Bitfarms has sold its 70 MW Paso Pe site in Paraguay for up to $30 million, completing its exit from Latin America and turning its focus entirely toward North American infrastructure.
Key Takeaways
- Bitfarms sold its Paraguay facility to Sympatheia Power Fund for up to $30 million, marking its full exit from Latin America.
- The transaction includes $9 million in upfront cash and $21 million based on milestones over the next 10 months.
- Funds will be reinvested into North American AI and HPC infrastructure, with the company now holding 100 percent of its operations in North America.
- Bitfarms’ pivot follows its broader shift from Bitcoin mining to AI/HPC, aiming for higher returns on capital.
What Happened?
Bitfarms, a North American digital infrastructure firm, signed a definitive share purchase agreement to sell its 70 megawatt facility in Paso Pe, Paraguay. The buyer, Sympatheia Power Fund, is a crypto infrastructure fund managed by Hawksburn Capital based in Singapore. This move finalizes Bitfarms’ strategic departure from Latin America, allowing it to focus fully on expanding its high-performance computing (HPC) and AI infrastructure in the United States.
Happy New Years all Bitfarmers!
— ₿en Gagnon AKA Hashoveride (@hashoveride) January 2, 2026
I’m pleased to announce the strategic sale of our Paso Pe site and decisive rebalancing of our energy portfolio to 100% North American. This transaction brings forward an estimated two to three years of anticipated free cash flows from operations…
Bitfarms Closes Chapter in Latam
The Paso Pe sale concludes a series of strategic transactions that have gradually pulled Bitfarms out of the Latin American market. Last year, the company sold its site in Yguazú, Paraguay, to Hive Digital Technologies. With this final deal, Bitfarms’ operations are now entirely North American.
Under the terms of the agreement:
- Bitfarms will receive $9 million in cash upon closing in Q1 2026, including a $1 million non-refundable deposit already paid.
- An additional $21 million will be paid over the following 10 months, contingent on certain payment milestones.
The buyer, Sympatheia Power Fund, emphasized a seamless operational transition. “Our priority is an uninterrupted, seamless transition from day one,” said SPF representative Josh Murchie.
Full North American Pivot
CEO Ben Gagnon underscored the importance of this pivot. He said:
Bitfarms now reports:
- 341 MW of currently energized capacity.
- 430 MW under active development, all in the U.S.
- 2.1 GW in its multi-year North American development pipeline, 90 percent of which is U.S.-based.
The company has already begun this transformation. In November, it announced plans to convert its 18 MW Washington state facility from Bitcoin mining to AI computing, initiating a broader realignment toward the HPC sector.
Market Responds and Industry Trends
Following the announcement of its AI pivot, Bitfarms’ stock dipped by 18 percent and has declined about 20 percent over the past 30 days. However, sentiment among institutional investors appears to be improving. Investment bank Keefe, Bruyette & Woods recently upgraded Bitfarms’ stock to “outperform” and increased its share price target to $24, citing the company’s shift to AI infrastructure as a major growth opportunity.
Other crypto miners are making similar moves. In 2025, TeraWulf secured $6.7 billion in lease agreements with AI provider Fluidstack and plans to invest $3.2 billion into a New York facility expansion.
CoinLaw’s Takeaway
I think this was a smart, forward-looking move by Bitfarms. In my experience, crypto mining alone has proven volatile and increasingly competitive. By pivoting to HPC and AI infrastructure, especially in the U.S. where power and fiber access are robust, Bitfarms is setting itself up for more sustainable growth. The Latin American market served its purpose, but their strategic refocus shows strong management instincts. I’ll be watching how this reinvestment into AI plays out over the next year.
