Bitfarms, a worldwide pc infrastructure firm recognized for its Bitcoin mining operations, has entered right into a $300 million mortgage settlement with Macquarie Group to finance the event of its high-performance computing (HPC) knowledge facilities.
In response to an April 2 announcement, Macquarie’s non-public debt facility will present $50 million in preliminary funding for Bitfarms’ Panther Creek knowledge heart undertaking in Pennsylvania.
The remaining $250 million will probably be launched as soon as Bitfarms achieves “particular growth milestones at its Panther Creek location,” the announcement stated.
As soon as developed, Panther Creek can have an almost 500-megawatt capability fueled by a number of energy sources.
Panther Creek “will probably be wanted by HPC tenants as soon as development of the undertaking is underway,” stated Joshua Stevens, an affiliate director at Macquarie Group.
Supply: Bitfarms
The undertaking is being delivered at a time when AI functions are fueling rising demand for brand new sources of computational energy and knowledge storage capability. Bitcoin miners are dashing to fill the void — and to safe dependable income streams for themselves in a post-halving atmosphere.
Nonetheless, Bitfarms disclosed in its current quarterly report that it continues to face “regulatory challenges in increasing its vitality capability,” with the approval timeline starting from 12 to 36 months.
Within the meantime, Bitfarms expects its $125 million acquisition of Stronghold Digital Mining to do a lot of the heavy lifting in offering further capability, CEO Ben Gagnon informed traders.
Associated: Bitfarms sells Paraguay web site to Hive for $85M, refocuses on US
Amid trade stress, miners are HODLing
Bitfarms mined 654 Bitcoin (BTC) within the last quarter of 2024 at a mean all-in money price of $60,800.
Like different miners, Bitfarms has elected to retain a good portion of its mined Bitcoin. Business knowledge exhibits it presently holds 1,152 BTC on its books, putting it among the many prime 25 publicly traded Bitcoin traders.
Miners like Hive Digital have doubled down on their long-term Bitcoin “hodl” technique as a option to bolster their steadiness sheet. The corporate’s Bitcoin holdings have swelled to 2,620 BTC.
In the meantime, MARA Holdings has gathered 46,374 BTC and has introduced plans for a $2 billion inventory providing to accumulate extra Bitcoin.
Supply: Frank Holmes
Like Bitfarms, Hive Digital, Core Scientific, Hut8 and Bit Digital have additionally made a strategic pivot towards AI and HPC.
Hive executives informed Cointelegraph that the corporate has repurposed a portion of its Nvidia GPUs for such duties. They stated AI functions can generate greater than $2.00 per hour in income, in comparison with simply $0.12 per hour for crypto mining actions.
Associated: BTC miners adopted ‘treasury technique,’ diversified enterprise in 2024: Report