Shares of Bitfarms (BITF) fell more than 12% on Thursday morning after the Bitcoin mining firm reported weaker-than-expected third-quarter earnings and unveiled plans to convert one of its key mining sites into an artificial intelligence (AI) and high-performance computing (HPC) hub.
The company posted $69 million in revenue for the quarter—up 156% from a year earlier—but still missed Wall Street estimates by roughly 15%. Bitfarms also recorded a net loss of $46 million, or $0.08 per share, compared to a $24 million loss in the same period last year. Its operating loss of $29 million included a $9 million impairment charge and $27 million in non-cash depreciation expenses.
Strong Liquidity, Strategic Shift Toward AI
Despite the earnings setback, Bitfarms reported a solid liquidity position of $814 million as of November 12, with $637 million in cash and $177 million in unencumbered Bitcoin holdings. During the quarter, the company mined 520 BTC at an average direct cost of $48,200 per coin, and it held a total of 1,827 BTC at the end of the reporting period.
In an ambitious strategic move, Bitfarms announced plans to convert its Washington State Bitcoin mining facility into an AI and HPC data center. The 18-megawatt site will be the company’s first fully dedicated to supporting AI workloads and is slated for completion in December 2026.
The revamped facility will deliver up to 190 kW per rack with advanced liquid cooling systems, enabling support for next-generation GPU technologies. Bitfarms has also signed a $128 million agreement with a major U.S.-based multinational provider of critical data center infrastructure and services to advance the project.
Preparing for the Next Era of Computing
Bitfarms CEO Ben Gagnon said the company’s transition marks a broader repositioning from international Bitcoin mining toward becoming a North American energy and digital infrastructure company.
“Beyond Washington, everything in our portfolio is being built to support Nvidia’s next-generation Vera Rubin GPUs, expected to ship in late 2026,” Gagnon said. “With nearly twice the energy density of Nvidia’s Blackwell GPUs, no existing data center can currently support this level of AI hardware.”
As of publication, Bitfarms shares were trading down 13.2% at $2.75, according to market data. Despite Thursday’s decline, the stock remains up nearly 70% year to date, driven by renewed optimism in Bitcoin mining stocks since early September.
Broader Market Context
Recent analysis from JPMorgan suggests that Bitcoin miners’ valuations have increasingly diverged from Bitcoin’s price. Since July, miner market caps have climbed even as BTC itself has traded within a relatively narrow range—indicating growing investor interest in the sector’s evolving business models and diversification efforts.
The Takeaway
Bitfarms’ latest move underscores how traditional crypto mining companies are adapting to the next wave of digital infrastructure demands. By embracing AI and HPC, the firm is positioning itself for growth in a rapidly shifting technology landscape—one that extends far beyond Bitcoin.
