Bitfarms has announced that it will gradually phase out its Bitcoin mining operations over the next two years

BlockBeats News, November 14th, according to Cointelegraph, Bitfarms' stock price plummeted on Thursday after the company announced it would shut down its Bitcoin mining operations over the next two years and transition its facilities to artificial intelligence and high-performance computing centers.

The company stated on Thursday that its 18-megawatt Bitcoin mining facility in Washington state, USA, will become the first to be fully converted to support AI and high-performance computing, with completion expected by December 2026.

Bitfarms CEO Ben Gagnon said, "While the Washington facility represents less than 1% of our overall developable assets, we believe that converting just this facility to GPU-as-a-Service could potentially generate more net operating income than all of the revenue we have generated to date through Bitcoin mining."

He added that this transformation will help the company gradually phase out its Bitcoin mining operations in 2026 and 2027.