Bitfarms has secured a $300 million loan from Macquarie Group to fund its high-performance computing (HPC) data center expansion.
The first $50 million will go towards developing the Panther Creek facility in Pennsylvania, with the remaining $250 million contingent on achieving specific project milestones. Once completed, Panther Creek will offer nearly 500 megawatts of capacity, attracting HPC tenants.
The push towards HPC comes as AI applications increase the demand for computing power, prompting Bitcoin miners like Bitfarms to diversify.
Despite facing regulatory challenges in expanding energy capacity—sometimes taking up to three years—the company recently acquired Stronghold Digital Mining for $125 million to boost its resources.
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Bitfarms and other miners are also holding onto their Bitcoin rather than selling, seeing long-term value. In the last quarter of 2024, Bitfarms mined 654 BTC at an average cost of $60,800 per coin and now holds 1,152 BTC.
Meanwhile, companies like Hive Digital are repurposing mining hardware for AI tasks, while MARA Holdings plans a $2 billion stock offering to increase its Bitcoin reserves.
As mining firms adapt to changing market conditions, many are focusing on integrating AI and HPC to secure sustainable revenue.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/bitfarms-secures-300m-for-high-performance-data-centers-amid-ai-boom/