Bitfarms (BITF) leaving Latin America with sale of Paraguay site

Bitcoin miner Bitfarms (BITF) is exiting Latin America by selling its site in Paso Pe, Paraguay, to the Sympatheia Power Fund (SPF), managed by Singapore-based Hawksburn Capital, for up to $30 million. The transaction, expected to close within 60 days, involves an upfront payment of $9 million, with up to $21 million more contingent on payment milestones over the following ten months. CEO Ben Gagnon stated that this sale brings forward two to three years of anticipated free cash flows, which will be reinvested into Bitfarms' North American High-Performance Computing (HPC)/Artificial Intelligence (AI) energy infrastructure, where the company expects stronger returns on invested capital. This follows a previous sale of another Paraguay site to Hive Digital Technologies less than a year prior.

(Source：CoinDesk)