Bitcoin miner Bitfarms (BITF) is making a strategic move to exit Latin America as it prepares to sell its mining site in Paso Pe, Paraguay. The deal, valued at up to $30 million, is being made with the Sympatheia Power Fund (SPF), which is managed by Singapore-based Hawksburn Capital. Bitfarms announced the transaction on Friday, stating it is contingent upon standard closing conditions and is anticipated to conclude within the next 60 days.
As part of the agreement, Bitfarms will receive an initial payment of $9 million, with the potential for an additional $21 million over the following 10 months, dependent on achieving specific payment milestones. This financial maneuver is expected to accelerate the company’s access to cash flows, allowing it to reinvest in its North American High-Performance Computing (HPC) and Artificial Intelligence (AI) energy infrastructure initiatives scheduled for 2026.
Ben Gagnon, the CEO of Bitfarms, expressed confidence in this direction, highlighting that the transaction enables the company to bring forward an estimated two to three years of anticipated free cash flows from operations. “We believe we will be able to generate much stronger returns on our invested capital with HPC/AI,” Gagnon remarked.
This sale follows Bitfarms’ previous transaction involving the sale of a site in Yguazú, Paraguay, which it sold to another bitcoin mining company, Hive Digital Technologies (HIVE), just under a year ago. Following the announcement of the latest transaction, Bitfarms’ shares rose approximately 4% to $2.45 in pre-market trading. This uptick in share value coincided with a notable increase in Bitcoin’s price, edging closer to $90,000.
