Bitfarms Completes Latam Exit, Sells Paraguay Site for $30M

Highlights:

• Bitfarms has finalized its Latam exit with a $30M site sale.
• The proceeds were redirected to North American HPC/AI energy investments.
• The portfolio is now 100% focused on U.S.-based digital infrastructure.

Bitfarms, one of the leading Bitcoin mining firms, has officially ceased operations in Latin America. This comes on the heels of the successful sale of its 70 MW Paso Pe location in Paraguay. The asset was sold to the crypto infrastructure company Sympatheia Power Fund, run by the Singapore-based Hawksburn Capital. The deal is valued at up to $30 million and is likely to be closed within 60 days, according to the press release.

The deal comprises $9 million in cash at closing. Bitfarms has already received a non-refundable deposit of $1 million. In addition, it might receive more than $21 million depending on future milestones of payments. This move accelerates the flow of capital at Bitfarms and helps with strategic redirection.

Bitfarms announced it will fully exit Latin America by selling its 70 MW Paso Pe Bitcoin mining site in Paraguay to Sympatheia Power Fund for up to $30 million, completing its strategic shift to 100% North American operations. It plans to reinvest the proceeds into HPC/AI energy…

— Wu Blockchain (@WuBlockchain) January 2, 2026

New Owners Aim for Smooth Transition

Sympatheia Power Fund plans to facilitate the proper transition of the Paso Pe site. Their representative, Josh Murchie, said that continuity of operations on the initial day is a priority. The new ownership aims at further scaling of the site without inconveniences.

Bitfarms’ completing the Latam exit is not just a logistical decision but also a financial move. The sale accelerates two to three years of projected cash flows. This liquidity move supports Bitfarms’ aggressive expansion of AI and HPC infrastructure in North America.

In addition, the transfer of the Paso Pe site is the final stage in a series of asset sales. The idea behind this series was to streamline the company’s focus. By pulling out of Latin America wholesale, Bitfarms does away with geographic complexity and aligns its management efforts. Furthermore, this decision is based on months of strategic planning. Bitfarms, with its refined target, plans to dominate the digital infrastructure in the North American market. This restructuring indicates the broader trends in the energy and digital assets sectors.

Bitfarms Refocuses on North American Expansion

The sale marks a significant turning point. Bitfarms is completing this move and will entirely shift its attention to the North American market. The company currently possesses a 100% North American energy portfolio. CEO Ben Gagnon stressed that the move was a bold rebalancing plan to achieve greater returns.

Bitfarms will spend the proceeds of the sale on high-performance computing (HPC) and artificial intelligence (AI) energy infrastructure. These areas form the core of its plans in 2026. The company further believes that the U.S. investments would provide superior long-term capital returns.

The updated energy setup of the firm now consists of 341 MW of energized capacity. It is actively developing 430 MW, all of which are located in the U.S. Moreover, it has a 2.1 GW pipeline of projects in North America. Almost 90% of this pipeline is located in the United States.

In 2024, Bitfarms acquired Stronghold Digital Mining in a deal worth $164 million. That acquisition involved $125 million in equity and $50 million in assumed debt in order to expand its energy footprint in America and enhance its energy capacity.

We are pleased to announce that #Bitfarms has entered into a definitive agreement to acquire @Stronghold_DM.

Stronghold brings to Bitfarms vertically integrated crypto asset mining operations and access to the strategically desirable PJM grid, the largest wholesale electricity… pic.twitter.com/HemcStdETS

— Bitfarms (@Bitfarms_io) August 21, 2024