On January 3, The Block reported that Bitcoin mining company Bitfarms Ltd. has agreed to sell its remaining Latin American operations. This move marks its complete exit from the region as the company refocuses its strategic attention on North America and energy and data center infrastructure related to artificial intelligence and high-performance computing.
In a press release on Friday, the company announced that it has reached a definitive agreement with Sympatheia Power Fund, a crypto infrastructure fund managed by Singapore-based Hawksburn Capital, to sell its 70-megawatt Paso Pe mining farm in Paraguay for up to $30 million. Under the terms of the deal, Bitfarms will receive $9 million in cash upon closing (including a non-refundable $1 million deposit already paid), and up to $21 million in additional payments over the next 10 months based on post-closing milestones. Management stated that the sale effectively cashes out the farm's expected free cash flow for the next two to three years ahead of schedule.
Bitfarms CEO Ben Gagnon stated that the proceeds from the sale will be reallocated to high-performance computing and artificial intelligence energy infrastructure in North America starting in 2026, marking the formal completion of the company's years-long plan to shrink its Latin American operations. This sale leaves Bitfarms' energy asset portfolio entirely focused on North America, including 341 MW of operational capacity, 430 MW of capacity under construction in the U.S., and a multi-year project pipeline of approximately 2.1 GW in the region.
Bitfarms is continuously transforming its geographically dispersed Bitcoin mining operations into U.S.-based energy assets capable of supporting artificial intelligence and high-performance computing workloads. The company began signaling this transformation in mid-2025, emphasizing the higher return prospects brought by the growing demand for energy-intensive data centers, and subsequently announced plans to convert some of its mining farms into artificial intelligence infrastructure.
