Bitfarms completed the sale of its 200 MW Yguazu data center to HIVE for $85 million. This strategic decision aims to reorient operations towards North America, reducing 2025 capex and power costs by 10%. The company’s energy portfolio is projected to be 80% North American, supporting its plans for Bitcoin mining and AI infrastructure growth.
Bitfarms Ltd. has successfully sold its 200 MW data center in Yguazu, Paraguay, to HIVE Digital Technologies for approximately $85 million. This strategic move aims to streamline operations and pivot their focus towards North America, with plans to enhance their energy portfolio predominantly in that region. The anticipated energy allocation will shift to around 80% North American, signifying progress in rebalancing their focus from international operations.
CEO Ben Gagnon expressed satisfaction with the transaction, emphasizing its role in restructuring Bitfarms’ operational strategies. The sale is expected to reduce capital expenditure (capex) for 2025 and lower power costs by 10%, allowing for reinvestment into U.S. growth opportunities, particularly in Bitcoin mining and High-Performance Computing (HPC) and Artificial Intelligence (AI) infrastructure.
Founded in 2017, Bitfarms is a Bitcoin data center company that offers computational power to mining pools in exchange for Bitcoin. It operates 15 data centers across the U.S., Canada, Paraguay, and Argentina, utilizing eco-friendly hydro-electric energy to support its operations. This transition towards North American development signifies a broader strategic commitment to sustainable, high-capacity infrastructure.
The sale of the Yguazu data center marks a pivotal shift for Bitfarms, focusing greater investment and operational resources toward North America. By reducing power costs and increasing capacity for Bitcoin mining and AI applications, Bitfarms is setting the stage for sustainable growth in a competitive market. The move reflects a strategic rebalance of their portfolio and operations, underscoring their commitment to sustainable energy solutions.
Original Source: financialpost.com
