Bitfarms has sold its 200 MW data center in Paraguay for approximately $85 million to HIVE Digital Technologies. This sale is aimed at shifting operations toward North American infrastructure, anticipated to lower power costs by 10% and reduce capital expenditures for 2025. The company plans to reinvest the proceeds into a 1.1 GW growth pipeline for Bitcoin mining and HPC infrastructure in the U.S.
Bitfarms has successfully finalized the sale of its 200 MW data center in Yguazu, Paraguay, to HIVE Digital Technologies for approximately $85 million. This strategic move is part of the company’s shift from international Bitcoin mining to a focus on North American energy and computing infrastructure. The sale aims to optimize operations while significantly rebalancing the geographical portfolio, targeting 80% North American and 20% international operations by the end of 2025.
The transaction is expected to yield multiple advantages, including a 10% reduction in average power costs and a decrease in capital expenditure (capex) requirements projected for 2025. Additionally, the generated revenue from this sale will be reinvested into Bitfarms’ extensive U.S. growth pipeline, which consists of 1.1 gigawatts (GW) of assets designated for Bitcoin mining and high-performance computing (HPC) infrastructure.
Leadership at Bitfarms expressed optimism regarding the sale. Chief Executive Officer Ben Gagnon noted, “We are pleased to have expeditiously completed the sale of our Yguazu site to HIVE, allowing us to streamline our operations and further rebalance our portfolio towards North America.” Chief Financial Officer Jeff Lucas emphasized that the accretive nature of the transaction would significantly mitigate future capex requirements and cut power costs.
Established in 2017, Bitfarms operates vertically integrated data centers across four countries: the United States, Canada, Paraguay, and Argentina. The company is dedicated to utilizing environmentally friendly energy sources, primarily hydro-electric power, and upholding sustainable practices in its operations. As it proceeds with its growth strategy in North America, Bitfarms aims to reinforce its position in the evolving landscape of Bitcoin mining and HPC technology.
In conclusion, Bitfarms’ strategic sale of its Yguazu data center to HIVE Digital Technologies marks a significant transition toward North American operations, emphasizing energy efficiency and financial sustainability. This decision not only anticipates reduced operational costs and capital expenditures but also aligns with the company’s long-term growth objectives focused on Bitcoin mining and high-performance computing. With a rebalanced portfolio, Bitfarms is poised for further expansion in the North American market.
Original Source: www.stocktitan.net
