Bitfarms Ltd. (BITF) has completed the sale of its 200 MW data center in Yguazu, Paraguay, to HIVE Digital Technologies Ltd., aligning with its strategy to streamline operations and expand in North America.
CEO Ben Gagnon emphasized that the sale accelerates the company's transition toward a predominantly North American energy and compute infrastructure, with an expected 80% North American and 20% international energy portfolio by the end of 2025.
CFO Jeff Lucas highlighted the financial benefits, including reduced capital expenditures for 2025 and a 10% decrease in average power costs. The proceeds will be reinvested into Bitfarms' 1.1 GW U.S. growth pipeline, supporting Bitcoin mining and HPC/AI infrastructure expansion.
Founded in 2017, Bitfarms operates 15 Bitcoin data centers across the U.S., Canada, Paraguay, and Argentina, primarily powered by hydroelectric energy and long-term power contracts.
BITF is currently trading at $1 or 9.0432% lower on the Nasdaq Global Market.
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