Bitfarms Ltd has officially concluded the sale of its Bitcoin mining site in Paraguay, marking the end of its operations in Latin America. According to the results published in the material, this strategic decision is part of the company's broader plan to redirect resources towards North American projects.
Sale of 70-Megawatt Mining Facility
The 70-megawatt mining facility was sold for a total of up to $30 million to Sympatheia Power Fund, which is managed by Singapore's Hawksburn Capital. The deal includes an initial cash payment of $9 million at closing, with potential milestone payments that could increase the total to $30 million. The transaction is expected to finalize within approximately 60 days, pending standard conditions.
Strategic Focus on Energy and Computing Initiatives
Bitfarms' management emphasized that this sale will enable the company to focus on its energy and computing initiatives in North America. The anticipated cash flows from this sale are set to be reinvested into high-performance computing and AI energy infrastructure with a target completion date of 2026. Following the announcement of the sale, Bitfarms' stock experienced a rise, indicating positive investor sentiment regarding the company's strategic shift.
While Bitfarms has shifted its focus to North America by selling its mining site in Paraguay, Bitcoin continues to dominate market discussions, highlighting its persistent relevance. For more insights, see Bitcoin's significance.
