net operating income than ever made from Bitcoin mining. Bitfarms will gradually wind down its Bitcoin mining business over the next two years and has secured a three hundred million dollar debt facility to finance a new site in Pennsylvania, capitalizing on the growing demand for AI infrastructure. This strategic pivot highlights a growing trend within the cryptocurrency mining industry as companies seek new avenues for profitability amidst market fluctuations and the increasing demand for AI computing power.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.