Cryptomine and HPC Data center developer Bitfarms has announced the conversion of its $300 million private debt facility from Macquarie Group into project financing for the construction of a Pennsylvania data center.

The previously announced $300 million loan has been converted to a project-specific arrangement that will allow Bitfarms to develop Phase I of its 350MW Panther Creek data center in Pennsylvania.

Bitfarms also stated it will draw “an additional $50 million from the converted facility, subject to customary closing conditions, for a total of $100 million drawn through closing, in order to accelerate long-lead time equipment purchases and advance HPC/AI development” at the Panther Creek facility.

Panther Creek was among the sites Bitfarms took over when it acquired Stronghold Digital back in March of this year.

The following month, Bitfarms secured the previously mentioned $300m loan from Macquarie to develop the Panther Creek facility.

CEO of Bitfarms, Ben Gagnon, said: “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.”

Gagnon added: “We intend to use this drawdown of an additional $50 million to fund civil works and substation construction at Panther Creek, which are on track to begin in Q4 2025. 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.”

Launched in 2017, Bitfarms currently has 15 Bitcoin mining data centers operating across the United States, Canada, Paraguay, and Argentina. It recently sold a site in Paraguay to HIVE Digital.

Joshua Stevens, managing director for Macquarie Group’s commodities and global markets business, stated: “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."