Bitfarms Massive AI Fundraise Puts It on the IREN, Hut 8 Path

Bitfarms Ltd. (NASDAQ:BITF) is moving beyond Bitcoin (CRYPTO: BTC) mining into the fast-growing sector of high-performance computing (HPC) and AI datacenters.Last week, the company announced a $500 million convertible notes offering to finance the transition. BITF stock is moving. See the details here. Bitfarms' total capital raise is $800 million. That amount is split between the $500 million convertible note offering and a $300 million project financing facility aimed at building out its Panther Creek data center in Pennsylvania. Read Next— Retail Investors’ Top Stocks With Earnings This Week: Tesla, Netflix, Intel and MorePivot!The aggressive pivot mirrors moves from peers such as IREN Ltd. (NASDAQ:IREN) and Hut 8 Corp. (NASDAQ:HUT), who have successfully leveraged their mining infrastructure into HPC operations designed to serve the AI wave.The cornerstone of Bitfarms' expansion is its 350-megawatt Panther Creek campus, designed as an advanced HPC and AI center capable of hosting large-scale workloads. The first phase is expected to go live in late 2026, positioning Bitfarms as a serious data infrastructure contender in the U.S. market.Bitfarms aims to replicate the success of IREN and Hut 8—two firms that have diversified their energy-intensive operations into data center services supporting AI training, cloud computing and enterprise applications.The Pivot Pays OffBoth Hut 8 and IREN's pivots have paid off financially. IREN posted record revenues of $501 million for its 2025 fiscal year and achieved a net income of $86.9 million. IREN stock has surged more than 550% year-over-year, and it is now targeting over $500 million in annualized run-rate AI cloud revenue by early 2026. Hut 8 has also reaped early rewards from its transition to become an energy infrastructure and AI data center operator. HUT stock is up more than 250% over the past year, and the company posted a surprise EPS beat in its most recent earnings report. Implications for BitfarmsThe successful pivots by IREN and Hut 8 support Bitfarms' strategic move, providing blueprints for value creation and investor enthusiasm when mining firms transition to the booming AI and cloud industries.It looks like investors are optimistic on the AI pivot — BITF stock has gained more than 70% in the last month alone. Rigetti, D-Wave, IonQ Could Get JPMorgan’s Support—Quantum Stocks Take Off Photo: Shutterstock