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Tanzeel Akhtar
Journalist
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Bitfarms Ltd. said on Friday it has agreed to sell its 70-megawatt Paso Pe bitcoin mining site in Paraguay for up to $30 million marking its exit from Latin America.
The company said it has entered into a definitive share purchase agreement with Sympatheia Power Fund which is managed by Singapore-based Hawksburn Capital.
The transaction is expected to close within 60 days subject to customary closing conditions.
Refocus on North American HPC and AI Infrastructure
Bitfarms CEO Ben Gagnon said the sale represents a decisive rebalancing of the company’s energy portfolio toward North America allowing capital to be redeployed into higher-return opportunities.
“This transaction brings forward an estimated two to three years of anticipated free cash flows from operations to be reinvested into our North American HPC and AI energy infrastructure in 2026,” Gagnon said in a press release.
He adds that the sale of the Paso Pe site marks the culmination of a broader effort to exit Latin America and refocus the company’s management capital and operational priorities on North American power and infrastructure.
Bitfarms Ditches BTC for AI After Shocking $46M Loss
Bitfarms said it has increasingly positioned itself as an energy and digital infrastructure company expanding beyond bitcoin mining into high-performance computing and artificial intelligence workloads which it believes offer more long-term returns on invested capital.
In November the company said it will wind down its Bitcoin operations over 2026 and 2027 after posting a steep $46 million loss in the third quarter nearly double its $24 million loss during the same period last year.
Deal Structure and Payment Timeline
Under the terms of the agreement, the buyer will acquire the shares of a single-purpose subsidiary that holds all operating assets related to the Paso Pe project. The proposed transaction values the site at up to $30 million.
Bitfarms expects to receive $9 million in cash at closing which is anticipated in the first quarter of 2026. This amount includes a $1 million non-refundable deposit that has already been paid by the buyer.
The company may receive up to an additional $21 million over the ten months following closing, contingent on the achievement of certain payment milestones.
The structure of the transaction is expected to improve Bitfarms’ liquidity profile by accelerating the monetization of the asset while providing short-term financing supported by the operation.
Buyer Targets Operational Continuity
A representative for Sympatheia Power Fund said the acquisition supports the fund’s regional expansion strategy in crypto infrastructure and emphasized the importance of a smooth transition.
“Our priority is an uninterrupted, seamless transition from day one maintaining continuity at Paso Pe as we move into the next phase of growth,” said SPF representative Josh Murchie.
Updated Energy Portfolio Post-Sale
Following completion of the transaction, Bitfarms’ energy portfolio will be entirely North America–based. The company said it will operate 341 megawatts of energized capacity with an additional 430 megawatts under active development in the United States.
Its total multi-year pipeline stands at 2.1 gigawatts with roughly 90% located in the U.S.
https://cryptonews.com/news/bitfarms-to-exit-latin-america-selling-70-mw-paraguay-mining-site-for-up-to-30m/
