Bitfarms Shares Dive 18% as Miner Exits Bitcoin Mining to Pivot to AI
Shares of Bitfarms (BITF) plunged roughly 18% on Nov. 14 after the miner said it will completely exit Bitcoin mining operations by 2027 and redirect resources into AI infrastructure, citing a Q3 loss near $46 million. Management described the change as a strategic repositioning toward higher-margin compute services, but investors reacted negatively to the abrupt departure from core crypto operations.
The announcement is significant because it underscores a broader recalibration in the mining sector, where firms are weighing tighter BTC margins, energy costs, and alternative uses for specialized hardware. If other miners follow suit, Bitcoin’s network hashrate could face medium-term pressure depending on equipment sales and timelines. Market participants will be watching Bitfarms’ asset dispositions, updated guidance, and how quickly revenue can be rebuilt in the AI business as investors reassess exposure to traditional mining risk.