Bitfarms has sold its operations in Paraguay and is now withdrawing from Latin America.

In the context of increasing competition in the Bitcoin mining industry, along with rising costs related to electricity and compliance requirements, the strategic choices made by mining companies are becoming increasingly clear. Recent documents indicate that one of the mining companies has reached an agreement with Sympatheia Power Fund (SPF) to sell its Paso Pe mining site in Paraguay, thereby officially withdrawing from the Latin American market. This is not an isolated case, but rather a reflection of industry trends. As North America becomes more stable in terms of energy supply, regulatory transparency, and financing conditions, mining companies are rapidly adjusting their global operations, shifting towards an operation model that relies entirely on North American electricity supplies, in order to cope with the challenges posed by increased competition and rising costs in the future.

Bitfarms announced that it will withdraw from the Latin American market by selling its mining site in Paraguay.

Bitfarms, a publicly traded American Bitcoin mining company, has confirmed its withdrawal from the Latin American market.

The company announced that it has signed a sales agreement with Sympatheia Power Fund (SPF) based in Singapore. The agreement involves the sale of Bitfarms’ Paso Pe mining site, which has a power capacity of 70 MW.

It is expected that the transaction will be completed within 60 days. The mining site will continue to operate seamlessly, with management being transferred from one party to another.

In this transaction, Paso Pe Mining Site is valued at $30 million. Of this amount, $9 million will be paid in cash in the first quarter of 2026, with the remaining $21 million to be paid over the next 10 months.

Ben Gagnon, CEO of Bitfarms, emphasized that this transaction is a positive step for the company, as all of its operations now take place in North America.

He stated that the sale of Paso Pe is part of a series of transactions aimed at completely withdrawing from the Latin American market. This move allows the company, its management team, and its capital to focus entirely on electricity generation in North America, as well as infrastructure for high-performance computing (HPC) and artificial intelligence (AI) applications.

Josh Murchie, representing SPF, emphasized that their priority is to ensure a smooth transition from now on, maintaining the continuity of Paso Pe and moving forward with growth.

This development is part of Bitfarms’ plan announced last year to transform into a company specialized in high-performance computing (HPC) and artificial intelligence (AI) technologies. Gagnon mentioned in November that the company is focused on becoming the first company to support Vera Rubin and next-generation Nvidia graphics processing units (GPUs).

Frequently Asked Questions

● What decisions has Bitfarms recently made regarding its operations in Latin America?

By agreeing to sell its Paso Pe mining site in Paraguay, Bitfarms has confirmed its withdrawal from the Latin American market.

● Who is purchasing the Paso Pe mining site, and what is its power capacity?

The mining site, with a power capacity of 70 MW, will be sold to Sympatheia Power Fund (SPF), a Singapore-based organization.

● What are the financial details of the sales agreement?

The value of the Paso Pe mining site is estimated at $30 million. $9 million will be paid in cash in the first quarter of 2026, with the remaining $21 million to be paid over the next 10 months.

● What will Bitfarms’ focus be after the sale?

Bitfarms plans to focus all its operations entirely on North America, particularly in the fields of high-performance computing (HPC) and artificial intelligence (AI).