Bitfarms Slumps Pre-Market After Q3 Miss – CEO Reaffirms AI Pivot With NVIDIA’s Vera Rubin GPUs

• Bitfarms reported Q3 revenue of $69 million, up 156% year-over-year, but below analysts’ expectations of $85 million.
• CEO Ben Gagnon outlined a strategic pivot toward North American energy and digital infrastructure, including AI and cloud workloads.
• Bitfarms plans to retrofit its Washington site and other assets to support NVIDIA’s next-generation Vera Rubin GPUs, expected in Q4 2026.Bitfarms (BITF) plummeted in pre-market trade on Thursday after the crypto miner’s third-quarter earnings missed Wall Street expectations. 

BITF’s stock slumped as much as 14% before the opening bell. Retail sentiment around the company on Stocktwits improved to ‘bearish’ from ‘extremely bearish’ over the past day as chatter edged up to ‘low’ from ‘extremely low’ levels. 

The company reported quarterly revenue of $69 million, a 156% increase year-over-year, but below the consensus estimate of $85 million, according to Koyfin data. The loss per share came in at $0.05, wider than analysts’ expectations for a $0.02 loss.

Bitfarms Pivot To AI-HPC Compute

Bitfarms’ Q3 results show how Bitcoin miners are struggling to make a profit as energy costs climb and the Bitcoin difficulty increases. It’s also not the only company to pivot towards artificial intelligence and high computing performance in order to adapt to the changing market conditions – others like Core Scientific (CORZ), Iren (IREN), Hive Digital (HIVE) and Terawulf (WULF) have also announced similar strategic moves.

Bitfarms’ plan to wind down its Bitcoin mining operations by 2027 and its transition will begin with the company’s 18-megawatt site in Washington State. The company said the facility will be converted into a liquid-cooled GPU facility designed for Nvidia’s next-generation GB300s.
 

Bitfarms Targets NVIDIA’s Next-Gen GPUs

CEO Ben Gagnon stated that the company is converting its Washington site and other assets to support AI workloads and cloud operations, backed by the company’s recent $588 million financing round.

“We continue to execute on our strategy to pivot from an international Bitcoin miner to a North American energy and digital infrastructure company,” Gagnon said.

The core of the plan revolves around NVIDIA’s next-generation Vera Rubin GPUs, which are expected to launch in Q4 2026. These GPUs have almost twice the energy density of NVIDIA’s current Blackwell GPUs, meaning they are far more powerful but also require specialized data centers that can handle the increased energy demands.

“While most developers are focused on supporting Blackwells we intend to lead the industry in the development of Vera Rubin infrastructure,” Gagon said. “We strongly believe this infrastructure will be in even higher demand and shorter supply in 2027 and will command substantially greater economics from prospective customers. With our strong financial position and high-value energy portfolio, Bitfarms has never been better positioned to build the infrastructure that will power tomorrow’s economy.”

The site in Washington was framed as a future cash-flow anchor for covering operating expenses as the company makes its transition.

Read also: Circle Stock Gains Pre-Market After JPMorgan Turns Bullish, Cathie Wood’s Ark Invest Buys The Dip

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