Bitfarms stock tumbles as miner posts $46 million loss, plans AI/HPC pivot with Washington site

Shares of Bitfarms (ticker BITF) plunged over 12% Thursday morning after reporting third-quarter earnings that missed estimates, as well as converting a key bitcoin mining location into an AI/HPC worksite.

Bitfarms reported revenue of $69 million, which was up 156% year over year but missed most estimates by around 15%. The company reported a $46 million net loss — equating to a loss of $0.08 per share — compared to a net loss of $24 million in the year-ago period. Its operating loss of $29 million included an impairment charge of $9 million and non-cash depreciation of $27 million.

As of Nov. 12, Bitfarms had total liquidity of approximately $814 million, including approximately $637 million in cash and $177 million in unencumbered Bitcoin. During the quarter, Bitfarms earned 520 BTC at an average direct cost per BTC of $48,200. As of Nov. 12, the company held 1,827 BTC.

In conjunction with the earnings print, Bitfarms announced plans to convert its Washington state facility to handle AI/HPC workloads. The site is targeted for completion in December 2026. This 18 MW Bitcoin mining site will be the first to be fully converted to support HPC/AI workloads, featuring up to 190 kW per rack and advanced liquid cooling. Bitfarms has signed a binding agreement of $128 million with a large publicly traded American multinational provider of critical infrastructure and services for data centers.

"We continue to execute on our strategy to pivot from an international Bitcoin miner to a North American energy and digital infrastructure company," CEO Ben Gagnon said in the release. "Beyond Washington, everything in our portfolio is being built to support Nvidia's next generation Vera Rubin GPUs, which are expected to ship in Q4 2026. With almost twice the energy density of Nvidia's Blackwell GPUs, there is not a data center that exists today that can support Nvidia’s next generation of AI hardware."

Bitfarms shares traded down 13.2% to $2.75 at publication time, according to The Block's BITF price data. The stock remains up nearly 70% year to date, thanks to a big surge in bitcoin mining stocks since early September.

Last month, JPMorgan analysts noted that bitcoin miners have decoupled from BTC's price, with their market caps rising sharply since July as bitcoin has remained range-bound.