Bitfarms (BITF) leaving Latin America with sale of Paraguay site

Bitcoin miner Bitfarms (BITF) is set to exit Latin America with the sale of its site in Paso Pe, Paraguay.

The company is selling the site to the Sympatheia Power Fund (SPF), managed by Singapore-based Hawksburn Capital, for up to $30 million, the company announced on Friday.

The transaction, which is subject to customary closing conditions, is expected to close within the next 60 days, Bitfarms said.

Bitfarms will receive $9 million upfront and up to $21 million over the subsequent 10 months based on certain payment milestones.

“This transaction 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, where we believe we will be able to generate much stronger returns on our invested capital with HPC/AI,” Bitfarms CEO Ben Gagnon said.

The deal follows Bitfarms’ sale of a site in Yguazú, Paraguay to bitcoin mining company Hive Digital Technologies (HIVE) just under a year ago.

BITF shares were up around 4% at $2.45 in pre-market trading, coinciding with a lift in BTC’s price to just under $90,000.