Bitfarms bleeds $36M as it ditches Bitcoin mining for AI power play

Canadian Bitcoin mining firm Bitfarms has endured a steep $36 million net loss in the first quarter of 2025. That‘s a huge climb from last year’s $6 million loss experienced in the same quarter.

The firm has said this is a consequence of a huge shift away from its mining focus on Bitcoin towards high-performance computing (HPC) hardware to facilitate artificial intelligence (AI) uses.

As profits from crypto mining decline, miners are exploring new opportunities by leveraging their existing infrastructure—advanced computing power and substantial energy capacity—to tap into the rapidly expanding artificial intelligence sector.

The Canadian Bitcoin mining firm has completed a transformative fleet upgrade, improving its Bitcoin mining efficiency and reducing operating costs, with over 94% of its purchased miners now installed.

Bitfarms Ltd has stopped publishing monthly Bitcoin production reports, which may reduce transparency for investors focused on its mining operations.