Bitfarms, a global computer infrastructure company known for its Bitcoin mining operations, has entered into a $300 million loan agreement with Macquarie Group to finance the development of its high-performance computing (HPC) data centers.
According to an April 2 announcement, Macquarie’s private debt facility will provide $50 million in initial funding for Bitfarms’ Panther Creek data center project in Pennsylvania.
The remaining $250 million will be released once Bitfarms achieves “specific development milestones at its Panther Creek location,” the announcement said.
Once developed, Panther Creek will have a nearly 500-megawatt capacity fueled by several power sources.
Panther Creek “will be sought after by HPC tenants once construction of the project is underway,” said Joshua Stevens, an associate director at Macquarie Group.
Source: Bitfarms
The project is being delivered at a time when AI applications are fueling growing demand for new sources