Bitfarms pivots from Bitcoin mining to AI infrastructure… shares surge 18%

JH Kim

Summary

Bitfarms said it will transition from a Bitcoin mining company to an artificial intelligence (AI) infrastructure company.
Bitfarms said it plans to focus on building HPC·AI data center infrastructure instead of expanding Bitcoin mining facilities.
After the announcement of the strategic pivot, Bitfarms’ share price rose about 18%, reflecting investor expectations.

Bitfarms, a Bitcoin (BTC) mining company, saw its shares jump sharply after saying it will shift its corporate identity into an artificial intelligence (AI) infrastructure company.

On the 6th (local time), cryptocurrency-focused media outlet CoinDesk reported, citing remarks by Bitfarms CEO Ben Gagnon, that the company declared it is no longer a Bitcoin mining-centric business.

CEO Ben Gagnon said, "We are no longer a Bitcoin company," adding, "We are transitioning into a company that owns and develops infrastructure for high-performance computing (HPC) and artificial intelligence (AI) data centers across North America."

Going forward, Bitfarms plans to focus its capabilities on building data centers and developing infrastructure capable of handling HPC and AI workloads, rather than expanding Bitcoin mining facilities. The pivot is seen as a strategic response to the recent deterioration in Bitcoin mining profitability and the surge in demand for AI compute.

Following the announcement, Bitfarms shares rose about 18% in a single day. The move erased the prior session’s decline, reflecting heightened investor expectations.

The outlet said, "More Bitcoin mining companies are turning to the AI data center business to diversify revenue," adding, "Bitfarms’ strategic pivot symbolically illustrates this trend."