Bitfarms Ltd. is transitioning from Bitcoin mining to AI data centres over the next two years. The company will repurpose its infrastructure to provide computing power for AI applications. Bitfarms will begin the transition by converting its 18-megawatt Washington state site into a liquid-cooled GPU facility designed for Nvidia's next-generation GB300 GPUs, with completion targeted for December 2026.
The company has secured a fully funded, binding agreement for US$128 million with a multinational provider of critical infrastructure and services for data centres. The partner will supply all critical IT equipment and building materials for 18 MW of gross capacity, with an anticipated industry-leading Power Usage Effectiveness (PuE) between 1.2 and 1.3 and rack power up to 190 kW. Bitfarms believes that the conversion of the Washington site to GPU-as-a-Service could potentially produce more net operating income than it has ever generated with Bitcoin mining.
This strategic shift allows Bitfarms to tap into a more lucrative market and create more stable and diversified revenue streams. The company has nearly $1 billion in cash, unused credit facilities, and Bitcoin, as well as potential GPU financing options available.
