Bitcoin miners are increasingly exploring ways to diversify their operations, moving beyond pure crypto mining toward hosting infrastructure for artificial intelligence (AI) and high-performance computing (HPC).
Bitfarms, a publicly traded bitcoin mining company, announced it is exploring ways to enter the AI and HPC space. The company has engaged two expert consultants to conduct a feasibility analysis on all its North American sites and advise on its global HPC/AI strategy.
Bitfarms CEO Ben Gagnon stated that the company is "committed to maximizing the utility and value of our 1.2 GW North American portfolio." He added that the contracts associated with HPC/AI customers provide long-term, steady cash flows and earnings streams.
This move comes after Bitcoin's fourth halving in April 2024, which cut miners' revenue in half. Riot Platforms, another bitcoin mining company, launched a formal process in January to evaluate the feasibility of directing power capacity at its facilities toward AI and HPC uses.
The shift towards AI and HPC reflects the growing demand for computing power in these fields. Bitcoin miners, with their vast infrastructure and access to cheap energy, are well-positioned to capitalize on this opportunity.