Bitcoin mining giant Bitfarms has made a strategic pivot toward high-performance computing development, announcing the acquisition of land in two US states while simultaneously shuttering its Argentina mining operations amid ongoing power supply disruptions.
The Toronto-headquartered mining company disclosed in quarterly filings that it signed agreements to acquire strategic properties for potential AI and high-performance computing development. On August 7, Bitfarms purchased three acres in Washington state for $1.9 million, followed by a larger acquisition on August 8 of 181 acres in Panther Creek, Pennsylvania, for $3.5 million.
The Pennsylvania property represents a significant expansion opportunity, with Bitfarms stating the land provides “more than sufficient land for multiple phases of HPC/AI development,” though the company has not yet provided a construction timeline.
Argentina Exit Amid Power Crisis
Concurrently, Bitfarms announced its complete withdrawal from Argentina’s mining market, reaching an agreement with energy supplier Generacion Mediterranea S.A. (GMSA) for the repayment of a $3.5 million energy deposit over 18 months starting January 2026, with 5% annual interest.
The decision to close its 58-megawatt Rio Cuarto data center comes after months of operational difficulties. GMSA began a debt restructuring process with creditors in April, resulting in a complete halt of electrical power supply to the facility since May 12, 2025. The shutdown is expected to be completed by November 11, 2025, with Bitfarms citing both the energy stoppage and broader economic uncertainty in the region as determining factors.
The exit also eliminates a $2.8 million asset retirement obligation related to the company’s leased property in Argentina.
Industry-Wide Diversification Trend
Bitfarms’ move into high-performance computing reflects a broader industry trend as miners seek revenue diversification beyond Bitcoin mining amid what the company describes as a “prolonged hashprice squeeze.” The strategic shift comes as mining companies face ongoing pressure from reduced profitability in traditional Bitcoin mining operations.
The dual announcement underscores the operational challenges facing international mining operations while highlighting the growing interest in AI and high-performance computing as alternative revenue streams for companies with existing infrastructure and technical expertise.
