Bitcoin mining firm Bitfarms sells Latin America operations for $30 million, continues shift towards AI and high-performance computing

BlockBeats News, January 3rd, according to The Block, Bitcoin mining firm Bitfarms Ltd. has agreed to sell its remaining Latin American operations as the company refocuses its strategy on North America and energy and data center infrastructure related to artificial intelligence and high-performance computing, marking its complete exit from the region's market.

In a press release on Friday, the company announced that it has reached a definitive agreement with Sympatheia Power Fund, a crypto infrastructure fund managed by Singapore's Hawksburn Capital, to sell its 70-megawatt Paso Pe mining facility in Paraguay for up to $30 million. Under the terms of the deal, Bitfarms will receive $9 million in cash at closing (including a non-refundable $1 million deposit already paid) and up to an additional $21 million based on post-closing milestone conditions over the next 10 months. Management stated that this sale effectively frontloads the expected free cash flow of the mine for the next two to three years.

Bitfarms CEO Ben Gagnon noted that the proceeds from the sale will be reallocated starting in 2026 to North American high-performance computing and artificial intelligence energy infrastructure, signaling the completion of the company's multi-year Latin American business contraction plan. This sale consolidates Bitfarms' energy asset portfolio entirely in North America, including 341 megawatts of operational capacity, 430 megawatts of capacity under construction in the U.S., and a multi-year project reserve totaling approximately 2.1 gigawatts in the region.

Bitfarms continues to transition from geographically diverse Bitcoin mining operations to U.S.-based energy assets that can support artificial intelligence and high-performance computing workloads. The company began signaling the transition in mid-2025, emphasizing the higher return prospects from the growing demand for high-energy data centers, and subsequently announcing plans to repurpose some mining facilities for AI infrastructure.