Bitfarms, a leading cryptocurrency mining company, has announced that it will be selling its largest mining farm in Paraguay to Hive Digital for a whopping $85 million. This move comes as Bitfarms shifts its focus towards expanding its operations in the United States, particularly in the areas of Bitcoin mining and artificial intelligence infrastructure.

The Paraguay mining farm, which spans over 240,000 square feet, has been a key asset for Bitfarms in its mining operations. However, with the rapidly evolving landscape of the cryptocurrency industry, the company has decided to strategically reallocate its resources to capitalize on the growing demand for Bitcoin and AI infrastructure in the US market.

Hive Digital, a US-based cryptocurrency mining company, has agreed to acquire the Paraguay mining farm from Bitfarms. This acquisition will not only expand Hive Digital’s mining capabilities but also strengthen its presence in the South American market. The deal is expected to be finalized by the end of the year, pending regulatory approvals.

According to Bitfarms CEO, Emiliano Grodzki, the decision to sell the Paraguay mining farm was a strategic one, as the company aims to focus on its core competencies and capitalize on the opportunities presented by the US market. He also expressed confidence in Hive Digital’s ability to continue the success of the mining farm and create value for its shareholders.

The sale of the Paraguay mining farm is just one of the many steps Bitfarms is taking to expand its operations in the US. The company has also recently announced plans to build a new mining facility in the state of Georgia, which is expected to be operational by the end of 2022. This move will not only increase Bitfarms’ mining capacity but also create job opportunities and contribute to the growth of the local economy.

In conclusion, Bitfarms’ decision to sell its Paraguay mining farm to Hive Digital for $85 million is a strategic move that will allow the company to focus on its expansion plans in the US market. With the growing demand for Bitcoin and AI infrastructure, Bitfarms is well-positioned to capitalize on these opportunities and continue its success in the cryptocurrency industry.