Bitfarms Ltd. CEO Ben Gagnon announced on January 2 that the company plans to rebalance its energy portfolio entirely to North America after exiting Latin America.
The company sold its 70 megawatt site in Paso Pe, Paraguay, to the Sympatheia Power Fund. The operating site is valued at $30 million. Bitfarms is set to receive $9 million in cash when the transaction closes in the first quarter. It is also entitled to $21 million over a ten-month period, subject to specific payment milestones.
The sale is expected to bring forward an estimated two to three years of free cash flow from operations. It allows the company to reinvest in its North American high-performance computing and artificial intelligence energy infrastructure in 2026, where it anticipates generating more substantial returns.
"The sale of Paso Pe is the culmination of a series of transactions to completely exit Latam, and refocus the company, its management team and capital on 100% North American power and infrastructure for HPC/AI," CEO Ben Gagnon said.
Bitfarms Ltd. is a North American energy and digital infrastructure company. It develops, owns, and operates large-scale, vertically integrated data centers primarily for Bitcoin mining. The company uses sustainable power, often hydropower, for its operations.