Bitfarms Announces Plans for Conversion of Washington Site to HPC/AI Workloads

Executive Summary

• Bitfarms announced a fully funded $128 million agreement to convert its 18 MW Washington Bitcoin mining site into a high‑performance computing/AI data center, targeting completion in December 2026.
• The conversion will support Nvidia GB300 GPUs with advanced liquid‑cooling and modular infrastructure, delivering up to 190 kW per rack and an industry‑leading PUE of 1.2–1.3.
• Management highlighted that the GPU‑as‑a‑Service/Cloud monetization strategy at this site could generate net operating income exceeding historic Bitcoin mining results, providing a new cash‑flow foundation as the company winds down its mining operations in 2026‑27.

Key Details

• Agreement: Binding, fully funded contract worth US $128 million with a large publicly traded American multinational data‑center infrastructure provider.
• Scope of Supply: Partner will furnish all critical IT equipment and building materials for 18 MW gross capacity.
• Performance Targets:
• Up to 190 kW per rack power density.
• Expected PUE (Power Usage Effectiveness) between 1.2‑1.3, indicating high energy efficiency.
• Technology: Facility designed for Nvidia GB300 GPUs with state‑of‑the‑art liquid cooling; future focus on Nvidia “Vera Rubin” GPU generation across the portfolio.
• Infrastructure Design: Modular construction enabling phased deployment and scalability; validated reference designs ensure compatibility and performance.
• Timeline: Construction to begin promptly; completion targeted for December 2026.
• Strategic Rationale:
• Diversify away from Bitcoin mining as the company plans to wind down mining operations in 2026‑27.
• Potentially generate higher net operating income than historic mining, supporting OPEX, G&A, debt service, and future capex.
• Leverage nearly $1 billion in cash, unused credit facilities, Bitcoin holdings, and possible GPU financing options for the conversion.
• Monetization Plans: Pursuing both colocation services and a GPU‑as‑a‑Service/Cloud offering at the Washington site.

Notable Quotes

“We continue executing on our HPC/AI infrastructure development strategy with a fully funded supply chain and plan to convert our Washington site to support Nvidia GB300s with state‑of‑the‑art liquid cooling,” – Ben Gagnon, Chief Executive Officer
“The conversion of just our Washington site to GPU‑as‑a‑Service could potentially produce more net operating income than we have ever generated with Bitcoin mining…” – Ben Gagnon, CEO