Bitcoin miner Bitfarms (BITF) is exiting Latin America by selling its Pasope, Paraguay-based site.
The company announced on Friday that it would sell the site to Sympatheia Power Fund (SPF), managed by Singapore’s Hawksburn Capital, for up to $30 million.
Bitfarms said the transaction is subject to customary closing conditions and is expected to close within the next 60 days.
Bitfarms will receive an upfront payment of $9 million and up to $21 million over the next 10 months based on certain payment milestones.
Bitfarms CEO Ben Gagnon said: “This transaction is expected to generate two to three years of expected operating free cash flow and will reinvest in our North American HPC/AI energy infrastructure in 2026. We believe we will be able to achieve stronger returns on invested capital through HPC/AI.”
Just less than a year ago, Bitfarms sold a site in Yguazú, Paraguay, to Bitcoin mining company Hive Digital Technologies (HIVE).
BITF shares rose about 4% to $2.45 in pre-market trading, while BTC prices rose to just under $90,000.