Bitfarms has announced that it will gradually phase out its Bitcoin mining operations over the next two years

On November 14th, as reported by Cointelegraph, Bitfarms' stock price saw a significant decline on Thursday. This came after the company announced that it would be shutting down its Bitcoin mining operations over the next two years and transitioning its facilities into artificial intelligence and high-performance computing centers. The company stated on Thursday that its 18-megawatt Bitcoin mining facility in Washington state, USA, will be the first to be fully converted to support AI and high-performance computing, with the completion expected by December 2026. Bitfarms CEO Ben Gagnon said, "Although the Washington facility accounts for less than 1% of our overall developable assets, we believe that converting just this facility into GPU-as-a-Service has the potential to generate more net operating income than all the revenue we have generated through Bitcoin mining to date." He further added that this transformation will assist the company in gradually phasing out its Bitcoin mining operations in 2026 and 2027.