Bitfarms Ltd. announced that its 18‑MW data center in Washington State will be transformed into a high‑performance computing and artificial intelligence facility. The conversion will support Nvidia’s GB300 GPUs with advanced liquid‑cooling, and the fully funded, binding agreement worth US$128 million will provide all critical IT equipment and building materials. The project is slated for completion in December 2026 and will be the company’s first fully converted site.
In its Q3 2025 earnings release, Bitfarms reported revenue of US$69.25 million, falling short of the consensus estimate of US$83.11 million. Net loss widened to US$46 million, or US$‑0.08 per share, versus the expected loss of US$‑0.02. The revenue miss was driven by lower-than‑anticipated sales in the company’s continuing‑operations segment, while the larger loss reflected higher operating expenses and a one‑time charge related to the transition to AI infrastructure. The company’s guidance for the next quarter remained unchanged, indicating that management expects the earnings miss to be a short‑term effect of the pivot.
Investors reacted to the earnings miss and the announcement of the AI pivot. The market’s focus was on the significant shortfall in both revenue and earnings, which outweighed the positive narrative around the Washington conversion. Analysts noted that the earnings miss underscored the financial pressure Bitfarms faces as it reallocates capital from Bitcoin mining to high‑margin HPC/AI workloads.
CEO Ben Gagnon emphasized that the Washington conversion could generate more net operating income than the company’s current Bitcoin mining operations, stating, “Despite being less than 1% of our total developable portfolio, we believe that 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.” CFO Jonathan Mir highlighted the company’s liquidity, noting the successful completion of a US$588 million convertible‑note offering and the conversion of a US$300 million Macquarie debt facility to support the project.
The long‑term strategy positions Bitfarms as a North American energy and digital‑infrastructure provider, leveraging its substantial power portfolio and near‑US$1 billion liquidity. Headwinds include the current earnings miss and the need to invest heavily in AI infrastructure, while tailwinds are the growing demand for AI compute and the company’s ability to supply Nvidia’s next‑generation GPUs. The Washington conversion is a critical milestone that could shift the company’s revenue mix toward higher‑margin, more stable workloads, but the transition will require disciplined cost management and continued capital deployment.
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