Bitfarms Exits Bitcoin Mining, Pivots to AI Following $46 Million Loss
Bitfarms Exits Bitcoin Mining, Pivots to AI Following $46 Million Loss
Crypto mining firm Bitfarms is set to discontinue its Bitcoin mining operations. The company plans to redirect its focus towards providing infrastructure for artificial intelligence, a strategic shift that follows a substantial $46 million financial loss.
Bitfarms Pivots from Bitcoin Mining to AI Infrastructure
Bitcoin miner Bitfarms has announced its intention to cease its Bitcoin operations over the coming years. This strategic decision will see the company reorienting its business model to focus on providing infrastructure solutions for the rapidly expanding demand in artificial intelligence. The pivot comes in the wake of significant financial challenges, as Bitfarms recently reported a $46 million loss, prompting a major realignment of its core business activities.