In Focus: Will Bitfarms’ AI Pivot Work? A Vera Rubin Gambit

Bitfarms, one of the largest publicly listed bitcoin miners, has decided to abandon its origins and pivot to the HPC market, shedding its Latam sites to become a company with a complete North American energy footprint. Will this move work for the company?

Bitfarms: From Bitcoin Mining to AI HPC

Bitfarms, one of the top publicly listed Bitcoin mining companies in the U.S., is now changing its focus to become a provider of High Performance Computing (HPC) services for AI (Artificial Intelligence) companies.

After reporting disastrous losses reaching up to $46 million for Q3 2025, the company announced its pivot to these new activities to explore a new path toward stability, migrating all of its efforts to achieve this task as soon as possible.

During the same earnings call, Bitfarms’ CEO Ben Gagnos stated that they expected this pivot to be completed by Q4 2026, as Nvidia’s latest AI GPU generation, codenamed Vera Rubin, is expected to ship in the same period.

To this end, Bitfarms has allocated a war chest of over $588 million from a convertible note offering and a $300 million debt facility to start the work needed to adapt its infrastructure to these new workloads.

In addition, Bitfarms recently arranged the sale of its last Latam site, in Paraguay, for $30 million, turning into a company with a full North American energy footprint, focusing on markets with demand for AI workloads.

The Vera Rubin Gambit

In opposition to other companies that are betting on adapting their facilities for the current generation of Nvidia GPUs, codenamed Blackwell, which are used by most companies in the AI industry, including OpenAI.

Bitfarms has decided to put its full force behind Vera Rubin (VR), the new infrastructure that Nvidia CEO Jensen Huang announced was already in production at the recent Consumer Electronics Show (CES).

Recent unconfirmed reports indicate that these chips will have a Thermal Design Power (TDP) of 2.3 kW per GPU, an envelope that will be taxing for current data centers servicing Blackwell loads. Second-generation Blackwell chips pull 1.4 kW in total, and adapting new data centers to this power envelope will take time and investments.

Bitfarms is working to be the first provider ready for VR chips, and its Washington site has become the main point for this deployment, as Gagnon has stated that it could “potentially produce more net operating income than we have ever generated with Bitcoin mining, providing the company with a strong cash-flow foundation.”

During Bitfarm’s 2025 Q3 earnings call, Gagnon pointed out that just having this infrastructure ready at the right time will be a large advantage, as they will be able to capture companies aiming for fast deployment of these chips.

“A lot of the infrastructure that’s being built right now is not going to be compatible with the next generation. And as companies allocate all this money into those Vera Rubin GPUs, they’re going to be very economically incentivized to deploy them,” he stated.

Furthermore, Gagnon bets that AI players will be incentivized to deploy these assets swiftly, even paying higher rates to begin operations before their counterparts. “Would you rather sit on your GPUs and not deploy them? Or would you rather pay a higher infrastructure expense in order to deploy them and start monetizing the asset?” he asked.

It remains to be seen whether Gagnon’s forecasts are accurate, and Bitfarms becomes one of the first companies offering datacenter support for Vera Rubin, amassing demand for its services.