Bitfarms (NASDAQ: BITF) is selling its 70 MW bitcoin mine in Paso Pe, Paraguay, according to a company press release.
The bitcoin miner-turned AI infrastructure firm has entered into a purchase agreement with Sympatheia Power Funds for a total pay out of up to $30 million for the site.
Per the deal’s terms, Sympatheia Power Funds will buyout all shares of the Bitfarms’ subsidiary that holds Bitfarms’ bitcoin mining assets in Paso Pe. This entails a $9 million payment upon the deal’s projected close in Q1 2026, including a $1 million non-refundable deposit, plus as much as $21 million in payments over the 10 months following the close.
Once finalized, the deal ensures Bitfarm’s complete exit from Paraguay following the $85 million sale of its Yguazú, Paraguay bitcoin mine to Hive Digital (NASDAQ: HIVE) last year
“I’m pleased to announce the strategic sale of our Paso Pe site and decisive rebalancing of our energy portfolio to 100% North American,” Bitfarms CEO Ben Gagnon said in a press release.
“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,” he continued.
Bitfarms will specifically narrow its focus on its Panther Creek and Scrubgrass, Pennsylvania sites for AI infrastructure expansion. The company purchased the coal-fire power plants and their data center infrastructure when it acquired Stronghold Digital in March 2024.
Sympatheia Power Funds is a crypto-adjacent fund operated by Hawksburn Capital, a Singaporean asset management firm.
At the time of publication, BITF is up 10% on the day.
