Bitfarms is the latest bitcoin miner to explore AI/HPC alternatives

Publicly traded Bitfarms said Friday it is exploring ways to enter the artificial intelligence and high-performance computing space, as bitcoin miners continue to explore alternatives following last April's bitcoin halving.

Bitfarms has engaged two expert consultants in AI and HPC strategy, Appleby Strategy Group and World Wide Technology, to conduct a feasibility analysis on all its North American sites and advise on its global HPC/AI strategy. ASG and WWT also will help build accelerated sales and development strategies and market the sites on behalf of Bitfarms to potential customers.

“Bitfarms is committed to maximizing the utility and value of our 1.2 GW North American portfolio," Bitfarms CEO Ben Gagnon stated in a press release. "Based on active discussions over the past several months with potential HPC/AI partners and customers, we are confident that our North American portfolio pipeline, particularly sites located on the PJM grid, is strongly suited for HPC/AI."

The contracts associated with HPC/AI customers provide long-term, steady cash flows and earnings streams, Gagnon continued, while its mining operations will continue to monetize Bitcoin’s "flexible upside potential, creating a powerful and resilient portfolio that will generate long-term value for our shareholders.”

Following Bitcoin's fourth halving in April 2024, which cut miners' revenue in half, mining companies have tried to diversify their operations, moving beyond pure crypto mining toward hosting infrastructure for AI and HPC. Riot Platforms on Jan. 21 launched a formal process to evaluate the feasibility of directing power capacity at its facilities toward AI and HPC uses.

Riot and Bitfarms were involved in a takeover saga for the majority of 2024 before eventually reaching a settlement agreement in September.

Bitfarms' stock trades around $1.50 per share with a $784 million market cap, according to The Block's BITF price data .