Bitfarms Abandons Bitcoin Mining for Artificial Intelligence

Bitfarms, a Canadian-based bitcoin mining company, has made a significant shift in its business strategy by announcing plans to change its name to Keel Infrastructure and pivot towards artificial intelligence (AI) development. The company's decision comes as the industry struggles with declining profit margins due to high electricity costs and fluctuating cryptocurrency prices.

According to the announcement, Bitfarms will sell its entire bitcoin stash, worth around $161 million at current market value, to fund the transition. This move is part of a broader trend in the industry, where many mining companies are abandoning their traditional focus on bitcoin mining in favor of AI contracts.