I remember reading news stories about young people from small towns around the world setting up Bitcoin (BTC) mining operations and becoming rich within a few years.
Bitcoin mining was a novel technology at the time and they were willing to explore it as a source of income.
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Simply put, it is the process of using specialized computing hardware to solve complex cryptographic puzzles, verify blocks containing BTC transactions, and add them to the chain.
In exchange for ensuring the security of the blockchain network, miners can receive rewards in the form of BTC.
But after multiple Bitcoin halvings, rising electricity costs, and the recent Bitcoin crash, mining is no longer a profitable venture.
As a result, we have witnessed some high-profile exits from Bitcoin mining operations.
As previously reported, Bit Digital (NASDAQ: BTBT) recently stated that it plans to completely shut down its Bitcoin mining operations and focus only on Ethereum (ETH) and artificial intelligence (AI) businesses.
The most obvious pivot for Bitcoin miners is artificial intelligence, which is not a difficult transition because mining companies already have the infrastructure in place.
Now, a popular Bitcoin miner says it is “no longer a Bitcoin company.”
On February 6, Bitfarms Ltd. (NASDAQ/TSX: BITF) announced that its board of directors has approved a move from Canada to the United States following a lengthy strategic review process. Once the company is re-incorporated in the United States, it will be incorporated in Delaware and operate as Keel Infrastructure.
The company will then trade on Nasdaq and the Toronto Stock Exchange under the ticker “KEEL,” the statement said.
The company said the relocation and rebranding is a step in its transition from Bitcoin mining to an artificial intelligence/high-performance computing business.
CEO Ben Gagnon said, “We are no longer a Bitcoin company, we are the premier owner and developer of HPC/AI data center infrastructure in North America.”
Gagnon added that the company’s focus is simple: building the infrastructure for the future of computing.
The shareholder vote is expected to take place on March 20, with the subsequent U.S. relocation expected to be completed around April 1, subject to shareholder and regulatory approval.
