Bitfarms теряет $46 млн и переходит от криптомайнинга к разработки ИИ English translation: Bitfarms Loses $46 Million and Transitions from Crypto Mining to AI Development

Bitfarms has announced a gradual winding down of its bitcoin mining operations in favor of developing infrastructure for artificial intelligence.

The first phase will involve converting an 18 MW farm located in Washington state. The new project plans to provide up to 190 kW per rack, with completion expected by December 2026.

«Although this site accounts for less than 1% of our total portfolio, we believe that its transformation into a ‘GPU-as-a-Service’ model could potentially generate more net operational profit than bitcoin mining,» stated Bitfarms CEO Ben Gagnon.

The company has signed a contract with an undisclosed American infrastructure provider for data centers, valued at $128 million. This partner will be responsible for supplying IT equipment and construction materials for the facilities, totaling 18 MW.

Bitfarms is expected to fully restructure its business by 2027.

This news coincided with the release of its third-quarter report, in which the company reported a net loss of $46 million compared to $24 million a year earlier.

Bitfarms’ revenue increased by 156% year-on-year to $69 million, though it fell 16% short of analysts’ expectations.

In the previous quarter, the firm mined 520 BTC at an average cost of $48,200. Currently, it holds 1,116 BTC (approximately $108 million at the current rate).

Bitfarms ranks 44th among the largest holders of the primary cryptocurrency among public companies.

The miner’s shares dropped nearly 18% in one day to $2.60 and have declined by over 50% in the past week.

It is worth noting that in November, the CEO of MARA predicted tough times ahead for miners due to increasing competition and diminishing profit margins.