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Bitfarms sells Paraguay site to Hive for 85 million USD, refocuses on US

Bitfarms, a major Bitcoin mining firm, is selling its 200 megawatt facility in Paraguay to Hive for 85 million USD. The goal is to have 80% of its operations focused in North America by the end of 2025, with the first payment expected to be 25 million USD by Q1 2025.

CEO Ben Gagnon stated the sale reflects a strategy to pivot towards AI and energy in the US. Following the sale, Bitfarms expects to see a 10% reduction in power costs alongside the capacity decrease.

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