HIVE Digital has completed its acquisition of Bitfarms' unfinished facility in Paraguay. Valued at $56 million, this deal aims to enhance the company's computing power.
The $56 Million Purchase
HIVE Digital announced the purchase of Bitfarms' facility in Yguazú for $56 million. An initial payment of $25 million is planned in Q1 2025, with the remaining $31 million paid in monthly installments. Phase 1 will be completed by April 1, 2025, adding 6 EH/s to capacity. Phase 2 will finish by August 31, 2025, adding another 6.5 EH/s using Bitmain S21+ ASICs.
Bitfarms’ Strategic Shift
The sale of the Paraguayan facility marks Bitfarms' strategy to realign resources towards the U.S. Proceeds will support its 1-gigawatt growth pipeline in the U.S., including mining and AI infrastructure. Due to construction delays, equipment was redirected to Pennsylvania.
Bitfarms’ Future in Latin America
Despite the sale, Bitfarms continues to operate in Latin America, maintaining three facilities with 144 MW capacity. Previous merger plans with Riot Platforms Inc. were cancelled by Bitfarms' board.
The deal with HIVE Digital represents a resource shift for Bitfarms to strengthen its position in North America while maintaining operations in Latin America.
