Bitfarms Ltd. has successfully sold its Yguazu, Paraguay data center for approximately $85 million. This strategic move will allow the company to strengthen its North American operations, reducing average power costs by 10% and facilitating significant reinvestments in its growth pipeline. The focus now shifts towards enhancing its infrastructure and diversification efforts in the U.S.
Bitfarms Ltd., a prominent Bitcoin data center company, has finalized the sale of its Yguazu data center in Paraguay for approximately $85 million. This transaction enables Bitfarms to focus its operations within North America, rebalancing its resources while enhancing its growth strategy in the U.S. market. The CEO, Ben Gagnon, confirmed the importance of this sale in shifting the company’s energy portfolio, with expectations for around 80% North American operations by year-end 2025.
The Chief Financial Officer, Jeff Lucas, emphasized that this sale will substantially decrease the company’s capital expenditure requirements for 2025 and reduce average power costs by 10%. Hence, Bitfarms plans to reinvest the resultant savings into its 1.1 GW growth pipeline for Bitcoin mining and high-performance computing infrastructure in the U.S. This strategic move aligns with their broader goal to diversify beyond Bitcoin mining.
Bitfarms has been operating since 2017 and currently maintains 15 data centers across the United States, Canada, Paraguay, and Argentina. The company prides itself on employing sustainable energy resources, primarily hydroelectric power. By transferring control of the Yguazu facility, it aims to further optimize operations and enhance the sustainability of its energy consumption.
In conclusion, Bitfarms’ sale of its Yguazu data center marks a significant shift towards a more focused North American strategy, while also establishing a robust foundation for future growth in the Bitcoin mining sector and high-performance computing initiatives. By streamlining its operations and optimizing capital expenditures, Bitfarms reinforces its commitment to sustainability and efficiency within the rapidly evolving cryptocurrency market.
Original Source: financialpost.com
