Bitfarms announces plans to gradually shut down bitcoin mining operations over the next two years

ChainCatcher News, according to Cointelegraph, Bitfarms' stock price plummeted on Thursday after the company announced it would shut down its bitcoin mining operations over the next two years and transform its facilities into artificial intelligence and high-performance computing data centers.

The company stated on Thursday that its 18-megawatt bitcoin mining site in Washington State, USA, will be the first to be fully converted to support AI and high-performance computing, with completion expected by December 2026.

Bitfarms CEO Ben Gagnon said: "Although the Washington site accounts for less than 1% of our total developable assets, we believe that converting this site to GPU-as-a-Service alone could potentially generate net operating income exceeding all the revenue we have previously generated from bitcoin mining."

He added that this transformation will help the company gradually wind down its bitcoin mining business in 2026 and 2027.