Bitfarms Exits LatAm With Paraguay Sale as Bitcoin Miner Deepens Shift to HPC, AI
Bitfarms (NASDAQ: BITF) has agreed to sell its remaining bitcoin mining site in Paraguay, completing its exit from South America as it pivots capital toward North American AI and high-performance computing infrastructure.
Bitfarms said on Thursday it entered into a definitive share purchase agreement to sell the site to the Sympatheia Power Fund, a crypto infrastructure fund managed by Hawksburn Capital. The transaction is expected to close within 60 days, subject to customary conditions.
Hawksburn Capital is part of the broader Hawksburn Group, an investment management and wealth services platform headquartered in Singapore. The group operates as a licensed fund manager, offering pooled investments for high-net-worth individuals, family offices and institutions.
Under the agreement, Bitfarms will sell the shares of a special-purpose subsidiary that owns the Paso Pe operating assets. The deal values the site at up to $30 million. Bitfarms expects to receive $9 million in cash at closing, including a $1 million non-refundable deposit already paid, with up to $21 million more to be paid over the following 10 months based on milestone payments.
Chief executive Ben Gagnon said the sale brings forward an estimated two to three years of anticipated free cash flow from the Paraguayan operation, which the company plans to reinvest into North American HPC and AI-focused energy infrastructure in 2026. Bitfarms said the transaction rebalances its energy portfolio to be entirely North American.
Following the sale, Bitfarms said its updated energy portfolio includes 341 megawatts of energized capacity, 430 megawatts under active development in the United States, and a 2.1-gigawatt multi-year pipeline in North America, about 90% of which is U.S.-based.
The buyer, Sympatheia Power Fund, said it intends to maintain continuity at the Paso Pe site following the change in ownership.
The exit from Paraguay comes a year after Bitfarms sold other Paraguayan mining sites to HIVE, part of a broader pullback from Latin America. Less than two years ago, Bitfarms had highlighted Paraguay as a key growth market, announcing land acquisitions and power purchase agreements tied to low-cost hydroelectric energy.
The Paraguay divestment also aligns with Bitfarms’ previously stated plans to steadily wind down its bitcoin mining exposure over the next two years. As previously reported, the company has indicated that 2026 will mark a transition period, with bitcoin mining capacity gradually reduced as capital and management focus shift toward AI and high-performance computing infrastructure, ahead of a more pronounced exit from mining by 2027.
