Bitfarms Exits Latin America with $30M Sale of Bitcoin Mining Site

Summary:
Bitfarms has officially exited the Latin American market following the sale of its 70 MW Paso Pe Bitcoin mining facility in Paraguay to the Sympatheia Power Fund. This strategic move aims to reframe the company’s focus towards establishing a completely North American-based digital infrastructure and energy service provider, with a specific focus on enhancing high-performance computing (HPC) and artificial intelligence (AI) workloads.

Key Takeaways

Bitfarms sells its Paso Pe mining site for approximately $30 million.
The sale marks the company's complete exit from Latin America.
Proceeds from the sale will be used to invest in AI and advanced computing infrastructure in North America.
Bitfarms is shifting its entire energy portfolio to North America.
The strategic move reflects broader trends in the cryptocurrency mining industry.

Bitcoin BTC Mining

Strategic Departure from Paraguay

Bitfarms has finalized an agreement to sell its Paso Pe Bitcoin mining site, located in Paraguay, to the Sympatheia Power Fund, which is managed by Singapore's Hawksburn Capital. This transaction is set to be completed within 60 days, marking Bitfarms’ full exit from Latin America.

The company intends to channel the funds from this sale into higher-yield investments in AI and advanced computing infrastructure in North America, starting in 2026. Under the terms of the agreement, the buyer will take over the subsidiary that owns all the assets associated with Paso Pe. The transaction values the site at around $30 million, enhancing Bitfarms’ liquidity while allowing for a structured exit from the asset.

Transitioning to a North American-Focused Portfolio

After the sale, Bitfarms will concentrate its entire energy portfolio in North America. The revised portfolio will leverage the company's strategic access to power and fiber in critical data center locations, positioning it advantageously for Bitcoin mining and AI/high-performance computing initiatives.

Sympatheia Power Fund has expressed its commitment to maintaining seamless operations at the Paso Pe site, ensuring stability as the facility transitions under new ownership. This acquisition aligns with the fund’s strategy to expand its footprint in cryptocurrency infrastructure.

The Broader Vision for Bitfarms

Established in 2017, Bitfarms has evolved from a solitary Bitcoin miner into a comprehensive energy and digital infrastructure provider. With the sale of Paso Pe, the company is steering towards an exclusive focus on North America and plans to invest in AI-driven data centers to achieve better long-term returns.

This sale is indicative of a larger trend among cryptocurrency miners, as they adjust their portfolios to enhance liquidity and pivot towards sectors where cryptocurrency mining intersects with energy and AI technologies.

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