Bitfarms Completes Strategic $85 Million Sale in Paraguay Amid North American Expansion

Bitfarms has sold its 200 MW data center in Yguazu, Paraguay for approximately $85 million to HIVE Digital Technologies. This strategic sale aims to transition the company towards North American operations, reducing capex and lowering power costs, while allowing for reinvestment in its U.S. growth pipeline for Bitcoin mining and HPC/AI infrastructure.

Bitfarms has successfully finalized the sale of its 200 MW data center in Yguazu, Paraguay to HIVE Digital Technologies for approximately $85 million. This strategic decision marks a significant transition for Bitfarms, as it shifts from being an international Bitcoin miner to focusing on North American energy and computational infrastructure.

The sale is anticipated to have multiple beneficial impacts for the company. It is projected to decrease capital expenditure (capex) requirements for 2025, lower average power costs by 10%, and rebalance Bitfarms’ operations to approximately 80% in North America and 20% internationally by the end of 2025.

Furthermore, Bitfarms intends to reinvest the proceeds from this sale into its substantial 1.1 GW growth pipeline located in the United States, aimed at enhancing both Bitcoin mining and high-performance computing (HPC)/artificial intelligence (AI) infrastructure.

This transaction is expected to streamline Bitfarms’ business model and may result in a reduced operational capacity in Paraguay but aims to strengthen its North American operations, aligning with the company’s long-term goals.

As of March 18, 2025, the CEO of Bitfarms, Ben Gagnon, expressed satisfaction with the swift completion of this sale, asserting that it would facilitate operational enhancements and a stronger focus on North American energy strategies. CFO Jeff Lucas noted the significant reduction in capex and power costs as a direct outcome of this strategic move.

Founded in 2017, Bitfarms is committed to operating its facilities primarily on hydroelectric power and aims to leverage sustainable energy solutions for cryptocurrency mining. The company currently operates 15 data centers across various countries, including the U.S., Canada, Paraguay, and Argentina.

In summary, Bitfarms’ sale of its data center in Paraguay represents a strategic pivot towards increasing its focus on North American operations. The projected financial benefits from reduced capex and power costs will support its investment in future growth in the AI and Bitcoin mining sectors. With this transition, Bitfarms aims to strengthen its position within the rapidly evolving cryptocurrency landscape.

Original Source: www.stocktitan.net