Bitcoin Miner Bitfarms Ditches Crypto for AI, Cites Profit Potential

Bitcoin Miner Bitfarms Ditches Crypto for AI, Cites Profit Potential

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Facing dwindling returns, Bitcoin mining firm Bitfarms is making a significant pivot, shifting its resources towards artificial intelligence. The company plans to completely exit cryptocurrency mining by 2027, re-purposing its extensive infrastructure to capitalize on the burgeoning AI market. This strategic move follows a reported $46 million loss in Q3 and aims to leverage Bitfarms’ substantial 341 megawatt capacity for more profitable AI applications. Details are emerging from online discussions, including a Reddit post highlighting the company’s ambitious shift.