Bitfarms' stock fell 18% following the company's announcement to scale back its Bitcoin mining operations and transition towards AI data centers. This strategic pivot reflects a growing trend among mining firms to diversify into artificial intelligence, leveraging their existing infrastructure for new technological applications. The move comes as the cryptocurrency mining industry faces increasing regulatory pressures and energy consumption concerns, prompting companies like Bitfarms to explore alternative revenue streams.
Bitfarms Shares Drop 18% Amid Shift from Bitcoin Mining to AI
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