Bitfarms Sells Paraguay Bitcoin Mining Site to Boost North American AI Growth

Bitfarms Ltd. announced on Friday that it has agreed to sell its 70-megawatt Paraguay Bitcoin mining facility for up to $30 million. The transaction marks the company’s complete exit from Latin America as it redirects resources toward higher-return opportunities. The buyer is Sympatheia Power Fund, managed by Singapore-based Hawksburn Capital, under a definitive share purchase agreement.

The deal is expected to close within 60 days, subject to standard closing conditions. Bitfarms will receive $9 million in cash at closing, anticipated in the first quarter of 2026, including a $1 million non-refundable deposit already paid by the buyer. Additional payments of up to $21 million could follow over the subsequent ten months if certain milestones are met.

Refocus on North American HPC and AI Infrastructure

Bitfarms CEO Ben Gagnon described the sale as a decisive rebalancing of the company’s energy portfolio toward North America. He noted that the transaction accelerates two to three years of anticipated free cash flows from the site, allowing immediate reinvestment into high-performance computing and artificial intelligence infrastructure in 2026. Gagnon added that the divestiture completes a broader effort to exit Latin America and concentrate management and operational priorities on North American power assets.

The company has increasingly positioned itself as an energy and digital infrastructure provider, expanding beyond traditional Bitcoin mining into HPC and AI workloads. Bitfarms believes these areas offer stronger long-term returns on invested capital compared to mining alone. In November, the company disclosed plans to gradually wind down its Bitcoin mining operations through 2026 and 2027 after reporting a $46 million net loss in the third quarter, nearly double the $24 million loss from the same period a year earlier.

Under the agreement, Sympatheia Power Fund will acquire the shares of a single-purpose subsidiary that holds all operating assets of the Paso Pe project. The structure provides Bitfarms with improved near-term liquidity while the buyer assumes ongoing operations. This arrangement effectively monetizes the asset faster than continued ownership would have allowed.

A representative for Sympatheia Power Fund emphasized the strategic importance of the acquisition for regional growth in crypto infrastructure. Josh Murchie stated in a press release that the fund’s priority is a seamless transition to ensure uninterrupted operations from day one. The buyer plans to build on the existing foundation as it enters the next phase of development at the site.

The sale reflects broader trends among publicly traded Bitcoin and crypto mining companies seeking to diversify revenue streams amid fluctuating Bitcoin prices and rising operational costs. By concentrating on North American markets with established power contracts and infrastructure, Bitfarms aims to capture growing demand for compute capacity in artificial intelligence and high-performance computing. Investors will likely monitor how the company deploys the incoming capital as it executes its updated strategic roadmap in the coming year.