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Bitfarms ( (TSE:BITF) ) has shared an announcement.
Bitfarms announced a binding Letter of Intent to sell its 200 MW site in Yguazu, Paraguay, to HIVE Digital Technologies for approximately $85 million. This transaction aligns with Bitfarms’ strategic shift towards concentrating its operations in North America, reducing its average power costs by 10%, and decreasing its anticipated 2025 capital requirements. The sale will allow Bitfarms to reinvest in its U.S. growth pipeline, focusing on Bitcoin mining and HPC/AI infrastructure, marking a significant transition from international to North American operations.
More about Bitfarms
Bitfarms Ltd. is a global vertically integrated Bitcoin data center company that engages in cryptocurrency mining by contributing computational power to mining pools. Founded in 2017, the company operates mining facilities in Canada, the United States, Paraguay, and Argentina, utilizing environmentally friendly hydro-electric power and long-term contracts for energy. Bitfarms is expanding its operations to focus more on North American assets and HPC/AI infrastructure.
YTD Price Performance: 1.24%
Average Trading Volume: 47,483,395
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $765.3M
Learn more about BITF stock on TipRanks’ Stock Analysis page.
