Bitfarms Ltd., a leading Bitcoin data center firm, has successfully sold its 200 MW data center in Yguazu, Paraguay to HIVE Digital Technologies for around $85 million. This strategic move allows Bitfarms to concentrate more on its North American operations, aiming for 80% of its energy portfolio to be sourced from the region by the end of 2025. CEO Ben Gagnon expressed satisfaction with the sale, highlighting its role in streamlining operations and reducing future capital expenditures. The company plans to reinvest the funds into its growth pipeline for Bitcoin mining and high-performance computing infrastructure in the U.S., reinforcing its commitment to sustainable energy practices. For more updates on Bitfarms, visit their official website.
Bitfarms Completes Strategic Sale of Yguazu Data Center
Bitfarms Ltd. has announced the successful sale of its large data center located in Yguazu, Paraguay. This transaction is valued at approximately $85 million and marks a significant shift in the company’s operational strategy. The sale was completed with HIVE Digital Technologies, and Bitfarms plans to reinvest the capital into its growth opportunities in the United States.
CEO Ben Gagnon expressed excitement over the timely sale, indicating that it allows Bitfarms to streamline operations and shift its focus more towards North America. By the end of 2025, the company expects to see its energy portfolio comprise around 80% North American assets and only 20% from international locations. This move signifies a transition from being primarily an international Bitcoin mining company to emphasizing energy and computing infrastructure in North America.
CFO Jeff Lucas noted that this strategic sale will reduce the company’s capital expenditures in 2025 and lower power costs by about 10%. The savings will be reinvested into a significant expansion pipeline of 1.1 gigawatts in the U.S., aimed at Bitcoin mining and high-performance computing (HPC) infrastructure.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a prominent name in Bitcoin mining, operating 15 data centers across several countries, including the United States, Canada, and Paraguay. The company prides itself on using environmentally friendly energy sources, particularly hydropower, to fuel its operations.
As Bitfarms continues to grow and evolve, its commitment to sustainability and technological advancement remains strong. For more updates and information about Bitfarms, visit their official website or follow them on social media.
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Reinvestment Strategy: The strategic sale of the Yguazu site allows Bitfarms to optimize its operations and focus on growth in North America, ensuring a sustainable and profitable future in the competitive landscape of cryptocurrency mining.
What is the main news about Bitfarms?
Bitfarms completed a strategic sale of its Yguazu Data Center in Paraguay. This decision is part of the company’s effort to focus on its growth and handle financial challenges.
Why did Bitfarms sell the Yguazu Data Center?
The sale allows Bitfarms to improve its finances. It helps the company reduce its debt and invest in more profitable projects.
What does this mean for Bitfarms’ future?
By selling the Yguazu Data Center, Bitfarms plans to strengthen its position in the cryptocurrency Market. They aim to focus on expanding their operations where they can be more successful.
Will this sale affect Bitfarms’ employees?
The company has not provided specific details about the impact on employees at the Yguazu Data Center. Generally, such sales may lead to changes, but it can vary based on the buyer’s plans.
How does this sale affect cryptocurrency mining?
By refocusing after this sale, Bitfarms hopes to increase its mining efficiency. This could enhance their ability to profit in the competitive cryptocurrency Market.