Bitfarms stock drops 18% on plan to exit BTC mining for AI

Nasdaq-listed Bitcoin miner Bitfarms (BITF) plans to phase out its Bitcoin mining operations over the next two years and convert all its facilities into data centers for artificial intelligence (AI) and high-performance computing (HPC), Wu Blockchain reported. The company's 18-megawatt facility in Washington, U.S., is scheduled to be the first to transition, with the conversion expected to be complete by December 2026. Bitfarms' stock price fell approximately 18% immediately following the announcement.