Bitfarms has secured a 300 million USD loan from Macquarie Group to upgrade its data centers focusing on high-performance computing. An initial 50 million USD will fund the Panther Creek data center in Pennsylvania, with the subsequent funds tied to achieving project milestones.
To enhance its capabilities, Bitfarms is leveraging a recent acquisition of Stronghold Digital Mining alongside the loan. This strategy is expected to address the increasing demand for computational power driven by AI applications despite ongoing regulatory challenges that could delay energy capacity expansion.
In the fourth quarter of 2024, Bitfarms mined 654 BTC at an average cost of 60,800 USD per Bitcoin, maintaining a substantial holding of 1,152 BTC, which positions the company among the largest publicly traded Bitcoin investors.
Leave a Reply