Bitfarms Exits Latam, Bets Future on North American AI Boom

TORONTO, Ontario – January 02, 2026 – Bitfarms Ltd. has finalized its complete strategic withdrawal from Latin America, announcing today the sale of its 70-megawatt Bitcoin mining operation in Paso Pe, Paraguay, for up to $30 million. The move marks a decisive pivot for the digital infrastructure company, which will now focus its entire portfolio and future capital on the burgeoning High-Performance Computing (HPC) and Artificial Intelligence (AI) sectors within North America.

The sale to Sympatheia Power Fund (SPF), a crypto infrastructure fund managed by Singapore-based Hawksburn Capital, is the culmination of a deliberate, year-long strategy to divest from the region. This follows the 2025 sale of another Paraguayan site to Hive Digital for $85 million. With this final transaction, Bitfarms has rebalanced its energy portfolio to be 100% North American, aiming to capture what it believes are more stable and lucrative opportunities in the power-hungry AI market.

The Strategic Divestment

Under the terms of the agreement, Bitfarms will receive $9 million in cash upon the deal's closing, expected within the next 60 days. This initial payment includes a $1 million non-refundable deposit that has already been paid. An additional $21 million is structured to be paid over the subsequent 10 months, contingent on the achievement of certain operational milestones at the Paso Pe facility.

The sale not only improves Bitfarms' liquidity profile but also accelerates its capital allocation toward its new strategic focus. The buyer, Sympatheia Power Fund, intends to ensure operational continuity at the Paraguayan site. "This transaction accelerates SPF’s regional expansion plan, and our priority is an uninterrupted, seamless transition from day one — maintaining continuity at Paso Pe as we move into the next phase of growth,” said SPF representative Josh Murchie in a statement.

For Bitfarms, the exit from Latin America addresses growing concerns over regulatory uncertainty and operational complexity in the region. By consolidating its efforts in the United States and Canada, the company aims to operate within more predictable legal and economic frameworks, a crucial factor when planning long-term, capital-intensive infrastructure projects.

A Pivot to Power AI's Future

The capital unlocked from the Paso Pe sale is earmarked for immediate reinvestment into building out the company's North American HPC and AI energy infrastructure. This shift represents a fundamental change in Bitfarms' corporate identity, moving from a pure-play Bitcoin miner subject to the asset's price volatility to a digital infrastructure provider catering to the insatiable demand for AI compute.

Bitfarms CEO Ben Gagnon highlighted the financial logic behind the move. "This transaction brings forward an estimated two to three years of anticipated free cash flows from operations to be reinvested into our North American HPC/AI energy infrastructure in 2026, where we believe we will be able to generate much stronger returns on our invested capital," he stated. The company has signaled its intention to fully transition away from crypto mining by 2027.

Specific plans are already underway. Bitfarms is converting an 18 MW Bitcoin mining facility in Washington State into a state-of-the-art HPC/AI data center, a project slated for completion by the end of 2026. This conversion is backed by a fully funded $128 million agreement with a major U.S. data center partner for necessary IT equipment and modular infrastructure. The company is also narrowing its focus on its Panther Creek and Scrubgrass sites in Pennsylvania for significant AI infrastructure expansion. The Panther Creek AI and HPC campus is a massive 350 MW project positioned to serve U.S. hyperscalers.

To guide this complex transition, Bitfarms has enlisted a team of industry experts. In 2025, it engaged Appleby Strategy Group and World Wide Technology to conduct feasibility analyses and develop a global HPC/AI strategy. It has also partnered with T5 Data Centers to leverage their expertise in data center construction and operations, particularly at the critical Panther Creek campus.

The Great Migration: Crypto Miners Chase AI Gold

Bitfarms' pivot is not happening in a vacuum. It is a leading example of a broader industry trend, often dubbed the "Great Migration," where traditional Bitcoin miners are leveraging their core assets—large-scale energy infrastructure and data center expertise—to enter the AI market. The 2024 Bitcoin halving event, which slashed mining rewards, compressed profitability and accelerated the search for more stable, predictable revenue streams.

The AI industry's voracious appetite for processing power has created a golden opportunity. Companies like Bitfarms possess exactly what AI developers and hyperscalers need: access to vast amounts of power, often at low costs, and the operational know-how to manage energy-intensive computing at scale. This synergy has prompted a wave of similar moves across the sector.

Competitors like Riot Platforms have begun pausing new Bitcoin mining projects to pursue HPC opportunities, while Marathon Digital is actively forging partnerships to develop AI-specific solutions. Other miners, including Core Scientific, Hut 8, CleanSpark, and Cipher Mining, have all announced significant investments and partnerships to dedicate hundreds of megawatts of capacity to AI and HPC clients. This industry-wide shift underscores a new reality: energy, or "electrons," has become the foundational resource of the modern digital economy, powering both cryptocurrency networks and the future of artificial intelligence.

Betting on North America's Digital Dominance

By concentrating its entire 2.1 GW multi-year energy pipeline in North America, with roughly 90% located in the U.S., Bitfarms is making a firm bet on the continent's continued dominance as a global digital infrastructure hub. The company's updated portfolio now consists of 341 MW of energized capacity and another 430 MW under active development, all within the United States.

This North American focus provides several strategic advantages. It offers proximity to the world's largest AI companies and hyperscalers, simplifies supply chains, and provides access to a deep pool of technical talent. Furthermore, the company is leveraging its access to low-cost power, including hydroelectric sources, and investing in advanced liquid cooling technologies to support next-generation hardware like Nvidia's GB300 GPUs. These efforts are aimed at achieving industry-leading Power Usage Effectiveness (PUE) ratios, a key metric for data center efficiency and a major selling point for environmentally-conscious enterprise clients.

This ambitious strategy is well-funded. Beyond the proceeds from its Latin American sales, Bitfarms has secured a $300 million loan facility from Macquarie, with the funds specifically earmarked for developing the Panther Creek HPC data center. However, the transition is not without risk. The company faces significant execution challenges, short-term margin pressures from high capital expenditures, and intense competition in the crowded AI infrastructure market. The ultimate success of this strategic pivot will depend on Bitfarms' ability to secure long-term contracts with major AI clients and navigate the high-stakes race to build the power infrastructure for the next technological revolution.