Bitfarms Ltd., a North American digital infrastructure company focused on high-performance computing and Bitcoin mining, has restructured its previously announced Macquarie debt facility into a $300 million project-specific financing agreement, dedicated to the development of its Panther Creek HPC/AI data center campus in Pennsylvania.
As part of the conversion, Bitfarms will immediately draw an additional $50 million, bringing total secured funding to $100 million, which will be used to accelerate construction preparations and lock in long-lead equipment.
“I am excited to announce the conversion of our debt facility to the project level, the acceleration of equipment orders, and development of our Panther Creek HPC/AI campus,” said CEO Ben Gagnon.
The funds will support early-stage civil works and substation construction, with groundbreaking scheduled for Q4 2025. Phase 1 of the 350 MW campus is expected to be energized by year-end 2026.
Gagnon emphasized that restructuring the loan was key to unlocking greater flexibility:
“Converting the facility to the project level enables us to draw down on the full facility, accelerating our construction timelines, providing increased flexibility, and positioning us to capitalize on the substantial demand for HPC/AI infrastructure in Pennsylvania.”
He also thanked Macquarie for backing the company’s AI expansion efforts:
“We are thrilled to reach this important milestone with Macquarie, and I would like to thank them for being a supportive financing partner throughout the initial phases of HPC/AI development at our Panther Creek campus.”
Macquarie Group, which provided the financing through its Commodities and Global Markets division, reiterated its confidence in Bitfarms’ long-term AI strategy.
“We are proud to expand our partnership with Bitfarms to support the development of its marquee 350 MW HPC/AI campus in eastern Pennsylvania,” said Joshua Stevens, Managing Director at Macquarie.
He noted that the regional infrastructure landscape is rapidly evolving in favor of AI and data center development:
“With robust energy, fiber infrastructure and continued demand for data centers, Pennsylvania is quickly emerging as a new AI infrastructure hub. Bitfarms is well-positioned to deliver state-of-the-art digital infrastructure for prospective clients in what is emerging as the premier HPC/AI data center hub in the US.”
Bitfarms’ move underscores a broader industry trend — Bitcoin miners pivoting into AI hosting and hyperscale computing to tap into higher-margin opportunities. With 1.3 GW of energy capacity planned, more than 80% of it located in the United States, Bitfarms is positioning itself as a leading player in hybrid crypto + AI compute infrastructure.
The company expects its Panther Creek development to attract enterprise and institutional clients seeking next-generation compute power.
Northland Capital Markets served as the sole placement agent on the financing, while Skadden, Arps, Slate, Meagher & Flom LLP represented Bitfarms and Latham & Watkins LLP advised Macquarie.
Originally reported by Bitfarms in Investor Bitfarms.
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