Bitcoin mining company Bitfarms sold its Latin American operations for $30 million, continuing its transformation towards AI and high-performance comp...
TL;DR
Bitfarms sells its Latin American mining farm for up to $30 million, exiting the region to focus on North American AI and high-performance computing infrastructure, with proceeds redirected to energy projects starting in 2026.
According to ChainCatcher, as reported by The Block, Bitcoin mining company Bitfarms Ltd. has agreed to sell its remaining Latin American operations. This move marks its complete exit from the region as the company refocuses its strategic attention on North America and energy and data center infrastructure related to artificial intelligence and high-performance computing.
In a press release on Friday, the company announced that it has reached a definitive agreement with Sympatheia Power Fund, a crypto infrastructure fund managed by Singapore-based Hawksburn Capital, to sell its 70-megawatt Paso Pe mining farm in Paraguay for up to $30 million. Under the terms of the deal, Bitfarms will receive $9 million in cash upon closing (including a non-refundable $1 million deposit already paid), and up to $21 million in additional payments over the following 10 months based on post-closing milestones.
Management stated that the sale effectively realized the expected free cash flow from the mining farm over the next two to three years ahead of schedule. Bitfarms CEO Ben Gagnon pointed out that the proceeds from the sale will be reallocated to high-performance computing and artificial intelligence energy infrastructure in North America starting in 2026, marking the official completion of the company's several-year-long plan to shrink its Latin American operations.
This sale brings Bitfarms' energy asset portfolio entirely to North America, comprising 341 MW of operational capacity, 430 MW of capacity under construction in the U.S., and a multi-year project pipeline of approximately 2.1 GW in the region. Bitfarms is continuing its transformation from geographically dispersed Bitcoin mining operations to U.S.-based energy assets capable of supporting AI and high-performance computing workloads. The company began signaling this transformation in mid-2025, emphasizing the higher returns expected from the growing demand for energy-intensive data centers, and subsequently announced plans to convert some of its mining farms into AI infrastructure.