Bitfarms secures $300M in funding for Panther Creek project
Bitfarms has finalised a $300 million private debt agreement with Macquarie Equipment Capital to support the development of its Panther Creek high-performance computing (HPC) data center in Pennsylvania.
The initial tranche of $50 million will fund early-stage development costs, while the remaining $250 million will be contingent on achieving specific project milestones.
The Panther Creek facility, located within 100 miles of major cities like New York and Philadelphia, is expected to have a capacity of up to 500 megawatts powered by multiple energy sources.
Joshua Stevens, an associate director at Macquarie Group, highlighted the strategic location as appealing to HPC tenants.
Bitfarms CEO Ben Gagnon described the financing as pivotal amid growing demand for computational power driven by artificial intelligence applications.
The debt facility has a two-year maturity and carries an annual interest rate of 8%.
Interest on the initial $50 million will be paid in kind for the first three months.
Future draws from the second tranche will require definitive documentation and compliance with agreed-upon conditions.
Bitfarms has been expanding its operations to meet rising demand in both crypto mining and AI sectors.
In addition to the Panther Creek project, the company recently completed an all-stock acquisition of Stronghold Digital Mining.
This merger strengthens Bitfarms’ position in the industry by adding capacity and resources.
Despite regulatory challenges in expanding energy infrastructure, Bitfarms remains focused on long-term growth.
The company mined 654 Bitcoin (CRYPTO:BTC) in Q4 2024 at an average cost of $60,800 per BTC and currently holds 1,152 BTC on its balance sheet.
Like other miners such as Hive Digital and MARA Holdings, Bitfarms has adopted a "hodl" strategy to retain mined Bitcoin as part of its financial planning.
The Panther Creek project reflects Bitfarms’ strategic pivot toward leveraging AI and HPC technologies alongside its core crypto mining operations.
With this funding secured, the company aims to capitalise on emerging opportunities in computational power and data storage markets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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