What To Know:
- Bitfarms will sell its 70 MW Paso Pe Bitcoin mining site in Paraguay for up to $30 million, completing its exit from Latin America.
- The deal with Singapore-based Sympatheia Power Fund includes $9 million in upfront cash and up to $21 million in milestone-based payments, with full ownership of the site transferring after closing.
- Proceeds from the sale are expected to be redirected toward North American energy and data center infrastructure supporting high-performance computing and AI.
Bitfarms has agreed to sell its Bitcoin mining facility in Paraguay for up to $30 million, closing its operations in Latin America. The miner is listed on the Nasdaq and said the sale of its 70 megawatt Paso Pe site is the final step in a broader strategy to consolidate its energy and infrastructure footprint closer to its core markets.
Bitfarms Exits Latin American Market with $30 Million Sale
The buyer is the Sympatheia Power Fund, which is a crypto infrastructure investment vehicle managed by Singapore-based Hawksburn Capital. The transaction is structured via a definitive share purchase agreement and is expected to close within 60 days, subject to customary conditions. Bitfarms will receive $9 million in cash at closing, which is expected in the first quarter of 2026. This amount includes a $1 million non refundable deposit already paid by the buyer. The remaining consideration of up to $21 million will be paid over the following ten months, tied to agreed payment milestones.
The sale involves the transfer of shares in a single purpose subsidiary that holds all operating assets linked to the Paso Pe mining site. Once completed, Sympatheia Power Fund will assume full ownership and operational control of the facility.
Bitfarms chief executive Ben Gagnon said the decision reflects a deliberate rebalancing of the company’s energy assets. According to Gagnon, the transaction effectively pulls forward an estimated two to three years of future free cash flow from the Paraguay operation.
Those funds are expected to be redirected toward energy infrastructure projects in North America that support high performance computing and AI workloads starting in 2026. Bitfarms management has increasingly focused on the company as more than just a Bitcoin miner. Even though mining continues to be a core activity, the company has pointed to emerging opportunities in data centers designed to run compute intensive applications, particularly as the demand for AI infrastructure across the US remains strong.
The Paso Pe sale also closes out Bitfarms’ pullout from Latin America, following earlier steps to reduce exposure in the region. Executives cite regulatory clarity, power market dynamics, and capital access as drivers of a North America only strategy. Such an acquisition fits Sympatheia Power Fund’s regional growth plans. Josh Murchie, a SPF representative, said the fund’s immediate focus is on sustaining operational continuity on site. The buyer hopes to ease transitions and position the facility to enter its next phase of development under new ownership.
Following the transaction, Bitfarms’ energy portfolio will be entirely North American. The company reports 341 megawatts of energized capacity and 430 megawatts under active development, all based in the US. Beyond that, its longer term pipeline totals about 2.1 gigawatts across North America, with roughly 90 percent located in the US.
Bitfarms said the sale improves its liquidity profile by converting an operating asset into near term cash, while reducing the need for short term financing tied to overseas operations.
Bitfarms positions this as a way to strengthen the company’s balance sheet and to increase flexibility as it shifts capital into infrastructure which serves both Bitcoin mining and compute-driven use cases. Founded in 2017, Bitfarms builds and operates vertically integrated data centers and energy infrastructure.
Its facilities are clustered in regions with access to reliable power and fiber networks, a requirement for large scale mining and computing operations. The company is headquartered in New York and Toronto and trades on the Nasdaq and Toronto Stock Exchange. The announcement comes as the Bitcoin mining sector revisits growth plans in light of tighter margins, evolving energy economics and increasing competition from AI data centers for both power and space. The exit of Bitfarms from Latin America is part of a wider push for miners to streamline operations and concentrate capital in areas where long-term returns seem more predictable.
Also Read: VanEck: Recent Bitcoin Miner Slowdown May Signal Market Recoveries
