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- Bitfarms prepares its Washington site for a full shift from Bitcoin mining to advanced HPC and AI work.
- The company secures a major funding agreement to support the new data center build-out.
- The conversion may create stronger long-term revenue than its mining business.
Bitfarms Ltd. starts a significant change in its long-term strategy. The company plans to convert its Washington State site into a high-performance computing hub for AI work. The Washington facility currently operates as an 18 MW Bitcoin mining center.
The aim of Bitfarms is currently transformed into a new site that aims to achieve dense racks and robust cooling abilities. The end target for the full completion of the project is December of 2026. This is because of the increasing world demand for AI computing power.
Bitfarms aims to leverage its power resources, digital infrastructure, and geographic advantage to address the aforementioned market. The company explains that the power density and cooling required for the workloads of AI are high and that the Washington site meets the requirements after the renovations.
Bitfarms Signs US$128M Supply Agreement for New Data Center
Bitfarms enters into a binding deal worth US$128 million with a large American company that deals with data center operations. The company shall provide IT equipment, construction materials, and other essential items required for the 18 MW capacity.
The deal includes the entire supply chain, ensuring that funding challenges do not hamper Bitfarms’ progress. The company also targets a level of PuE performance of between 1.2 and 1.3, putting the site at the cutting edge of the industry’s energy efficiency. The new site will operate using the reference design Nvidia GB300 GPUs.
These are beneficial for ensuring stable performance and ensuring a smooth deployment process. The company also includes modular infrastructure that provides phased deployment additions by Bitfarms. The company’s robust thermal and power management capability will be essential for ensuring that the system handles heavy HPC and AI computing workloads.
Bitfarms Tests New Revenue Model at Washington Site
Bitfarms is also extending its HPC and AI strategy into its broader business. The management is of the view that the opportunity at the Washington site is excellent for piloting a novel monetization scheme. The company is considering GPU-as-a-Service and cloud monetization at the site.
Bitfarms claims that the contribution of the state of Washington represents less than one percent of its entire development portfolio, but the property could yield a net operating income that exceeds any period of Bitcoin mining.
The company believes that through the shift, it will be able to aid future operations, alleviate debt, and shift away from mining during the period of 2026 and 2027. This is according to the company’s plan since it intends to share further information through its earnings call within Q3 and Q4 of 2025. The company operates extensive energy and digital infrastructure within North America.
Its 2.1 GW portfolio of projects spans computing hubs and key data center locations. Since establishing the company back in 2017, the business has expanded greatly and is now a large player, headquartered in New York and Toronto, and listed both on Nasdaq and the Toronto Stock Exchange.
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