Bitfarms Sells Paraguay Mining Site for $30M, Exits Latin America

Bitfarms has finalized an agreement to sell its 70-megawatt Paso Pe mining facility in Paraguay to Sympatheia Power Fund, a digital asset infrastructure fund managed by Singapore-based Hawksburn Capital. The total transaction value is up to $30 million, structured across multiple performance-linked phases. According to the disclosed terms, Sympatheia will deliver $9 million at closing, anticipated during the first quarter of 2026. This initial payment includes a $1 million non-refundable deposit. The remaining $21 million will be paid through milestone-based installments distributed over ten months following the closing, creating a payment schedule tied to performance rather than an immediate lump sum.

This sale eliminates Bitfarms’ remaining operational presence in Latin America, following its previous departure from another Paraguayan facility. The company had previously sold its Yguazú mining site to Hive Digital for $85 million. Together, these exits consolidate Bitfarms’ energy portfolio exclusively within North American markets, a clear strategic consolidation of its geographic footprint.

CEO Ben Gagnon framed the divestiture as a capital acceleration strategy. “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/AI energy infrastructure in 2026,” he stated. Gagnon emphasized expectations for superior returns on capital deployed toward high-performance computing and AI workloads compared to traditional crypto mining. The capital is earmarked for specific facilities within Bitfarms’ portfolio, particularly its Panther Creek and Scrubgrass sites in Pennsylvania.

These Pennsylvania sites are coal-fired power plants acquired through the March 2024 purchase of Stronghold Digital. They came with existing data center infrastructure that Bitfarms reportedly views as suitable for conversion to AI computing applications. This move advances a broader strategic pivot announced in November, where Bitfarms revealed plans to transition from Bitcoin mining to AI infrastructure hosting over a two-year timeline. The company has already initiated this shift by converting an 18-megawatt facility in Washington state to serve AI workloads.

Bitfarms’ strategic reorientation reflects a significant trend across the crypto mining sector as companies seek diversification. This comes in the wake of mining economics deteriorating following Bitcoin’s April 2024 halving event, which reduced block rewards and compressed operator profit margins. Simultaneously, AI companies face severe constraints in securing power and data center capacity needed for training increasingly large models, creating a new market opportunity for infrastructure providers.

Bitfarms is not alone in this pivot. Another leading mining company, TeraWulf, signed three lease agreements valued at $6.7 billion with AI infrastructure provider Fluidstack in 2025, committing substantial capacity to high-performance computing. TeraWulf also entered a separate $3.2 billion arrangement to expand a New York facility specifically for AI workloads. For its part, Bitfarms currently reports 430 megawatts of capacity under development across United States locations. The company’s long-term ambitions are extensive, targeting 2.1 gigawatts of North American energy infrastructure through a multi-year expansion program, signaling a profound transformation from a pure-play Bitcoin miner to a diversified high-performance computing power provider.