Bitfarms Exits Latin America with $30M Paraguay Facility Sale

The company announced on January 2, 2026, that it signed a definitive agreement to sell its 70-megawatt Paso Pe site to Sympatheia Power Fund, a crypto infrastructure fund managed by Singapore-based Hawksburn Capital.

This sale marks the end of Bitfarms’ operations in Latin America and shifts the company’s entire energy portfolio to North America. The move represents a major strategic change as Bitfarms pivots away from traditional Bitcoin mining toward high-performance computing and artificial intelligence infrastructure.

Deal Structure and Timeline

Under the terms of the agreement, Bitfarms will receive $9 million in cash when the deal closes, expected in the first quarter of 2026. This upfront payment includes a $1 million non-refundable deposit already paid by the buyer. The company can receive up to $21 million more over the following 10 months, depending on whether certain payment milestones are met.

The transaction should close within 60 days of the announcement, subject to standard closing conditions. Bitfarms CEO Ben Gagnon explained that this deal “brings forward an estimated two to three years of anticipated free cash flows from operations to be reinvested into our North American HPC/AI energy infrastructure in 2026.”

Source: globenewswire

The buyer, Sympatheia Power Fund, plans to maintain operations at the Paso Pe site. SPF representative Josh Murchie stated the fund’s priority is ensuring “an uninterrupted, seamless transition from day one” while maintaining continuity at the facility.

Completing the Latin America Exit

The Paso Pe sale is the final step in Bitfarms’ deliberate withdrawal from Latin America. Earlier in 2025, the company began this process by selling its largest Paraguay facility.

In January 2025, Bitfarms announced plans to sell its 200-megawatt Yguazu site to HIVE Digital Technologies for approximately $85 million. That transaction closed in March 2025, significantly reducing the company’s Latin American footprint.

Less than two years ago, Bitfarms had highlighted Paraguay as a key growth market, announcing land purchases and power agreements tied to low-cost hydroelectric energy. The complete reversal shows how quickly the company’s strategy has changed as it repositions itself for what management sees as better opportunities in North America.

North American Energy Portfolio

With the Paraguay sale complete, Bitfarms now operates a 100% North American energy portfolio. The company currently has:

• 341 megawatts of energized capacity already operating

• 430 megawatts under active development, entirely in the United States

• A 2.1-gigawatt multi-year pipeline across North America, with roughly 90% located in the U.S.

This geographic concentration allows Bitfarms to focus its management attention and capital on a single region. The company believes North American power and infrastructure will generate stronger returns than its previous international operations.

The Shift to AI and Computing

Bitfarms is making a fundamental business change beyond just geographic consolidation. The company plans to wind down its Bitcoin mining operations during 2026 and 2027, transitioning fully to high-performance computing and AI infrastructure.

In November 2025, Bitfarms announced plans to convert its 18-megawatt Washington State facility to support HPC and AI workloads. The company signed a $128 million fully funded agreement with a large American data center infrastructure provider to supply all critical IT equipment and building materials.

The Washington site will be redesigned to support Nvidia GB300 GPUs with advanced liquid cooling technology. Construction targets completion by December 2026. The facility will deliver up to 190 kilowatts per rack with an expected Power Usage Effectiveness ratio between 1.2 and 1.3, which would be among the most efficient in the industry.

CEO Gagnon noted that despite representing “less than 1% of our total developable portfolio,” the Washington conversion “could potentially produce more net operating income than we have ever generated with Bitcoin mining.” This dramatic claim underscores why the company is making such a significant strategic shift.

Industry Trends and Market Reaction

Bitfarms is part of a broader trend in the Bitcoin mining industry. Following the 2024 Bitcoin halving event, which cut mining rewards in half, many mining companies have struggled with compressed profit margins.

Mining firms are increasingly repositioning themselves as energy and digital infrastructure companies. Their existing assets—power purchase agreements and data center infrastructure—can support both cryptocurrency mining and AI computing needs. However, the AI and HPC sectors currently offer more stable and potentially higher-margin revenue opportunities.

Investors responded positively to the Paso Pe sale announcement. Bitfarms shares rose over 11% following the news, trading around $2.61 and adding approximately $155 million to the company’s market value. The stock movement suggests investors support the strategic pivot toward North American AI infrastructure.

The Road Ahead

Bitfarms now faces the challenge of executing its ambitious transformation. The company has stated it will use proceeds from the Latin American asset sales to fund its U.S. growth pipeline and HPC/AI infrastructure development.

With nearly $1 billion in available liquidity from cash, unused credit facilities, and Bitcoin holdings, Bitfarms has significant financial resources for this transition. The company is evaluating multiple monetization strategies, including colocation services and GPU-as-a-Service cloud offerings.

As Bitfarms closes the book on its Latin American operations, the company is betting its future entirely on North American power infrastructure and the growing demand for AI computing capacity. Whether this gamble pays off will become clearer as 2026 progresses and the company’s first major HPC conversion projects come online.