Nasdaq-listed Bitcoin mining firm Bitfarms Ltd. has announced a definitive agreement to sell its 70-megawatt Paso Pe bitcoin mining site in Paraguay for up to $30 million, marking its complete exit from Latin America. The buyer is Sympatheia Power Fund, managed by Singapore-based Hawksburn Capital. The transaction is expected to close within 60 days, subject to customary conditions.
The deal structure involves the sale of shares of a single-purpose subsidiary holding the Paso Pe project's assets. Bitfarms expects to receive $9 million in cash at closing, anticipated in Q1 2026, which includes a $1 million non-refundable deposit already paid. The company may receive up to an additional $21 million over the following ten months, contingent on achieving certain payment milestones.
This sale represents a strategic pivot for Bitfarms, described by CEO Ben Gagnon as a "decisive rebalancing" of the company's energy portfolio toward North America. Gagnon stated the transaction accelerates an estimated two to three years of anticipated free cash flows from operations, which will be reinvested into North American high-performance computing (HPC) and artificial intelligence (AI) energy infrastructure in 2026. The move culminates a broader effort to exit Latin America and refocus management, capital, and operational priorities on North American power and infrastructure.
The strategic shift follows a challenging period for Bitfarms' core mining business. In November 2025, the company announced it would wind down its Bitcoin operations over 2026 and 2027 after posting a steep $46 million loss in Q3 2025, nearly double the $24 million loss from the same period last year. This announcement triggered an 18% drop in Bitfarms' share price.
Bitfarms is increasingly positioning itself as an energy and digital infrastructure company, expanding beyond bitcoin mining into HPC and AI workloads, which it believes offer superior long-term returns on invested capital. Following the sale, Bitfarms' energy portfolio will be entirely North America–based. The company will operate 341 megawatts of energized capacity with an additional 430 MW under active development in the United States. Its total multi-year pipeline stands at 2.1 gigawatts, with roughly 90% located in the U.S.
The buyer, Sympatheia Power Fund, emphasized operational continuity. A representative, Josh Murchie, stated their priority is "an uninterrupted, seamless transition from day one maintaining continuity at Paso Pe as we move into the next phase of growth," supporting the fund's regional expansion strategy in crypto infrastructure.
This move reflects a broader industry trend where cryptocurrency miners, pressured by post-halving economics and energy market volatility, are diversifying into adjacent technological fields like AI and HPC that leverage similar infrastructure expertise.
