Bitfarms Sells Paraguay Bitcoin Mining Facility for $30M, Exits Latin America

Bitcoin mining company Bitfarms Ltd. is exiting the Latin American market with the sale of its operations in Paraguay. The firm has agreed to sell its mining facility in Villarrica, Paraguay, for approximately $30 million in cash. This strategic move is part of Bitfarms' ongoing efforts to optimize its global portfolio and strengthen its financial position. The proceeds from the sale are intended to be used for general corporate purposes, which may include further debt reduction and investments in more efficient mining infrastructure in core markets. The transaction underscores the dynamic and consolidating nature of the Bitcoin mining industry as companies adjust their strategies in response to market conditions and operational efficiency goals.