Global cryptocurrency miner Bitfarms is rebalancing its portfolio by selling its largest Bitcoin mining facility in Paraguay to focus its resources on strengthening its presence in the United States. According to a recent announcement , Bitfarms has signed a binding letter of intent with Hive Digital Technologies to sell its 200 MW Yguazu facility for $85 million. The deal is expected to be concluded by the end of the first quarter of 2025. At the time, Bitframs will receive $25 million upfront, followed by $31 million over the next six months. As for the remaining $29 million, it will include $19 million in power deposit reimbursements and $10 million in capital obligations. Bitfarms believes the move will reduce its capital requirements for 2025 and lower its average power costs by 10% while its total capacity decreases from 955 MW to 755 MW. However, the primary goal behind this sale is to refocus operations on North America, with the company aiming to rebalance its portfolio to approximately 80% North American and 20% international assets by the end of 2025. Ben Gagnon, who currently serves as the CEO of the company, said proceeds from the sale would be reinvested into Bitfarms’ “1 GW growth pipeline in the US” to support Bitcoin mining and expand its HPC/AI infrastructure. He labeled the sale as a “significant milestone” in the company’s transition from an international Bitcoin miner to a North American-focused energy and compute infrastructure company, adding: “This shift towards US-based assets is in line with our strategy to diversify beyond Bitcoin mining and capitalize on the significant growth opportunities in HPC/AI.” Following the sale, Bitfarms will retain its remaining two mining sites in Paraguay, Villarrica and Paso Pe, which have a combined capacity of 80 MW. Outside the United States, Bitfarms also maintains mining operations in Canada, with a capacity of 158.5 MW, and Argentina, with a capacity of 54 MW. The Trump effect The recent focus on US expansion aligns with a growing trend among cryptocurrency miners to deepen their roots in the US market, driven by optimism surrounding Donald Trump’s campaign promises to position the United States as the global capital for crypto mining. Upon stepping into office, the returning president has already taken significant steps to bolster the cryptocurrency sector. On January 23, 2025, President Trump signed an executive order titled “Strengthening American Leadership in Digital Financial Technology,” which promotes US leadership in digital assets and financial technology. Additionally, the US Securities and Exchange Commission has formed a new crypto task force led by Commissioner Hester Peirce to develop a comprehensive regulatory framework for crypto assets. With crypto in focus, miners are hopeful that these supportive measures will drive regulatory clarity and innovation, making the United States an attractive hub for expanding their operations. On January 17, Singapore-based BitFuFu unveiled plans to acquire a mining facility in Oklahoma with a 51-megawatt capacity. Prior to that, Abu Dhabi-listed Phoenix Group launched a 50 MW facility in North Dakota after it opened a 25 MW mining facility in Willamette, South Carolina. The post Bitfarms sells major Paraguayan facility to fuel explosive US growth appeared first on Invezz
