Bitfarms’ $30 Million Sale Ends Its Latin American Expansion Story
Bitfarms Ltd. has accomplished the sale of its Paso Pe Bitcoin mining website in Paraguay, ending its presence in Latin America. The 70-megawatt facility was bought for as much as $30 million, a transfer that the corporate says will free money for tasks in North America. Reports have disclosed the deal as a part of Bitfarms’ plan to focus its vitality and compute efforts nearer to dwelling.
Sale Terms And Payout Schedule
According to the corporate, the client is the Sympatheia Power Fund, managed by Singapore’s Hawksburn Capital, and the settlement requires $9 million in money at closing plus further milestone funds that would complete as much as $21 million.
A $1 million non-refundable deposit was already paid, and the remaining funds are tied to post-closing circumstances anticipated to be accomplished over roughly 10 months. The transaction is anticipated to shut inside about 60 days, topic to customary circumstances.
Why Bitfarms Is Moving North
Based on reports, Bitfarms’ administration mentioned the sale helps it consider North American vitality and computing work. Chief Executive Ben Gagnon was quoted saying that the deal brings ahead an estimated two to 3 years of anticipated free money flows, which might be reinvested into North American high-performance computing and AI vitality infrastructure in 2026. The firm now says its vitality portfolio is 100% North American.
Market Reaction And Context
Markets reacted shortly after the announcement. Traders famous an uptick in Bitfarms’ inventory following information of the sale, reflecting investor curiosity within the firm’s cash-flow transfer and strategic refocus. This sale follows earlier asset strikes in Paraguay, together with the switch of different websites in latest months, displaying a gentle pullback from South America.
Sympatheia Power Fund, the client, is introduced as an infrastructure fund that can take over the Paso Pe website and associated operations. Reports describe the fund as being managed by Hawksburn Capital, which relies in Singapore. The purchaser’s intentions for the positioning weren’t absolutely detailed within the announcement, however the switch was framed as a standard handoff of a working vitality and mining asset.
Analysts have watched miners rework portfolios for the reason that Bitcoin halving and as demand for knowledge compute has risen. Some firms are shifting property towards versatile energy use or repurposing websites for AI and HPC workloads. Bitfarms’ transfer is one in all a number of examples the place operators promote abroad vegetation and redeploy capital into the US and Canada.
Featured picture from BTC Echo, chart from TradingView
