Bitfarms announced a gradual shutdown of its Bitcoin mining operations to repurpose infrastructure toward high-capacity AI data centers. The move affects its 18 MW plant in Washington and part of its global power capacity, aiming to pivot from declining mining profitability to per-kilowatt-hour revenues up to 25 times higher on AI loads. The change could alter the supply of power for mining and reorder value in related stocks and contracts.
The company’s roadmap centers on converting existing assets to HPC/AI while reshaping its financing and operational footprint. Market reaction has been volatile as stakeholders weigh execution risk, funding structure, and the potential for dilution against the promise of higher-density, higher-yield workloads.
Bitfarms plans to convert the 18 MW facility in Washington to HPC/AI loads before December 2026, supported by an IT and materials supply agreement fully financed by US$128 million, according to the information released.
The company has been reconfiguring its financing: it converted a debt line with Macquarie into a US$300 million project financing and allocated an additional US$50 million for its Panther Creek Campus. In October 2025 it closed a convertible bond issuance for US$588 million maturing in 2031, with an initial conversion rate near US$6.86 per share.
Operationally, Bitfarms has about 170 MW of 100% renewable power capacity in Canada, the U.S., Paraguay and Argentina, which it intends to redirect toward high-density loads. The company is targeting a Power Usage Effectiveness (PUE) between 1.2 and 1.3 in the new facilities.
Implications for Bitfarms
Recent results show revenue of US$77.8 million and a net loss of US$28.84 million as of November 11, 2025, with a negative EBITDA of US$0.475 million and available liquidity close to US$1,000 million as of November 13, 2025. The share price fell to US$3.37 on November 11 from US$4.06 five days earlier, and analysts have raised concerns about dilution and valuation.
The US$300 million project financing and the US$588 million convertible issuance ease cash needs but increase dilution risk for existing shareholders. The reconversion redirects power capacity to AI customers, competing for contracts with hyperscalers and potentially reducing supply for mining.
The next milestone is the planned completion of the Washington site conversion in December 2026; until then, cash flow evolution, technical execution and AI customer absorption of capacity will be the key indicators to assess whether the transition meets its objective of improving profitability.
