Bitfarms Plans to Wind Down Bitcoin Mining by 2027, Begins HPC Conversion at Washington Site
Bitfarms has signaled a major strategic shift, saying it expects to wind down its Bitcoin mining business in 2026 and 2027 as it expands deeper into high-performance computing and AI infrastructure.
The transition will begin with the company’s 18-megawatt site in Washington State, which is now slated for full conversion into a liquid-cooled GPU facility designed for Nvidia’s next-generation GB300s, Bitfarms said in a release on Thursday.
“Despite being less than 1% of our total developable portfolio, we believe 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 cash-flow 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,” said Bitfarms CEO Ben Gagnon.
He framed the site as a future cash-flow anchor capable of covering operating expenses, G&A, and debt service as mining revenue declines, with the existing Bitcoin mining business helping to fund operating costs during the HPC transition.
To support the conversion, Bitfarms signed a fully funded US$128 million agreement with a publicly traded U.S. infrastructure provider to supply all critical IT equipment and building materials. The redesigned facility will target a power-usage effectiveness between 1.2 and 1.3 and accommodate racks drawing up to 190 kW each, using modular components to accelerate deployment ahead of a December 2026 completion.
Bitfarms also outlined additional HPC conversion and development plans for facilities in Quebec and Pennsylvania scheduled for 2027 during its third-quarter earnings call on Thursday.
The shift comes amid tightening Bitcoin hashprice. Bitfarms mined 535 BTC in the third quarter, implying a realized hashrate of about 12 EH/s with a direct cost of US$48,200 per bitcoin and a total cash cost of US$82,400 — levels that compress margins under current hashprice conditions. Like many miners, Bitfarms is turning to HPC and AI to offset weaker economics in its core business.
The Washington conversion is part of a broader wave of miners repurposing existing power and real-estate assets to meet soaring AI demand. Companies such as Terawulf (NASDAQ: WULF), Cipher Mining, and IREN have announced multibillion-dollar HPC and cloud-services initiatives in recent months.
Bitfarms’ stock price dropped by 10% during pre-market trading hours on Thursday.
