WhiteFiber Inc. Expands Its AI Footprint with Major North Carolina Data Center Acquisition

WhiteFiber Inc.'s Strategic Expansion in North Carolina

In a significant move towards enhancing its artificial intelligence (AI) infrastructure, WhiteFiber Inc., the high-performance computing (HPC) subsidiary of Bit Digital, Inc. (NASDAQ: BTBT), has acquired a sprawling 1,000,000 square foot industrial property located in Madison, North Carolina. This acquisition marks a strategic step in establishing a robust AI data center campus, which aims to support up to 200 megawatts (MW) of high-performance computing power.

The newly acquired facility spans 96 acres and is set to be retrofitted into a state-of-the-art data center. It is strategically positioned within a 100-mile radius of major urban centers such as Charlotte, Raleigh, Winston-Salem, and Greensboro, and is only about 13 miles from the Virginia border. This prime location places WhiteFiber in proximity to a cluster of existing hyperscalers, fostering an ideal environment for advanced computing workloads.

WhiteFiber has already secured a capacity agreement with Duke Energy, enabling them to access 99 MW of power. Of this, 24 MW is expected to become operational by September 1, 2025, with plans to scale up to the full capacity of 200 MW in the future, pending the establishment of necessary Electricity Service Agreements. The company anticipates that the initial phase of this HPC data center will be fully operational by the end of 2025, responding to the increasing demand from AI clients.

Governor Josh Stein of North Carolina expressed his enthusiasm regarding WhiteFiber's investment, stating that the state has long been a leader in high-performance computing, thanks to its renowned research universities and tech-focused initiatives. He emphasized that the company's commitment will contribute significantly to the state's IT community and pave the way for future advancements in computing technology.

Sam Tabar, CEO of Bit Digital, indicated that the site acquisition is a crucial step in expanding their AI infrastructure platform. He remarked on the rarity of this asset, highlighting its location, size, and power capabilities, which are expected to meet the growing demands of AI applications and deliver long-term value for stakeholders. Furthermore, Tabar noted that WhiteFiber is in discussions with several potential clients for HPC data center utilization, having already entered into a non-binding letter of intent with a prospective tenant.

Local officials also welcomed WhiteFiber's arrival in Rockingham County. Kevin Berger, Chair of the Rockingham County Board of Commissioners, celebrated the anticipated $1 billion investment from WhiteFiber and the creation of more than 60 job opportunities in the region. Mayor William Phillips of Madison expressed his excitement about the transformation of the former Unifi facility, indicating that this development will significantly boost the local economy.

To finance the $45 million purchase of the property, WhiteFiber utilized cash reserves from its equity program, ensuring sufficient capital to proceed with the acquisition. Following this initial phase, the company plans to secure commercial mortgage financing to further support the development of the AI data center.

As WhiteFiber prepares to launch its new data center operations, it aims to provide cutting-edge computing resources that can accommodate AI's rapid evolution and operational demands. With its strategic location, substantial power capacity, and ongoing support from local and state officials, WhiteFiber Inc. is poised to become a key player in the high-performance computing landscape.

For more information on WhiteFiber and Bit Digital Inc., visit their website or reach out at info@bit-digital.com.