Bitcoin miner Bitfarms (BITF) is about to exit Latin America with the sale of its web site in Paso Pe, Paraguay.
The corporate is promoting the location to the Sympatheia Energy Fund (SPF), managed by Singapore-based Hawksburn Capital, for as much as $30 million, the company announced on Friday.
The transaction, which is topic to customary closing circumstances, is predicted to shut inside the subsequent 60 days, Bitfarms mentioned.
Bitfarms will obtain $9 million upfront and as much as $21 million over the next 10 months primarily based on sure cost milestones.
“This transaction brings ahead an estimated two to 3 years of anticipated free money flows from operations to be reinvested into our North American HPC/AI power infrastructure in 2026, the place we consider we can generate a lot stronger returns on our invested capital with HPC/AI,” Bitfarms CEO Ben Gagnon mentioned.
The deal follows Bitfarms’ sale of a site in Yguazú, Paraguay to bitcoin mining company Hive Digital Technologies (HIVE) just below a 12 months in the past.
BITF shares have been up round 4% at $2.45 in pre-market trading, coinciding with a carry in BTC’s price to just under $90,000.
