Bitfarms Sells Paraguay Site, Exits Latin America for AI Push
5.3 Investments Bitfarms sold its 70 MW Paraguay Bitcoin mining site for up to $30 million, exiting Latin America to focus on North American HPC and AI energy projects, reflecting a broader industry shift.
Bitfarms has sold its 70-megawatt Paso Pe Bitcoin mining facility in Paraguay to Sympatheia Power Fund for up to $30 million, marking its complete exit from Latin America. The deal includes $9 million upfront and up to $21 million over ten months, subject to milestones, and is expected to close within 60 days. This move follows Bitfarms’ previous sale of another Paraguayan site and reflects a strategic shift to focus on North American operations. The company plans to reinvest proceeds into high-performance computing (HPC) and artificial intelligence (AI) energy infrastructure projects, citing stronger and more stable returns compared to traditional Bitcoin mining. After the sale, Bitfarms’ energy portfolio will be entirely North America–based, with 341 MW active, 430 MW under development, and a 2.1 GW pipeline, mostly in the U.S. The decision aligns with broader industry trends as crypto firms diversify into AI and digital infrastructure, seeking higher margins and operational efficiency.
