Source: Cointelegraph Original: "{title}"
Global computing infrastructure company Bitfarms, known for its Bitcoin (BTC) mining operations, has signed a $300 million loan agreement with Macquarie Group to support the development of its high-performance computing (HPC) data center.
According to an announcement on April 2, Macquarie Group's private debt financing will provide $50 million in initial funding for Bitfarms' Panther Creek data center project in Pennsylvania.
The announcement also noted that the remaining $250 million will be gradually released after Bitfarms reaches "specific development milestones" for the Panther Creek project.
Once completed, the Panther Creek data center will have nearly 500 megawatts of capacity and will be powered by various energy sources.
Joshua Stevens, Deputy Director of Macquarie Group, stated, "Once construction begins, Panther Creek will become a target sought after by HPC tenants."
Source: Bitfarms
The delivery of this project comes at a time when AI applications are driving a growing demand for computing power and data storage capacity. Bitcoin miners are seizing this opportunity to fill market gaps while ensuring a reliable source of income in a post-halving environment.
However, Bitfarms disclosed in its recent quarterly report that the company still faces "regulatory challenges" in expanding its energy capacity, with approval times expected to range from 12 to 36 months.
Meanwhile, Bitfarms CEO Ben Gagnon informed investors that the company's anticipated acquisition of Stronghold Digital Mining for $125 million will be a major driver for providing additional capacity.
In the last quarter of 2024, Bitfarms mined a total of 654 BTC, with an average all-in cash cost of $60,800.
Like other miners, Bitfarms has chosen to retain most of the Bitcoin it has mined. Industry data shows that the company currently holds 1,152 BTC on its balance sheet, ranking among the top 25 publicly listed Bitcoin investors.
Mining companies like Hive Digital have intensified their long-term holding strategy (hodl) for Bitcoin to strengthen their balance sheets. Hive Digital's Bitcoin holdings have increased to 2,620 BTC.
Meanwhile, MARA Holdings has accumulated 46,374 BTC and announced plans to further acquire Bitcoin through a $2 billion stock issuance.
Source: Frank Holmes
Like Bitfarms, Hive Digital, Core Scientific, Hut8, and Bit Digital are also strategically shifting towards AI and high-performance computing (HPC) fields.
Hive executives told Cointelegraph that the company has repurposed some Nvidia GPUs for such tasks. They noted that AI applications can generate over $2.00 in revenue per hour, while cryptocurrency mining activities only yield $0.12 per hour.
Related: Reports indicate that a cryptocurrency mining company under Trump is considering an IPO.
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