Bitfarms has agreed to sell its mining site Paso Pe to Sympatheia Power Fund, managed by the Singapore-based company Hawksburn Capital. The deal is planned to close within 60 days, with the buyer committing to maintain operations at the facility under new management. This decision marks Bitfarms’ complete exit from Latin America and a reallocation of energy capacity to North America.
Sale of the Paso Pe Site
The buyer, Sympatheia Power Fund managed by Hawksburn Capital, has committed to ensuring uninterrupted operation of the Paso Pe site after the transition. The deal announcement specifically highlights the fund’s intention to expand its presence in the cryptocurrency sector under new management.
Deal Terms and Timeline
The agreement stipulates closing within 60 days of the announcement, with financial settlements divided into stages tied to closing and subsequent periods. Bitfarms will receive part of the funds immediately at closing, with the remainder paid in installments over the agreed timeframe.
Deal Amount and Payment Stages
- At closing, Bitfarms is to receive $9 million in cash, including a $1 million deposit already paid.
- Over the following 10 months after closing, the company will receive an additional $21 million through staged payments.
Bitfarms’ Exit from Latin America
The company notes that the deal marks a full exit from the region: all its capacities will be concentrated in North America. Alongside this, Bitfarms announced a strategic shift toward high-performance computing and AI-related projects.
Bitfarms had already supported this shift with other initiatives; for example, in 2024, the company announced a merger agreement with the U.S.-based Stronghold Digital Mining. Bitfarms estimates that this merger would add 165 MW of capacity and 4.0 EH/s of hash rate.
For more details on Bitfarms’ transition from bitcoin mining to AI infrastructure, see the article Bitfarms shifts from bitcoin mining to AI infrastructure, and for the broader trend of repurposing farms for AI, see the explanatory article.
Sympatheia Power Fund’s Plans
Sympatheia Power Fund has stated its intention to maintain uninterrupted operations at the Paso Pe facility and to expand its presence in the cryptocurrency sector. The fund emphasized that the transition to new management should not affect the site’s operation.
Comments from Bitfarms’ CEO
Bitfarms CEO Ben Gagnon described the deal as part of a strategic rebalancing of the energy portfolio toward North American resources. He also linked the sale to plans to achieve higher capital returns through investments in high-performance computing and AI-related projects.
Collaboration with Stronghold Digital Mining
In 2024, Bitfarms announced a business merger agreement with the U.S. company Stronghold Digital Mining. Bitfarms estimates that this acquisition would add 165 MW of energy capacity and 4.0 EH/s of hash rate, providing context for the company’s current strategic reorientation.
Why This Matters
The deal text does not explicitly mention changes in tariffs or conditions for private miners, so there is no direct impact for most home miners in Russia. However, it reflects a strategic shift from geographic diversification to focusing on North American resources and computing services.
For professional operators and those renting space at mining sites, it is important to understand that the ownership change at Paso Pe comes with assurances of continued operation, but specific service terms and contracts depend on the new operator and should be clarified separately.
What to Do?
If you have equipment or contracts at Paso Pe, contact your operator or site representatives to clarify the terms of transition under Sympatheia Power Fund’s management. Review documents related to access rights, payments, and maintenance, and if necessary, document any changes in writing.
If you are a private miner in Russia without ties to Paso Pe, monitor official statements from Bitfarms and the buyer—company strategy changes may indirectly affect the market and capacity availability. When planning investments, consider Bitfarms’ current focus on high-performance computing and AI.