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

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.