06:35 AM EST, 01/28/2025 (MT Newswires) -- Bitfarms ( BITF ) , a Bitcoin data center company, on Tuesday said it signed a binding letter of intent to sell its 200 MW site in Yguazu, Paraguay to HIVE Digital Technologies ( HIVE ) .

The deal values the completed site at approximately US$85 million, inclusive of approximately US$19 million of power deposits with ANDE and the assumption of remaining capital obligations, according to a statement.

Bitfarms ( BITF ) is slated to receive US$25 million upon closing, US$31 million over 6 months following closing, US$19 million as reimbursement for power deposits made to ANDE by Bitfarms ( BITF ) and about US$10 million in remaining capital obligations.

The transaction is expected to close in the first quarter.

Bitfarms ( BITF ) noted the transaction rebalances its 2025 proforma energy portfolio to near 80% North American and 20% international, and reduces expected average power costs by near 10%.

"Bitfarms ( BITF ) will be reinvesting the capital from this sale towards its 1 GW growth pipeline in the U.S. for BTC and HPC/AI infrastructure which marks a significant milestone in our transition from an international Bitcoin miner to a North American energy and compute infrastructure company," Bitfarms ( BITF ) CEO Ben Gagnon said. "This shift towards U.S.-based assets is in-line with our strategy to diversify beyond Bitcoin mining and capitalize on the significant growth opportunities in HPC/AI."

HIVE was up 3.6% in US premarket at last look and Bitfarms ( BITF ) was 5% higher.