Bitfarms Transitions to AI Data Centers
Bitfarms (NASDAQ: BITF), a Canadian Bitcoin mining company, is shifting its focus to AI data centers. This transition was approved by the board in September 2023, along with plans to relocate its headquarters to the U.S. and rebrand as Keel Infrastructure. The current share price stands at just over $2.
Bitfarms boasts a robust energy portfolio of 2.1 gigawatts in North America and secured an agreement last November for $128 million to provide 18 megawatts of data center capacity. However, with $96 million in trailing net losses and significant competition in the AI hosting sector from companies like Applied Digital and Equinix, prospects remain uncertain.
