Bitfarms Secures $50 Million to Accelerate HPC/AI Development at Panther Creek Campus

Bitfarms Ltd, a global bitcoin mining company, is expanding its High-Performance Computing/AI development at Panther Creek Campus with an additional US$50 million. The company develops, owns, and operates vertically integrated mining farms with in-house management and technical repair centers. Bitfarms operates 11 farms in four countries, including Canada, the US, Paraguay, and Argentina.

Bitfarms Ltd. (BITF), a North American energy and digital infrastructure company, has secured an additional $50 million to accelerate the development of its High-Performance Computing (HPC)/Artificial Intelligence (AI) campus in Panther Creek, Pennsylvania. The funding is part of a $300 million project-specific financing facility previously announced by Macquarie Group’s Commodities and Global Markets business.

The additional $50 million drawdown will be used to fund civil works and substation construction at the Panther Creek campus, which is on track to begin in the fourth quarter of 2025. This conversion of the debt facility to a project-specific financing facility allows Bitfarms to draw down on the full facility, accelerating construction timelines and providing increased flexibility.

Ben Gagnon, CEO of Bitfarms, expressed excitement about the conversion and the acceleration of equipment orders and HPC/AI development at the Panther Creek campus. He noted that the company intends to use the additional funds to fund civil works and substation construction, positioning Bitfarms to capitalize on the substantial demand for HPC/AI infrastructure in Pennsylvania.

Joshua Stevens, Managing Director at Macquarie Group’s Commodities and Global Markets business, highlighted the potential of Pennsylvania as a new AI infrastructure hub and praised Bitfarms’ ability to deliver state-of-the-art digital infrastructure.

Bitfarms operates 11 farms in four countries, including Canada, the US, Paraguay, and Argentina, and is focused on U.S. growth. The company builds and operates vertically integrated, state-of-the-art data centers and energy infrastructure for high-performance computing and Bitcoin mining.