Bitfarms, a Canadian cryptocurrency mining company, has announced significant funding and strategic acquisitions to expand its operations in high-performance computing and sustainable energy.
Financing from Macquarie
Bitfarms secured up to $300 million in financing from Macquarie Equipment Capital to support its AI infrastructure. This funding will facilitate the expansion of the data center in Panther Creek, Pennsylvania, with the first tranche totaling $50 million. Remaining funds will be disbursed based on achievement of specific development milestones.
Stronghold Acquisition
On March 17, Bitfarms completed a strategic acquisition of Stronghold Digital Mining in an all-stock deal. Stronghold shareholders received 2.52 Bitfarms shares for each Stronghold share. This strengthens the company's presence in the US, adding a substantial 1.1 GW capacity across three Pennsylvania locations. As a result, Bitfarms' total energy capacity now amounts to 623 MW.
Focus on Sustainable Development
Bitfarms continues to grow with a focus on sustainability. Long-term green energy contracts and hydroelectric power are the company’s main sources of income. The Panther Creek project emphasizes Bitfarms' transition to a broader compute infrastructure provider, where the focus on AI and HPC complements its traditional Bitcoin mining.
In conclusion, Bitfarms' strategic moves to secure funding and expand their assets in the US highlight their commitment to sustainable development and readiness to meet the growing demand for computing power.
