Bitfarms Explores AI and High-Performance Computing

Publicly traded Bitfarms announced on Friday that it is exploring options to enter the artificial intelligence (AI) and high-performance computing (HPC) sectors, following the recent bitcoin halving in April.

To assess this potential, Bitfarms has engaged two expert consulting firms: Appleby Strategy Group and World Wide Technology. These consultants will conduct feasibility analyses across Bitfarms’ North American sites and provide guidance on a global HPC/AI strategy. They will also assist in developing accelerated sales and marketing strategies for Bitfarms’ sites, targeting prospective customers.

Ben Gagnon, Bitfarms CEO, stated, “Bitfarms is committed to maximizing the utility and value of our 1.2 GW North American portfolio.” He expressed confidence in the pipeline of potential HPC/AI partnerships, particularly for sites on the PJM grid which he believes are well-suited for these technologies.

Gagnon highlighted that contracts with HPC/AI clients would generate long-term, steady cash flows and earnings, while Bitfarms’ mining operations continue to capitalize on Bitcoin’s potential advantages, creating a strong, resilient portfolio for shareholders.

In light of Bitcoin’s fourth halving in April 2024, which reduced miners’ revenue, companies like Bitfarms and Riot Platforms are diversifying operations beyond traditional crypto mining to accommodate AI and HPC. On January 21, Riot Platforms initiated an evaluation process aimed at redirecting power capacity at its facilities for AI and HPC applications.

After a prolonged acquisition saga in 2024, Bitfarms and Riot reached a settlement agreement in September. Currently, Bitfarms’ stock trades at around $1.50 per share, with a market cap of $784 million, according to data from The Block’s BITF price index.