Toronto-based Bitfarms, one of the world’s largest Bitcoin mining companies, revealed its new direction in a statement on November 13, 2025. The company said it will gradually phase out Bitcoin mining and instead focus on building high-performance computing facilities tailored for AI workloads.
“We continue to execute on our strategy to pivot from an international Bitcoin miner to a North American energy and digital infrastructure company,” stated CEO Ben Gagnon, in the company’s Q3 financial statement. The company reported total revenue of $69 million, up 156% (YoY), but took a $46 million hit, largely due to falling Bitcoin prices and shrinking profit margins across the crypto mining industry.
Rising energy costs and regulatory pressures have further compounded the challenges, making Bitcoin mining less sustainable for large-scale operators.
Bitfarms AI infrastructure bet
The company plans to repurpose its existing facilities, including a site in Washington state, into AI-ready data centers. These centers will provide computing power for artificial intelligence applications, ranging from machine learning to enterprise-level high-performance computing. Bitfarms joins a growing list of crypto miners pivoting to AI, recognizing the surging demand for computational infrastructure as businesses race to adopt generative AI and advanced analytics.
More recently, CleanSpark announced a $1.15 billion capital raise to expand both Bitcoin mining and AI data center operations. Riot Platforms also said that it would be diversifying into AI and HPC hosting to reduce reliance on Bitcoin. Industry analysis suggests roughly 70% of top Bitcoin miners are now generating income from AI or HPC services, repurposing their GPU-rich, power-intensive setups for AI workloads.
Looking at the Bitfarm’s Q3 results, they reported a gross mining margin of 35%, down from 44% in Q3 2024. The company also earned 520 BTC at an average direct cost per BTC of $48,200.
Bitcoin mining firms are increasingly reinventing themselves as AI infrastructure providers, leveraging their energy capacity and data centers to meet surging demand for GPU-intensive workloads.