Bitfarms Ltd. has sold its Yguazu, Paraguay data center to HIVE Digital Technologies for approximately U.S. $85 million. This strategic decision allows Bitfarms to reorient its operations towards North America, aiming for an 80% North American energy portfolio by 2025. The sale is expected to significantly lower capital expenses and operating costs, with plans for reinvestment in U.S. growth opportunities.
Bitfarms Ltd. has successfully completed the sale of its 200 MW data center located in Yguazu, Paraguay, to HIVE Digital Technologies for approximately U.S. $85 million. This strategic transaction allows Bitfarms to streamline its operations while focusing on expanding its presence in North America. Following this sale, Bitfarms anticipates a portfolio consisting of approximately 80% North American and 20% international energy resources by year-end 2025.
The Chief Executive Officer, Ben Gagnon, expressed satisfaction with the expedited sale, noting its significance in transitioning the company’s focus from international Bitcoin mining to a more North American-centric strategy. The Chief Financial Officer, Jeff Lucas, highlighted that this sale will substantially lower the company’s capital expenditures for 2025 and decrease average power costs by 10%. Furthermore, Bitfarms intends to reinvest the capital savings into its U.S. growth pipeline for Bitcoin mining and high-performance computing (HPC) infrastructure.
Founded in 2017, Bitfarms is a vertically integrated data center company that specializes in Bitcoin mining, operating across multiple countries including the United States and Canada. With a commitment to sustainable energy, Bitfarms utilizes environmentally friendly hydro-electric power and focuses on leveraging underutilized energy resources for its operations. Currently, the company manages 15 operational Bitcoin data centers across four countries.
For the latest updates and community interactions related to Bitfarms, visit their official website and social media platforms. It is crucial to note that this announcement contains forward-looking information based on management expectations and involves various risks that could impact future performance. Stakeholders should refer to the company’s filings for a comprehensive overview of potential challenges as well as the risks associated with investing in Bitfarms.
Bitfarms’ recent sale of its Yguazu data center marks a pivotal move towards enhancing its operations and focusing on North American growth. The anticipated reduction in capital expenditures and operational costs highlights the strategic nature of this transaction. Furthermore, the company’s commitment to sustainable energy practices and its expansion plans within the U.S. market demonstrate its proactive approach to evolving within the cryptocurrency landscape.
Original Source: financialpost.com
