Bitfarms Exits Latin America with $30M Sale of Paraguayan Facility
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Market Exit: Bitfarms announced a complete exit from the Latin American market through the $30 million sale of its 70 MW facility in Paraguay, with $9 million expected in cash in Q1 2026 and an additional $21 million over the next 10 months, aiming to reallocate resources to North America.
- Strategic Shift: According to CEO Ben Gagnon, the company's energy operations will become “100% North American” post-exit, with plans to reinvest proceeds into AI and high-performance computing infrastructure to adapt to market changes.
- Capacity Development: Bitfarms is developing 430 MW of capacity in the U.S. and plans a multi-year development of 2.1 gigawatts, indicating a strong focus on expansion in the North American market.
- Stock Volatility: Following the announcement, Bitfarms' stock price dropped 18%, with a cumulative decline of about 20% over the past 30 days, reflecting market concerns regarding its strategic transition and diminishing investor confidence.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
