Bitcoin mining infrastructure company Bitfarms has announced it will be exiting the LATAM market through the sale of its Bitcoin mining site in Paraguay, as per a press release.
This is a significant sale for the company, as Bitfarms is an invested market leader in Bitcoin mining infrastructure alongside Riot Platforms, Mara Holdings, and CleanSpark.
The update is part of a new pattern in which Bitcoin mining firms pivot their capital to AI and high-power computing facilities, a trend that began the previous year.
The site is to be sold for a total of $30 million, of which $9 million will be paid by Q1 2026. The remaining $21 million will be over a period of ten months, subject to milestones.
Bitfarms first said it would be transitioning to AI and HPC investments in November last year in a press release, stating that it would be phasing out Bitcoin mining as part of the shift.
While Bitcoin mining can be considered lucrative when scaled, the scarcity of BTC, a mining reward that halves every 4 years, and increased competition among miners have made the market very saturated, with profits tougher to attain.
Other prominent Bitcoin mining firms are facing the same environment and have marked the AI sector as having good potential for investment. Riot platforms announced at the start of 2025 that it would be exploring the potential of pivoting towards AI by using the spare 600 MW of energy available at its Corsicana facility.
Bitcoin mining infrastructure and facilities often require large amounts of energy to power operations, similar to AI facilities and data center infrastructure, making the change for firms ideal.
Located in Paso Pe, the site has 70 MW of energy and will be sold to a Singaporean crypto infrastructure fund called Sympatheia Power Fund.
“I’m pleased to announce the strategic sale of our Paso Pe site and decisive rebalancing of our energy portfolio to 100% North American. This transaction brings forward an estimated two to three years of anticipated free cash flows from operations to be reinvested into our North American HPC/AI energy infrastructure in 2026, where we believe we will be able to generate much stronger returns on our invested capital with HPC/AI,” said CEO Ben Magnon.
“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,”