Catenaa, Friday, February 07, 2025 – Publicly traded Bitcoin mining company Bitfarms, announced Friday, January 31, that it is evaluating opportunities in artificial intelligence(AI) and high-performance computing (HPC) as miners seek alternative revenue streams following Bitcoin’s fourth halving in April 2024.
The company has hired Appleby Strategy Group and World-Wide Technology to assess the feasibility of integrating AI and HPC across its North American sites. The consultants will also assist in sales, development strategies, and marketing the facilities to potential clients.
“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 is strongly suited for HPC/AI,” CEO Ben Gagnon said. He emphasized that contracts in these sectors provide long-term, steady cash flows while maintaining Bitcoin mining as a core business.
The shift follows a broader industry trend, with Riot Platforms recently announcing similar evaluations for AI and HPC integration. Bitfarms and Riot were previously involved in a takeover battle before reaching a settlement in September 2024.
Bitfarms’ stock is currently trading at approximately $1.50 per share, with a market capitalization of $784 million, according to The Block’s data.
