Bitfarms Exits Latin America with $30 Million Sale of Paraguay Bitcoin Mining Site

TLDR:

• Bitfarms sells 70 MW Paso Pe site in Paraguay to Sympatheia Power Fund for up to $30 million
• Transaction completes Bitfarms’ strategic exit from all Latin American mining operations
• Company to reinvest proceeds into North American HPC and AI energy infrastructure in 2026
• Deal structure includes $9M at closing plus $21M over 10 months based on payment milestones

Bitfarms has finalized an agreement to sell its 70 MW Paso Pe Bitcoin mining facility in Paraguay to Sympatheia Power Fund for up to $30 million. 

The transaction marks the company’s complete withdrawal from Latin America operations. This move reorients Bitfarms’ energy portfolio entirely toward North American markets. 

The company plans to redirect proceeds into HPC and AI infrastructure projects across the continent. Sympatheia Power Fund, managed by Singapore-based Hawksburn Capital, will acquire the operating assets through a definitive share purchase agreement.

Strategic Shift to North American Focus

The sale represents a calculated repositioning for the Toronto-based mining company. CEO Ben Gagnon stated his satisfaction with the strategic transaction. “I’m pleased to announce the strategic sale of our Paso Pe site and decisive rebalancing of our energy portfolio to 100% North American,” Gagnon said. 

He noted the deal brings forward two to three years of anticipated free cash flows. The company plans to reinvest proceeds into North American HPC and AI energy infrastructure in 2026. 

Gagnon added that management expects stronger returns on invested capital with HPC and AI compared to Latin American operations.

The deal structure includes $9 million in cash at closing, expected during the first quarter of 2026. An additional $21 million will be paid over ten months following the transaction’s completion. 

The buyer has already submitted a $1 million non-refundable deposit. This payment schedule provides Bitfarms with improved liquidity while ensuring a smooth operational transition.

Josh Murchie, representing Sympatheia Power Fund, discussed the acquisition’s strategic value. “This transaction accelerates SPF’s regional expansion plan, and our priority is an uninterrupted, seamless transition from day one,” Murchie stated. 

The fund aims to maintain continuity at the Paraguay facility as operations move into the next growth phase. This approach ensures stability for existing infrastructure and personnel at the Paso Pe site.

Enhanced Portfolio Composition

Bitfarms now operates a completely North American energy portfolio following this divestiture. The company currently maintains 341 MW of energized capacity across its remaining facilities. 

Another 430 MW sits under active development, with 100 percent of these projects located in the United States.

The transaction completes a series of strategic exits from Latin American markets. This consolidation allows management to concentrate resources on domestic power and infrastructure opportunities. 

The company’s leadership views North American markets as more conducive to long-term growth in digital infrastructure.

Bitfarms’ development pipeline extends to 2.1 GW of total capacity across North America. Approximately 90 percent of this multi-year pipeline is based in U.S. markets. 

The company expects HPC and AI energy infrastructure to drive future revenue growth. This pivot reflects broader industry trends toward diversified digital infrastructure beyond traditional cryptocurrency mining operations.

The transaction remains subject to customary closing conditions and regulatory approvals. Bitfarms anticipates completing the sale within 60 days of the January 2 announcement. 

The company projects this geographic consolidation will streamline operations and reduce management complexity across international jurisdictions.

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