Bitfarms, one of the largest publicly traded Bitcoin miners, has decided to abandon its roots and pivot to the HPC market, abandoning its Latin American base and becoming a company with a fully North American energy footprint. Will this move work for the company?
Bitfarms: From Bitcoin mining to AI HPC
Bitfarms, one of the top publicly traded Bitcoin mining companies in the US, is now shifting its focus to becoming a provider of high performance computing (HPC) services for AI (artificial intelligence) companies.
After reporting disastrous losses amounting to up to $46 million in the third quarter of 2025, the company announced that it would pivot to these new activities in order to seek a new path towards stability and shift all efforts to achieve this task as soon as possible.
In the same earnings call, Bitfarms CEO Ben Gagnos said he expects this pivot to be completed by the fourth quarter of 2026, as Nvidia’s latest AI GPU (codenamed Vera Rubin) is scheduled to ship around the same time.
To achieve this objective, BitFarms has allocated over $588 million in war chest from a convertible note issue and $300 million in debt facilities to begin the work necessary to adapt its infrastructure to these new workloads.
Additionally, Bitfarms recently arranged the sale of its last Latin American site in Paraguay for $30 million, transforming it into a company focused on markets with demand for AI workloads and fully leveraging North American energy.
Vera Rubin’s strategy
That’s in contrast to other companies that are betting on adapting their equipment to the current generation of Nvidia GPUs, code-named Blackwell, which most companies in the AI industry, including OpenAI, are using.
Bitfarms has decided to focus all its efforts on Vera Rubin (VR), a new infrastructure that Nvidia CEO Jensen Huang announced at the recent Consumer Electronics Show (CES) as already in production.
Recent unconfirmed reports indicate that these chips have a thermal design power (TDP) of 2.3 kW per GPU, which is at the threshold for current data centers serving Blackwell loads. Second-generation Blackwell chips consume a total of 1.4 kW, and adapting new data centers to this power envelope takes time and investment.
Bitfarms is working to be the first provider to enable VR chips, with the company’s Washington site being the primary hub for this rollout, as Gagnon says it has “the potential to generate more net operating income than we’ve ever generated from Bitcoin mining, providing the company with a strong cash flow foundation.”
During Bitfarm’s Q3 2025 earnings call, Gagnon pointed out that simply having this infrastructure ready at the right time will be a huge advantage as it will attract companies looking to quickly deploy these chips.
“A lot of the infrastructure that’s being built today is not going to be compatible with the next generation, and with companies allocating all this money to these Vera Rubin GPUs, there’s going to be a lot of economic incentive to deploy them,” he said.
Additionally, Gagnon is betting that AI players will be incentivized to deploy these assets quickly and be willing to pay higher fees to get operational before other players. “Do you just use GPUs without deploying them? Or do you pay higher infrastructure costs to deploy GPUs and start monetizing your assets?” he asked.
Whether Gagnon’s predictions are accurate remains to be seen, but Bitfarms will be one of the first companies to provide data center support to Vera Rubin, and its services are gaining demand.
read more: BitFarms withdraws from Latin America following sale of Paraguay site
Frequently asked questions ❓
- What major changes is Bitfarms making in its business focus? Bitfarms is pivoting from Bitcoin mining to providing high performance computing (HPC) services for artificial intelligence companies.
- Why is Bitfarms shifting focus now? After facing significant losses, $46 million Looking ahead to the third quarter of 2025, the company is pursuing new revenue sources to stabilize its operations.
- What financial resources is Bitfarms leveraging for this transition? The company has secured more than $588 million convertible banknotes and 300 million dollars Debt facilities to help adapt your infrastructure to HPC services.
- How is Bitfarms positioning itself in relation to Nvidia’s new GPU generation? Bitfarms aims to be the first provider to support Nvidia’s services vera rubin The chip is expected to improve efficiency for AI workloads compared to the current Blackwell generation.