Bitfarms Exits Latam with $30M Facility Sale

Bitcoin mining company Bitfarms announced a complete exit from the Latin American market following a $30 million sale of a Paraguayan facility.

In a Friday notice, Bitfarms said it had reached an agreement with the Sympatheia Power Fund for its 70 megawatt (MW) facility in Paso Pe, Paraguay. Under the deal, the power company will acquire shares of the Bitfarms subsidiary that holds the assets for the facility, with the crypto miner receiving $9 million in cash in the first quarter of 2026 and $21 million over the next 10 months.

According to Bitfarms CEO Ben Gagnon, the company’s energy operations would become “100% North American” following its exit from Latin America, with cash from the deal reinvested into AI and high performance computing (HPC) infrastructure this year. The company said it had 430 MW capacity under development in the US, with 2.1 gigawatts as part of a multi-year plan for North America.

Related: Canadian province to ban new crypto mining connections

The shuttering of its Latin American operations followed Bitfarms announcing in November that it planned to shift from Bitcoin (BTC) mining to powering AI over the next two years, starting with converting an 18 MW facility in Washington state. The price of Bitfarms’ stock (BITF) dipped 18% following the announcement, and has declined about 20% in the previous 30 days.

US investment bank bullish on shift from mining to HPC

Bitfarms is not the only crypto mining company shifting its strategy closer to AI and HPC. In 2025, TeraWulf secured three lease agreements worth $6.7 billion with AI infrastructure provider Fluidstack, and planned to expand one of its New York facilities as part of a $3.2 billion deal.

Citing the company’s “leasing mix shift” from Bitcoin mining to HPC, investment bank Keefe, Bruyette & Woods on Wednesday upgraded its assessment of Bitfarms’ stock to “outperform” raised the share price target to $24.