Bitcoin -miner Bitfarms announced the sale of facilities in Paraguay to a competing company, Hive Digital Technologies, for $85 million. The miner plans to reinvest the funds received in expanding its infrastructure in the United States.
Hive will be transferred to three at once Bitcoin -Bitfarms farms. The Yguazu site was the company's largest operation in Paraguay, with a capacity of 200 megawatts. Two other farms, Villarrica and Paso Pe, have a combined capacity of 80 megawatts.
According to Bitfarms CEO Ben Gagnon, the move is “aimed at streamlining the company’s operations and shifting the balance toward North America.” By the end of 2025, the miner plans to have about 80% of its capacity in North America and 20% abroad.
Bitfarms will reinvest the proceeds from this sale into its project to build 1 GW of capacity in the US for BTC and HPC/AI infrastructure.
This is a major milestone in our transition from being an international Bitcoin miner to a North American energy and computing infrastructure company,” Gagnon said.
The deal between Hive and Bitfarms is expected to close by the end of Q2025 XNUMX.
In addition to Paraguay, Bitfarms currently operates sites in Canada, the United States, and Argentina with capacities of 158,5 MW, 17,5 MW, and 54 MW, respectively.
