Bitfarms announced a major strategic shift as it begins converting its 18 MW Bitcoin mining facility in Washington State into a high-performance computing and artificial intelligence center, supported by a fully funded $128 million agreement with a large publicly traded American multinational provider of critical data center infrastructure. The company announced the news from Toronto and New York as it continues to reposition its portfolio toward next-generation computing.
The Washington site will be the first Bitfarms facility fully rebuilt to support HPC and AI workloads, delivering up to 190 KW per rack with advanced liquid cooling and an anticipated PuE between 1.2 and 1.3. The partner entity will provide all critical IT equipment and building materials for the full 18 MW of gross capacity. Construction is expected to conclude in December 2026.
Bitfarms stated that the redesigned campus will feature validated reference designs compatible with Nvidia GB300 GPUs, modular infrastructure for phased construction and scalability, and proven thermal and power management systems designed for high-performance compute environments. The project marks a significant milestone in Bitfarms’ roadmap as the company transitions away from traditional Bitcoin mining and toward vertically integrated digital infrastructure.
The company added that it is evaluating both colocation and cloud-based monetization strategies at the Washington facility. With nearly a billion dollars in cash, unused credit facilities, Bitcoin, and access to various GPU financing options, Bitfarms is evaluating whether the Washington site could support a GPU-as-a-Service model. Even though the site represents less than one percent of its total developable energy portfolio, Bitfarms believes the facility could potentially generate more net operating income than any Bitcoin mining operation in its history. The company expects this cash flow to support operating expenses, general and administrative needs, debt service, and capital expenditures as it winds down Bitcoin mining operations during 2026 and 2027.
Founded in 2017, Bitfarms operates a 2.1 GW North American energy and digital infrastructure portfolio, comprising energized assets, development capacity, and pipeline projects. The company builds and operates vertically integrated data centers with strong access to power and fiber networks. Bitfarms is headquartered in New York and Toronto and is listed on the Nasdaq and Toronto Stock Exchange.
KEY 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 of Bitfarms
“While our focus is on developing infrastructure to support Nvidia’s next generation of Vera Rubin GPUs across most of our portfolio, with nearly a billion dollars in cash, unused credit facilities and Bitcoin and numerous potential GPU financing options available, we believe there are compelling reasons to consider pursuing a GPU-as-a-Service or Cloud monetization strategy specifically at Washington.”
Ben Gagnon, Chief Executive Officer of Bitfarms
“Despite being less than 1% of our total developable portfolio, we believe that 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, providing the Company with a strong cashflow foundation that could fund opex, G&A, and debt service and contribute to capex as we wind down our Bitcoin mining business in 2026 and 2027. We look forward to providing more updates on our Q3 and Q4 2025 calls.”
Ben Gagnon, Chief Executive Officer of Bitfarms
