Mining company Bitfarms announced its withdrawal from Latin America, 2026/01/03 11:30:43

Bitfarms has announced its exit from Latin America by entering into an agreement to sell its 70 MW Paso Pe mining site in Paraguay. The transaction value is estimated at approximately $30 million.

Bitfarms management has agreed to sell the Paso Pe site to the Sympatheia Power Fund, managed by the Singaporean company Hawksburn Capital. The transaction must be completed within 60 days. In the first quarter of 2026, Bitfarms is expected to receive $9 million in cash at closing, including the $1 million deposit already made. Over the next 10 months after the deal closes, the company will receive $21 million in additional milestone payments.

The deal marks Bitfarms’ complete exit from Latin America. The company intends to focus on high-performance computing and tasks related to artificial intelligence (AI). All Bitfarms facilities will be located in North America. Sympatheia Power Fund, for its part, said it intends to maintain smooth operations at the Paso Pe facility under new management as the organization plans to expand its presence in the cryptocurrency space.

“I am pleased to announce the strategic sale of our Paso Pe site and the complete rebalancing of our energy portfolio to North American resources. We expect to achieve much higher returns on invested capital in the HPC and AI space,” said Bitfarms CEO Ben Gagnon.

In 2024, Bitfarms announced an agreement to merge its business with the American company Stronghold Digital Mining. According to Bitfarms estimates, the acquisition of Stronghold should have brought the company additional energy capacity of 165 MW and a hashrate of 4.0 EH/s.