Bitfarms sells Paraguay mining facility…"Complete withdrawal from Latin American operations"
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- Bitfarms said it will sell its Paraguay-based Bitcoin mining facility for up to $30 million.
- Through the sale, Bitfarms plans to completely restructure its energy asset portfolio to the North American region.
- The company said it expects to use the proceeds to reinvest in North American HPC·AI operations to achieve higher returns on capital.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
North American energy and digital infrastructure company Bitfarms said it will sell a Bitcoin (BTC) mining facility in Paraguay.
On the 2nd (Korean time), according to GlobeNewswire, Bitfarms said it has entered into a share purchase agreement (SPA) to sell a 70-megawatt (MW) mining site located in Paso Pe, Paraguay, to Sympateia Power Fund, a Singapore-based digital asset (cryptocurrency) infrastructure fund, for up to $30 million.
Through this transaction, Bitfarms intends to completely reconfigure its energy asset portfolio toward the North American region. The company will receive approximately $9 million of the sale proceeds in cash at closing, and will receive up to $21 million in staged payments over the following approximately 10 months.
Ben Gagnon, Bitfarms' chief executive officer (CEO), said, "This sale is the full stop on our withdrawal from Latin American operations and a strategic decision to focus on high-performance computing (HPC)·artificial intelligence (AI) energy infrastructure in the North American region," adding, "We expect to reinvest in North American HPC·AI operations in 2026 to achieve higher returns on capital."
