Bitfarms Ltd. has completed the sale of its Yguazu, Paraguay data center to HIVE Digital Technologies for approximately U.S. $85 million. The sale is set to streamline operations while allowing Bitfarms to shift its focus toward North American growth opportunities, particularly in Bitcoin mining and HPC/AI infrastructure.
Bitfarms Ltd. has announced the successful completion of its strategic sale of a 200 MW data center located in Yguazu, Paraguay to HIVE Digital Technologies, for a total valuation of approximately U.S. $85 million. This transaction enables Bitfarms to enhance operational efficiency and shift its focus toward growth opportunities within North America.
CEO Ben Gagnon expressed satisfaction with the prompt completion of the sale, indicating that this action will aid in streamlining operations and realigning the company’s portfolio. As a result of this transaction, Bitfarms anticipates a year-end energy portfolio distribution of approximately 80% from North America and 20% from international sources.
CFO Jeff Lucas noted the positive financial implications of the sale, expecting it to significantly lower capital expenditures by 2025 and reduce average power costs by 10%. The company aims to reinvest these savings into its 1.1 GW growth pipeline in the United States, augmenting its focus beyond Bitcoin mining to include High Performance Computing (HPC) and Artificial Intelligence (AI) infrastructure.
Founded in 2017, Bitfarms operates 15 Bitcoin data centers across four countries: the United States, Canada, Paraguay, and Argentina. The company prioritizes environmentally sustainable energy sources, primarily utilizing hydro-electric power.
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The strategic sale of Bitfarms’ Yguazu data center marks a significant step towards enhancing its operational focus on North America and diversifying its portfolio. By reallocating capital from this transaction, Bitfarms aims to reduce operational costs and invest in growth opportunities in the U.S. while maintaining its commitment to sustainable energy practices.
Original Source: financialpost.com
