Bitfarms Exits Latin America with Sale of Paraguayan Mining Site

Bitfarms, an American bitcoin mining company, has announced its exit from the Latin American Latam market by entering into a purchase agreement with the Sympatheia Power Fund SPF for its Paso Pe mining site in Paraguay. The site, which has a power capacity of 70 MW, is valued at 30 million. The transaction is set to close within 60 days and includes a cash payment of 9 million due in Q1 2026 and the remaining 21 million to be paid over the following 10 months.
Ben Gagnon, CEO of Bitfarms, described the sale as a significant step for the company as it shifts its focus entirely to North America. He stated,
The sale of Paso Pe is the culmination of a series of transactions to completely exit Latam, and refocus the company, its management team and capital on 100 North American power and infrastructure for HPC AI.
This move aligns with Bitfarms strategy announced last year to pivot towards the High-Performance Computing HPC and Artificial Intelligence AI sectors.
A representative from SPF, Josh Murchie, emphasized their commitment to ensuring a smooth transition, stating,
Our priority is to ensure an uninterrupted, seamless transition from day one maintaining continuity at Paso Pe as we move into the next phase of growth.
This sale marks Bitfarms complete withdrawal from the Latam region and its reconfiguration to operate solely within North American power infrastructure.