Bitfarms to Exit Latin America with USD 30M Sale of Paraguay Mining Site
Bitcoin miner Bitfarms announced it will exit Latin America by selling its Paso Pe mining site in Paraguay to Sympatheia Power Fund (SPF), managed by Hawksburn Capital, a Singapore-based firm. The deal is valued at up to $30 million, comprised of a $9 million upfront payment and up to $21 million contingent on meeting milestones over the next 10 months. Closing is expected within 60 days, subject to customary closing conditions.
This transaction follows Bitfarms' earlier sale of a site in Yguazú, Paraguay, to Hive Digital Technologies about a year ago. The proceeds from the current sale will be reinvested in North American high-performance computing and artificial intelligence energy infrastructure in 2026 to pursue higher returns on invested capital.
Bitfarms CEO Ben Gagnon stated that the deal effectively brings forward an estimated 2 to 3 years of anticipated free cash flows. Following the announcement, Bitfarms shares rose about 4% in pre-market trading to around $2.45, while Bitcoin prices hovered near $90,000.
