Listed Bitcoin mining firm Bitfarms has officially exited the Latin American market by signing a purchase agreement with Singapore-based Sympatheia Power Fund (SPF) for its 70 MW Paso Pe mining site in Paraguay. The total transaction value is $30 million, with $9 million payable in cash during Q1 2026 and the remaining $21 million to be paid over the following 10 months. The deal is expected to close within 60 days, ensuring a seamless operational handover.
Deal Details
Under the agreement, SPF will take over all assets and operations of the Paso Pe site. SPF representative Josh Murchie emphasized that the priority is to guarantee an 'uninterrupted, seamless transition from day one.' Bitfarms CEO Ben Gagnon described the sale as the 'culmination of a series of transactions to completely exit Latam,' allowing the company to refocus its management team and capital on 100% North American power and infrastructure for High-Performance Computing (HPC) and Artificial Intelligence (AI) applications.
Strategic Pivot to AI/HPC
Bitfarms has been signaling its shift toward AI for months. In November 2025, Gagnon stated the company aimed to become the first to support NVIDIA's Vera Rubin GPU lineup, the next wave of AI accelerators. By divesting its last overseas mining site, Bitfarms now dedicates all its hash rate and power resources to North America, transforming mining facilities into HPC/AI data centers. This strategic move comes as Bitcoin mining margins tighten, pushing miners to explore higher-value compute services.
Industry and Regional Impact
Bitfarms' exit marks a significant shift in Latin American crypto mining dynamics. The company had previously operated sites in Paraguay and Argentina but faced challenges such as power instability and regulatory uncertainty. The Paso Pe site will now be run by Singaporean capital, potentially bringing new management styles. For Bitfarms, a full pivot to North American AI/HPC is expected to improve returns by leveraging the region's mature power markets and tech ecosystem. Analysts note that while many miners are diversifying into AI, success depends on technical expertise and financial strength. Bitfarms' public listing and early mover advantage could help it secure a competitive edge.
Outlook
Gagnon emphasized that Bitfarms' future growth will rely entirely on North American renewable energy and low-cost power, aiming to build efficient compute infrastructure for AI training and inference. The company plans to be among the first to deploy NVIDIA's Vera Rubin GPUs. Cash from the sale will accelerate existing North American site upgrades and AI data center construction, while the deferred payments provide ongoing liquidity. SPF indicated that the acquisition is part of its broader energy and compute portfolio, with potential for further integration of digital infrastructure assets in Latin America.