Bitfarms Ltd. Stock News

New York City-based Aurelius Capital Management added 6.7 million shares of Bitfarms in the third quarter. The trade accounts for 34.4% of Aurelius Capital Management's 13F reportable assets under management.

Today's move in Bitfarms comes amid a continued selloff in the world's largest cryptocurrency - Bitcoin. However, Bitfarms has announced a major transition to becoming a compute powerhouse serving a new range of clients.

Bitfarms is abandoning Bitcoin mining because powering AI data centers is more lucrative. Many Bitcoin miners are switching their attentions to energy supply.

Conflicting earnings reports from companies in the Bitcoin mining space have complicated investors' outlook for this sector. Until a large-scale transition is achieved, investors will be forced to have patience in determining the profitability levels these companies' compute will drive.

Bitfarms is transitioning from cryptocurrency mining to AI and HPC data centers, aiming to capitalize on energy and infrastructure bottlenecks. BITF's strategic focus on cooler climates and expansion in Pennsylvania and Quebec positions it for cost-effective, high-margin data center operations. Despite current losses, strong cash reserves and manageable debt support the company's ambitious grow...

This was part of a broader buy-in to crypto mining stocks. To varying degrees, all of these new Thames holdings are pushing further into a high-demand business.

After reporting dismal results two weeks ago, all hope seemed to be lost for investors in this top Bitcoin mining company. However, an impressive shift in both top and bottom line earnings potential in this sector has been realized by a key Bitfarms peer.

Bitfarms (BITF) announces a strategic shift, fully pivoting to the AI HPC sector and winding down Bitcoin mining by FY2027. BITF aims to capitalize on growing demand for high-performance computing, moving away from volatile cryptocurrency markets. The company plans a gradual transition, ensuring operational continuity and leveraging existing infrastructure for AI-focused services.