Bitfarms Sells Paraguay Bitcoin Mining Site to Exit LATAM

Bitfarms, a well-known Bitcoin mining company, has agreed to sell its 70-megawatt (MW) Bitcoin mining facility in Paso Pe, Paraguay. According to the announcement, Bitfarms is selling its facility to Sympatheia Power Fund (SPF), a fund focused on crypto infrastructure. This sale signifies that Bitfarms is completely exiting Latin America and will now focus on operations in North America.

Bitfarms’ Strategic Growth: A Focus on Expansion

It is worth noting that the deal is expected to close within 60 days and is subject to standard conditions being met or waived. As part of the sale agreement, SPF will buy the shares of a subsidiary owned by Bitfarms. This subsidiary holds all the assets tied to the Bitcoin mining site in Paraguay. 

The transaction values this site at up to $30 million. Importantly, the mining firm is structuring a deal to improve its cash flow. The company will receive $9 million in cash after closing the transaction, with an additional $21 million paid over the next 10 months. These payments depend on meeting specific performance goals, giving Bitfarms steady cash inflows in the short term.

A major benefit of this deal is that Bitfarms can focus its energy assets entirely in North America. By operating in the U.S. and Canada, Bitfarms aims to simplify regulatory compliance, reduce global political risk, and align with long-term energy strategies. Additionally, the sale lets Bitfarms quickly generate cash from the Paso Pe operation while securing short-term financing backed by its operating assets. 

Bitfarms Completes its 200 MW Facility Sale

Similarly, Bitfarms has taken a big step in its growth by selling its 200 MW facility in Paraguay to HIVE Digital Technologies for $56 million.

This sale enabled Bitfarms to focus on its operations while gaining funds to improve its U.S. operations. Meanwhile, selling the Yguazu facility is also important for HIVE Digital. With the acquisition, HIVE reached a performance level of 25 EH/s by September 2025.

Notably, HIVE Digital has increased its cryptocurrency mining capacity by over 400%. The company currently operates at 6 EH/s, but with the new Yguazu facility, it gained an additional 300 MW of power. Interestingly, this acquisition increased HIVE’s global mining capacity to 430 MW, in addition to the capacity the company already had. 

Bitfarms Shifts From Bitcoin Mining to AI Infrastructure

In November 2025, Bitfarms revealed its plan to wind down its Bitcoin mining business and transition its facilities into AI and high-compute data centers.

The first step in the Bitfarms’ overhaul is the full conversion of its 18-megawatt mining site in Washington state. The company expects the facility to be redesigned for AI and HPC workloads by December 2026. 

To fund its AI ambitions, Bitfarms secured a $300 million line of credit from investment bank Macquarie in April. The funding will help expand its HPC operations, particularly a new facility in Pennsylvania.