Bitfarms announced that it will gradually shut down its Bitcoin mining operations over the next two years

According to Cointelegraph, Bitfarms' stock price plummeted on Thursday after the company announced it would shut down its Bitcoin mining operations over the next two years and transform its facilities into artificial intelligence and high-performance data centers.

The company stated on Thursday that its 18-megawatt Bitcoin mining facility in Washington State will be the first site fully converted to support AI and high-performance computing, expected to be completed by December 2026.

Bitfarms CEO Ben Gagnon said, "Although the Washington site accounts for less than 1% of our overall developable assets, we believe that simply converting this site to GPU-as-a-Service could potentially generate net operating income that exceeds all the revenue we have generated from Bitcoin mining in the past."

He added that this transformation will help the company gradually end its Bitcoin mining operations in 2026 and 2027.