Bitfarms sells Paraguay mining site for $85M
Bitfarms, a multinational Bitcoin (CRYPTO:BTC) mining company, has announced the sale of its largest mining facility in Yguazu, Paraguay, to Hive Digital Technologies for approximately $85 million.
This transaction is part of Bitfarms' strategy to refocus its operations toward the United States, where it plans to expand its Bitcoin and AI infrastructure.
On January 28, Hive signed a binding letter of intent to acquire the 200 megawatt (MW) facility, which is Bitfarms' largest site in Paraguay.
The proceeds from this sale will be reinvested into Bitfarms' growth pipeline in the U.S., which includes plans for 1 gigawatt (GW) of capacity aimed at Bitcoin and high-performance computing (HPC) infrastructure.
CEO Ben Gagnon stated that this move is intended to streamline operations and shift the company's focus toward North America.
He noted that the company aims to rebalance its portfolio to approximately 80% North American and 20% international by the end of 2025.
Gagnon emphasised that this transition marks a significant milestone for Bitfarms as it evolves from an international Bitcoin miner to a North American energy and compute infrastructure provider.
The sale also includes provisions for Bitfarms to receive $25 million upon closing, with additional payments structured over the following months.
The transaction is expected to close by the end of Q1 2025 and will significantly reduce Bitfarms' anticipated capital requirements for 2025.
Furthermore, it is projected to lower average power costs by about 10%.
Despite this shift, Bitfarms remains committed to its operations in Latin America, where it continues to manage three other mining sites with a combined capacity of 144 MW.
At the time of reporting, the Bitcoin (BTC) price was $101,515.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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