Bitfarms Finalizes Sale of Yguazu Data Center to Focus on U.S. Growth

Bitfarms Ltd. has completed the sale of its Yguazu, Paraguay data center to HIVE Digital Technologies for approximately $85 million. The transaction will help the company redirect its focus towards North American growth opportunities, with plans to reinvest the capital into expanding its Bitcoin mining and HPC/AI infrastructure. The sale is expected to reduce Bitfarms’ future capital expenses and power costs significantly.

Bitfarms Ltd., a prominent Bitcoin and integrated data center company, has successfully sold its 200 MW data center located in Yguazu, Paraguay, to HIVE Digital Technologies, Ltd. This strategic sale is valued at approximately $85 million and is intended to facilitate the reallocation of capital towards growth opportunities in the United States.

Ben Gagnon, CEO of Bitfarms, expressed satisfaction with the swift completion of this transaction, which enables the company to optimize its operations and adjust its portfolio to focus more on North America. By the end of 2025, the company expects its energy portfolio to comprise about 80% North American resources, reflecting a significant shift from its previous international focus.

According to CFO Jeff Lucas, this transaction will notably lessen Bitfarms’ capital expenditure requirements for 2025 and reduce its average power costs by 10%. The company plans to reinvest the capital saved from this sale into its U.S. growth initiatives, which include a 1.1 GW Bitcoin mining and high-performance computing (HPC)/artificial intelligence (AI) infrastructure pipeline.

Founded in 2017, Bitfarms operates 15 Bitcoin data centers across the United States, Canada, Paraguay, and Argentina, utilizing predominantly sustainable hydroelectric power and long-term power contracts. The company is dedicated to leveraging underutilized energy resources in its operations.

For further information regarding Bitfarms, including its events and community engagement, please visit their website and social media platforms.

In summary, Bitfarms has executed a strategic sale of its Yguazu data center in Paraguay, thus focusing on North American growth. This decision aims to enhance operational efficiency and reduce costs while providing significant funds for future investments in Bitcoin mining and HPC/AI infrastructure. The company is committed to sustainability, utilizing predominantly renewable energy in its operations.

Original Source: financialpost.com