Bitfarms to Wind Down Bitcoin Mining to Focus on AI Data Centers

Bitfarms Ltd., one of the largest cryptocurrency miners, said it plans to wind down those operations over the next two years and focus on providing infrastructure to generate computing power for artificial intelligence applications.

The Toronto-based company is among a growing list of Bitcoin miners that are pivoting to high performance compute services as profit margins shrink due in part to the falling prices in the token. A Washington state site will be converted to support AI or high-performance computing workloads.

“Despite being less than 1% of our total developable portfolio, we believe that the conversion of just our ...