Bitcoin Magazine

Bitcoin Miner Bitfarms (BITF) to Exit Bitcoin Mining, Pivot to AI Computing

Bitfarms, one of North America’s largest Bitcoin miners, announced it will gradually wind down its mining operations over the next two years. 

The company plans to shift its focus to high-performance computing (HPC) and artificial intelligence (AI) infrastructure.

The move reflects a broader trend among crypto miners. Falling Bitcoin prices and shrinking profit margins are pushing operators to explore more stable revenue streams. Bitfarms’ Toronto-based operations will increasingly target GPU-as-a-Service offerings and cloud computing solutions.

The company’s Washington State facility will be its first fully converted site. The 18 MW mining farm will be retrofitted to support Nvidia GB300 GPUs with advanced liquid cooling. 

Bitfarms has secured a fully funded, $128 million deal with a major U.S.-based data center partner to supply all necessary equipment and building materials. Completion is targeted for December 2026.

“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, providing the Company with a strong cashflow foundation that could fund opex, G&A, and debt service and contribute to capex as we wind down our Bitcoin mining business in 2026 and 2027,” CEO Ben Gagnon said.

Bitfarms and other Bitcoin miners pivoting to AI 

Other miners are making similar bets. Companies such as Cipher and Terawulf have partnered with investors like SoftBank and Google to develop AI-ready data centers. 

These ventures are attracting billions in projected revenue and unlocking additional capital through debt financing.

Bitfarms’ pivot comes amid financial pressures. The company reported a $46 million third-quarter loss on $68 million in revenue. Shares fell about 5.7% in early trading, though the stock has still doubled this year.

The Washington site will feature modular infrastructure for scalable deployment and high-efficiency power management. 

The company aims to monetize the facility through both colocation and cloud services, positioning itself as a provider of AI compute rather than just cryptocurrency infrastructure.

Bitfarms’ broader energy portfolio totals 2.1 GW across North America. Its sites are clustered in regions with robust access to power and fiber, making the shift from Bitcoin mining to AI workloads a natural extension of its existing infrastructure.

While the company emphasizes the potential of HPC/AI, it faces execution risks. Projects could face delays, equipment may not meet performance targets, or the economics of GPU-as-a-Service could underperform expectations. 

This post Bitcoin Miner Bitfarms (BITF) to Exit Bitcoin Mining, Pivot to AI Computing first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Miner TeraWulf (WULF) Stock Jumps 25% on Positive AI News 

Shares of TeraWulf (NASDAQ: WULF) jumped more than 25% Tuesday morning after the company announced a pivot to AI. 

TeraWulf, one of the largest publicly traded bitcoin miners, is accelerating its shift into artificial intelligence infrastructure through a new joint venture with AI cloud provider Fluidstack. 

The companies plan to build 168 megawatts (MW) of high-performance computing capacity at TeraWulf’s Abernathy, Texas, campus under a 25-year hosting agreement valued at roughly $9.5 billion in contracted revenue.

TeraWulf will hold a 51% stake in the venture and retain exclusive rights to participate in Fluidstack’s next ~168 MW project on similar terms. Construction is expected to be completed in the second half of 2026, with the total project costing $8 million to $10 million per MW, the company announced. 

To support project financing, Google has committed to back about $1.3 billion of Fluidstack’s long-term lease obligations, improving the credit profile of the joint venture’s debt structure.

No equity issuance or warrants were included as part of the deal.

The announcement expands TeraWulf’s contracted high-performance compute pipeline to more than 510 MW and supports an updated growth strategy targeting 250 MW to 500 MW of new contracted capacity annually. 

The company, best known for its bitcoin mining operations, has increasingly leaned into AI-focused data center development amid a market shift toward GPU-based compute demand.

“Securing more than 510 MW of critical IT load in the past 10 months provides a direct proof-point of our growth strategy,” CEO Paul Prager said.

Alongside the expansion, TeraWulf reported preliminary third-quarter revenue of $48 million to $52 million — up roughly 84% from a year earlier — and adjusted EBITDA of $15 million to $19 million.

Bitcoin miners are pivoting to AI

Leading Bitcoin mining companies are switching over to AI on top of their mining efforts. Firms like Marathon Digital, Riot Platforms, and CleanSpark are seeing strong stock gains but are also pivoting toward Artificial Intelligence and High-Performance Computing (HPC), leveraging their large-scale energy and data infrastructure. 

This transition positions miners as emerging technology players beyond cryptocurrency, attracting investor interest.

Other companies, including Core Scientific, Bitdeer, and Hut 8, are following suit — Bitcoin miners are becoming key contributors to the AI-driven digital economy while maintaining exposure to Bitcoin.

According to their website, TeraWulf is a U.S.-based digital asset technology company that owns and operates sustainable data centers for high-performance computing (HPC) and bitcoin mining. 

This post Bitcoin Miner TeraWulf (WULF) Stock Jumps 25% on Positive AI News  first appeared on Bitcoin Magazine and is written by Micah Zimmerman.