Bitfarms sells Paraguay site to Hive for $85M, refocuses on US

Bitfarms, a multinational Bitcoin mining agency, will promote its 200 megawatt (MW) facility in Yguazu, Paraguay, to Hive Digital Applied sciences — a competing mining and AI firm — for roughly $85 million. The capital will likely be reinvested to strengthen Bitfarms’ capability within the US.

On Jan. 28, Hive signed a binding letter of intent to buy one of many three Bitfarms-owned and operated Bitcoin (BTC) mining farms in Paraguay. 

The Yguazu farm was Bitfarms’ largest Bitcoin mining facility within the nation. Its different two mining websites, Villarrica and Paso Pe, have a mixed capability of 80 MW, every contributing 10 MW and 70 MW, respectively, according to the corporate knowledge.

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Talking concerning the sale of the Yguazu web site, Bitfarms CEO Ben Gagnon said that the transfer was geared toward streamlining the corporate’s operations and rebalancing towards North America. 

The corporate plans to rebalance its portfolio to roughly 80% North American and 20% worldwide by the tip of 2025. Gagnon added:

“Bitfarms will likely be reinvesting the capital from this sale towards its 1 GW development pipeline within the US for BTC and HPC/AI infrastructure, which marks a major milestone in our transition from a global Bitcoin miner to a North American vitality and compute infrastructure firm.”

Along with Paraguay, Bitfarms is at present operational in Canada, the US and Argentina, with 158.5 MW, 17.5 MW and 54 MW capacities, respectively.

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The transaction between Hive and Bitfarms is anticipated to shut on the finish of the primary quarter of 2025, when the latter will obtain its first fee of $25 million. Hive pays $31 million over the next six months.