Bitfarms Sells Major Mining Facility for $85 Million

Bitfarms, a global Bitcoin mining company, is selling its 200-megawatt Yguazu facility in Paraguay to Hive Digital Technologies for $85 million.

The decision is part of Bitfarms’ strategy to shift its focus toward North America and expand its operations in the U.S. The funds from the sale will support Bitfarms’ growth in high-performance computing (HPC) and AI infrastructure alongside Bitcoin mining.

The Yguazu site, Bitfarms’ largest in Paraguay, is one of three in the country. The company plans to use the proceeds to rebalance its portfolio, aiming for 80% of operations in North America by 2025.

CEO Ben Gagnon highlighted the move as a milestone in transitioning from an international Bitcoin miner to a U.S.-based energy and computing powerhouse.

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The deal, expected to close by Q1 2025, involves an initial $25 million payment, followed by $31 million over six months, with the remaining $29 million allocated for reimbursements and obligations.

While the sale will reduce Bitfarms’ mining capacity by 21%, it is projected to lower power costs by 10%, positioning the company for long-term growth in the evolving digital asset and AI sectors.

Alexander Zdravkov