Bitfarms Ltd. has completed the sale of its Paso Pe Bitcoin mining site in Paraguay, ending its presence in Latin America. The 70-MW facility was sold for up to $30 million, which the company says will free up cash for projects in North America. Reports have revealed the deal as part of Bitfarms’ plan to focus its energies and efforts closer to home.
Terms of Sale and Payment Schedule
According to the company, the buyer is Sympathia Power Fund, managed by Singapore’s Hawksburn Capital, and the deal requires $9 million in cash and additional milestone payments upon closing, which could total up to $21 million.
A non-refundable deposit of $1 million has already been paid, and the remaining payment is expected to be completed in approximately 10 months, subject to post-closing conditions. Subject to customary conditions, the transaction is expected to close within approximately 60 days.
Why is Bitfarms heading north?
Based on reports, Bitfarms’ management said the sale helps it focus on its North American energy and computing work. Chief Executive Ben Gagnon was quoted as saying that the deal brings forward two to three years of anticipated free cash flow, which will be reinvested in North American high-performance computing and AI energy infrastructure in 2026. The company now says its energy portfolio is 100% North American.
Market reaction and context
Markets reacted quickly after the announcement. Traders saw Bitfarms’ stock rise following news of the sale, reflecting investor interest in the company’s cash-flow move and strategic refocus. The sale follows earlier asset moves in Paraguay, including the transfer of other sites in recent months, reflecting a continuing decline from South America.
Sympathia Power Fund, the buyer, is presented as an infrastructure fund that will take over the Paso Pay site and related operations. Reports suggest that the fund is being managed by Hawksburn Capital, which is based in Singapore. The buyer’s intentions for the site were not fully detailed in the announcement, but the transfer was framed as a general handoff of an ongoing energy and mining asset.
Analysts have seen miners reworking portfolios since the Bitcoin halving and increased demand for data computation. Some companies are shifting their assets toward flexible power use or repurposing sites for AI and HPC workloads. Bitfarms’ move is one of several examples where operators sell overseas plants and redeploy capital to the US and Canada.
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