Bitfarms Stock Plunges Amid Shift from Bitcoin Mining to AI

Bitfarms Strategic Shift:

Bitfarms plans to exit Bitcoin mining by 2026–2027, shifting its focus to high-performance computing (HPC) and AI data centers.
The transition includes converting its 18 MW Washington State data center to support Nvidia GPUs with advanced liquid cooling, targeting completion by December 2026.
Q3 2025 results show a net loss of $46 million on $69 million revenue. The company has exited operations in Latin America.
Funding includes $588 million in convertible notes and up to $300 million for the Panther Creek campus project financing.
CEO Ben Gagnon highlights Washington as a future GPU-as-a-Service hub, potentially more profitable than BTC mining.

Market Reaction and Wider Industry Trends:

BITF shares dropped sharply after announcing the strategy shift and financial results.
Bitcoin prices remain volatile, trading between $97k and $101k, impacting miners' cash flows.
Other crypto miners like Marathon and Hut 8 are also expanding into AI and energy infrastructure, though not completely exiting mining.