Bitfarms Exits Latam with $30M Facility Sale
Bitfarms sold its Paraguayan facility for $30 million to exit the Latin American market entirely.Summary
Bitcoin mining company Bitfarms announced its complete exit from Latin America by selling its 70 MW facility in Paso Pe, Paraguay, to Sympatheia Power Fund for $30 million. The payment structure involves $9 million in cash in Q1 2026 and $21 million over the subsequent ten months. CEO Ben Gagnon stated that this sale makes the company's energy operations "100% North American," with the proceeds being reinvested into AI and high-performance computing (HPC) infrastructure. This move aligns with Bitfarms' broader strategy, announced in November, to transition from Bitcoin mining to powering AI, starting with converting an 18 MW facility in Washington state. Despite the strategic shift, Bitfarms' stock (BITF) experienced a dip following the announcement. Other mining companies, like TeraWulf, are also pivoting toward AI and HPC, leading investment bank Keefe, Bruyette & Woods to upgrade Bitfarms' stock rating to "outperform."
(Source：Cointelegraph)