Bitcoin miner Bitfarms (BITF) is set to exit Latin America with the sale of its site in Paso Pe, Paraguay.
The company is selling the site to Sympatheia Power Fund (SPF), managed by Singapore-based Hawksburn Capital, for up to $30 million, the company announced Friday.
The transaction, which is subject to customary closing conditions, is expected to be completed within the next 60 days, Bitfarms said.
Bitfarms will receive $9 million up front and up to $21 million over the next 10 months, depending on certain payment milestones.
“This transaction brings approximately two to three years of anticipated operational free cash flow that will be reinvested in our North American HPC/AI energy infrastructure in 2026, where we believe we will be able to generate significantly higher returns on our invested capital with HPC/AI,” said Ben Gagnon, CEO of Bitfarms.
The deal follows Bitfarms’ sale of a site in Yguazú, Paraguay to bitcoin mining company Hive Digital Technologies (HIVE) just under a year ago.
BITF shares rose about 4% to $2.45 in pre-market trading, which coincided with a rise in the price of BTC to just under $90,000.
