Bitfarms bought the bitcoin printing power plant in Pennsylvania and now there’s speculation that it’s part of the so-called “AI revolution” while Bitfarms is accused of misleading.
This news came out the day after my last post about this Panther Creek facility.
Data Center Dynamics – Bitfarms gets $300m debt facility from Macquarie for Bitcoin and AI expansion Money to fund development of Panther Creek High project in Pennsylvania April 10, 2025 By Greg Thomson Panther Creek is one of the two sites that Bitfarms recently acquired amid its takeover of Stronghold Digital, along with the Scrubgrass site. The two sites, located next to coal plants, have the potential for nearly 1GW of energy for high-performance computing and artificial intelligence workloads. “Amidst the surging AI revolution and the growing demand for power and infrastructure, this financing arrives at a pivotal time following the close of our transformational acquisition of Stronghold Digital Mining,” added Gagnon. Gagnon foresees the potential for the deal to not only help expand Panther Creek, but also Scrubgrass, and Sharon – all of which are poised for operational expansion in 2025. The combined landmass of the three sites equals nearly 1,800 acres, all situated within the PJM (Pennsylvania-New Jersey-Maryland) region.
AI is pretty much as much based on nothing as crypto, so this is speculation at the expense of our communities.
But fossil fuel industry surely loves this shit.
There Is No AI Revolution Edward Zitron Feb 24, 2025 Putting aside the hype and bluster, OpenAI — as with all generative AI model developers — loses money on every single prompt and output. Its products do not scale like traditional software, in that the more users it gets, the more expensive its services are to run because its models are so compute-intensive. For example, ChatGPT having 400 million weekly active users is not the same thing as a traditional app like Instagram or Facebook having that many users. The cost of serving a regular user of an app like Instagram is significantly smaller, because these are, effectively, websites with connecting APIs, images, videos and user interactions. These platforms aren’t innately compute-heavy, at least to the same extent as generative AI, and so you don’t require the same level of infrastructure to support the same amount of people.
I listened to the Eric Schmidt talk, and he said in August 2024 that he’d told the White House at that time that the US needed “to become best friends with Canada” because the power needs would be so enormous that Canada’s power would be needed.
Bitfarms Ltd. Announcement: If You Have Suffered Losses in Bitfarms Ltd. (NASDAQ: BITF), You Are Encouraged to Contact The Rosen Law Firm About Your Rights GlobeNewswire | The Rosen Law Firm PAYesterday at 5:53pm EDT NEW YORK, April 11, 2025 (GLOBE NEWSWIRE) WHAT IS THIS ABOUT: On December 9, 2024, after the market closed, Bitfarms issued a press release entitled “Bitfarms Announces Restatement of Previously Issued Financial Statements.” In this press release, Bitfarms announced that it had “determined that its previously issued consolidated financial statements for the fiscal years ended December 31, 2023 and 2022 [. . .] should be restated to correct a material error in the classification of proceeds derived from the sale of digital assets.” Bitfarms further announced that it is “also restating its financials to adjust for an error in the accounting for the redemption of warrants in 2023.”