The mining company reported that it had entered into a purchase agreement with the Sympatheia Power Fund (SPF) to sell its Paso Pe mining site in Paraguay. The move marks Bitfarms’ exit from Latam and its reconfiguration to become a company using 100% North American power.
Bitfarms Exits Latam After Paraguayan Site Sale
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Bitfarms Announces Final Exit From Latam With Paraguayan Site Sale
Bitfarms, a publicly traded American bitcoin mining company, has confirmed its exit from the Latam market.
The company has announced that it has entered into a sale agreement with Singapore-based Sympatheia Power Fund (SPF) for the sale of its Paso Pe site, which has a power capacity of 70 MW, in Paraguay.
The sale is expected to close in 60 days, with the site being seamlessly operated and transferred from one administration to the other.
The Paso Pe site was valued at $30 million for this transaction, with $9 million to be delivered in cash during Q1 2026, and $21 million to be paid during the following 10 months.
Ben Gagnon, CEO of Bitfarms, highlighted the transaction as a positive step for the company, which now has all of its operations in North America.
He stated:
The sale of Paso Pe is the culmination of a series of transactions to completely exit Latam, and refocus the company, its management team and capital on 100% North American power and infrastructure for HPC/AI.
Similarly, SPF representative Josh Murchie emphasized that their priority was to ensure an “uninterrupted, seamless transition from day one — maintaining continuity at Paso Pe as we move into the next phase of growth.”
This development is part of a pivot toward the High-Performance Computing (HPC) and Artificial Intelligence (AI) industry that Bitfarms announced last year. In November, Gagnon stated that the company was focused on becoming the first company to support Vera Rubin, the next wave of Nvidia Graphics Processing Units (GPUs).
Read more: Bitfarms to Wind Down Bitcoin Mining Operations, Announces AI Pivot
FAQ
- What recent decision has Bitfarms made regarding its operations in Latin America?
Bitfarms has confirmed its exit from the Latam market by agreeing to sell its Paso Pe site in Paraguay. - Who is purchasing the Paso Pe site and what is its capacity?
The site, with a power capacity of 70 MW, is being sold to Singapore-based Sympatheia Power Fund (SPF). - What are the financial details of the sale agreement?
The Paso Pe site is valued at $30 million, with $9 million in cash to be paid in Q1 2026 and the remaining $21 million paid over the next 10 months. - What is Bitfarms’ future focus following this sale?
Bitfarms aims to refocus its operations entirely on North America, particularly in the High-Performance Computing (HPC) and Artificial Intelligence (AI) sectors.
