Bitfarms, a world Bitcoin mining firm, is promoting its 200-megawatt Yguazu facility in Paraguay to Hive Digital Applied sciences for $85 million.
The choice is a part of Bitfarms’ technique to shift its focus towards North America and develop its operations within the U.S. The funds from the sale will assist Bitfarms’ progress in high-performance computing (HPC) and AI infrastructure alongside Bitcoin mining.
The Yguazu website, Bitfarms’ largest in Paraguay, is one in all three within the nation. The corporate plans to make use of the proceeds to rebalance its portfolio, aiming for 80% of operations in North America by 2025.
CEO Ben Gagnon highlighted the transfer as a milestone in transitioning from a global Bitcoin miner to a U.S.-based power and computing powerhouse.
The deal, anticipated to shut by Q1 2025, entails an preliminary $25 million cost, adopted by $31 million over six months, with the remaining $29 million allotted for reimbursements and obligations.
Whereas the sale will scale back Bitfarms’ mining capability by 21%, it’s projected to decrease energy prices by 10%, positioning the corporate for long-term progress within the evolving digital asset and AI sectors.
