Wall Street Bitcoin Miner Bitfarms Hires Consultants to Evaluate AI and HPC

Publicly listed Wall Street Bitcoin (BTC) miner Bitfarms
Ltd. (NASDAQ: BITF) has appointed two consulting firms, Appleby Strategy Group
(ASG) and World Wide Technology (WWT), to assess the feasibility of integrating
high-performance computing (HPC) and artificial intelligence (AI) operations
into its infrastructure.

The consultants will evaluate all of Bitfarms’ North
American sites and provide recommendations for its global HPC and AI strategy.

Bitfarms Hires Consultants for HPC/AI Strategy

“Bitfarms is committed to maximizing the utility and
value of our 1.2 GW North American portfolio. ASG and WWT will draw upon their
substantial expertise to evaluate our sites for HPC/AI.” Bitfarms CEO Ben
Gagnon commented.

In addition to the feasibility study, ASG and WWT will
develop sales and business expansion strategies for Bitfarms. They will also
assist in marketing the company’s facilities to potential customers looking for
data center solutions. The move comes as Bitcoin mining firms explore
diversification opportunities amid fluctuating market conditions and increasing
energy costs.

“Based on active discussions over the past several
months with potential HPC/AI partners and customers, we are confident that our
North American portfolio pipeline, particularly sites located on the PJM grid,
is strongly suited for HPC/AI,” Gagnon added.

Bitfarms Engages Strategic Partners to Develop HPC/AI Business – Green Stock News https://t.co/pLOpiVb3Rd $BITF #cleantech #blockchain pic.twitter.com/QQrp2I3rFj

— Green Stock News (@greenstocknews) January 31, 2025

Bitfarms Operates 12 Bitcoin Data Centers

Founded in 2017, Bitfarms operates 12 Bitcoin data centers
and has two more under development. The company also has hosting agreements
with two additional facilities. Its operations span Canada, the United States,
Paraguay, and Argentina. Bitfarms maintains a vertically integrated structure,
managing its electrical engineering, installation services, and on-site
technical repair centers.

Focusing on Sustainable Energy, Generating Steady Revenue

Bitfarms states that it relies primarily on hydroelectric
power and long-term energy contracts to support its operations. The company
sees these contracts as a foundation for stable revenue.

“The contracts associated with HPC/AI customers provide
long-term, steady cash flows and earnings streams while our Bitcoin mining
operations will continue to monetize Bitcoin’s flexible upside potential,
creating a powerful and resilient portfolio that will generate long-term value
for our shareholders,” Gagnon concluded.

This article was written by Tareq Sikder at www.financemagnates.com.



Source link