Bitfarms stock tumbles as miner posts $46 million loss, plans AI/HPC pivot with Washington site
Bitfarms stock fell after reporting a $46 million net loss and announcing plans to convert its Washington facility for AI/HPC workloads.Summary
Bitfarms (BITF) shares dropped over 12% after the company reported third-quarter revenue of $69 million, which missed estimates, and a significant net loss of $46 million, or $0.08 per share, worsening from a $24 million loss year-over-year. Concurrently, Bitfarms announced a strategic pivot, planning to convert its 18 MW Washington state Bitcoin mining site into a facility supporting AI/HPC workloads by December 2026, featuring advanced liquid cooling. CEO Ben Gagnon stated the company is shifting from an international Bitcoin miner to a North American energy and digital infrastructure company, noting that future infrastructure is being built to support Nvidia's next-generation Vera Rubin GPUs. The company secured a $128 million binding agreement with a major infrastructure provider for this conversion.
(Source：The Block)