Bitfarms Exits Latin America by Selling $30 Million Facility

Bitfarms Concludes Operations in Latin America

The cryptocurrency mining company Bitfarms has announced its complete exit from the Latin American market following the sale of a facility in Paraguay for $30 million. In an announcement made on Friday, Bitfarms stated that it had reached an agreement with Sympatheia Power Fund for its 70 megawatt (MW) facilities located in Paso Pe, Paraguay.

According to the agreement, the energy company will acquire the shares of Bitfarms' subsidiary that holds the assets for this facility, with the cryptocurrency miner set to receive $9 million in cash in the first quarter of 2026 and $21 million in the following 10 months. Bitfarms CEO Ben Gagnon mentioned that the company's energy operations would become "100% North American" after the exit from Latin America, and the funds obtained from this sale will be reinvested in artificial intelligence (AI) and high-performance computing (HPC) infrastructures this year.

The company has stated that it has 430 MW of capacity under development in the United States, as part of a multi-year plan that includes 2.1 gigawatts for North America. The closure of operations in Latin America followed Bitfarms' announcement in November that it plans to shift from Bitcoin (BTC) mining to providing energy for AI within the next two years, starting with the conversion of an 18 MW facility in Washington state. Bitfarms’ stock price (BITF) dropped by 18% following this announcement and has seen a decline of approximately 20% over the past 30 days.

Bitfarms is not the only cryptocurrency mining company adjusting its strategy towards AI and HPC. In 2025, TeraWulf secured three leasing contracts worth $6.7 billion with AI infrastructure provider Fluidstack and planned the expansion of one of its facilities in New York as part of a $3.2 billion agreement. Investment firms have upgraded Bitfarms' stock ratings, raising them to “outperform” and increasing their price target to $24.