Bitfarms Joins Peer Bitcoin Miners in Halting Hashrate Expansion, Citing HPC Focus
Bitfarms has ruled out any major Bitcoin miner purchases for 2025 or 2026, joining a growing list of public mining firms dialing back hashrate expansion in response to shifting market dynamics.
In its April production update, the Toronto-based miner noted it will meet this year’s growth targets using previously acquired machines. Instead of pursuing new hardware, Bitfarms plans to prioritize growth in high-performance computing (HPC) and the expansion of its energy infrastructure—particularly in the United States.
“Our Bitcoin business is strong, and we remain bullish on mining economics with our newly upgraded mining fleet,” said CEO Ben Gagnon. “We have no need nor plans for a large miner purchase in 2025 or 2026, enabling us to focus our efforts on developing U.S. energy and HPC infrastructure, which we believe will create lasting shareholder value.”
The company’s comments echo similar signals from Riot Platforms and Iris Energy, both of which have recently deprioritized near-term hashrate growth in favor of capital investment in U.S. infrastructure and compute diversification, including AI workloads. The shift marks a departure from the aggressive hashrate accumulation that characterized the pre-halving cycle.
As part of its HPC pivot, Bitfarms also secured a $300 million loan facility in April from infrastructure investor Macquarie Group. Bitfarms said the capital will be dedicated exclusively to developing HPC data center infrastructure at its Panther Creek facility, acquired earlier this year through the merger with Stronghold Digital.
In April, Bitfarms mined 268 BTC with a realized hashrate of 17 EH/s, or roughly 87% of its installed 19.5 EH/s capacity. It sold 403 BTC—about 150% of its monthly production—to cover operational and capital expenditures.
