Bitfarms Acquires Land for HPC in US, Exits Argentina Bitcoin Mine Amid Power Supply Halt

Bitfarms (NASDAQ: BITF) has purchased land in Washington and Pennsylvania for potential high-performance computing development while closing its Bitcoin mining site in Argentina amid a prolonged power supply disruption.

The Toronto-headquartered miner said in its quarterly filings that it signed an agreement on Aug. 7 to acquire three acres in Washington state for $1.9 million, followed by an Aug. 8 deal to purchase 181 acres in Panther Creek, Pennsylvania, for $3.5 million.

Bitfarms said the Pennsylvania property is “more than sufficient land for multiple phases of HPC/AI development,” though it did not provide a timeline for construction. The acquisitions come as the company explores revenue diversification beyond Bitcoin mining — a trend shared by other miners seeking to offset the impact of a prolonged hashprice squeeze.

Meanwhile, Bitfarms reached an Aug. 8 agreement with its energy supplier, Generacion Mediterranea S.A. (GMSA) in Argentina, to have a $3.5 million energy deposit repaid over 18 months starting January 2026, with 5% annual interest. The agreement also eliminates a $2.8 million asset retirement obligation related to its leased property in the country.

The decision to exit its 58-megawatt Rio Cuarto data center comes after GMSA began a debt restructuring process with creditors in April. As a result, the site’s electrical power supply has been halted since May 12, 2025, suspending operations. Bitfarms said it expects the shutdown to be completed by Nov. 11, 2025, citing both the energy stoppage and economic uncertainty in the region.