The stock of Bitfarms Ltd. (Nasdaq: BITF), a popular Bitcoin (BTC) mining company, surged more than 12% on Jan. 2 as the firm announced its decision to completely exit Latin America.
Bitcoin mining is the process of using high-end computing systems to solve complex cryptographic functions so that you can verify and add blocks containing BTC transactions to the chain.
Related: What is Bitcoin mining? Explained
In exchange for securing the Bitcoin blockchain network, miners receive rewards in the form of newly mined BTC.
But Bitcoin mining is no longer a rewarding enterprise because of reduced rewards and rising power costs in several regions of the world.
That is why a lot of companies are abandoning Bitcoin mining for artificial intelligence (AI) operations.
Since these firms already own ready infrastructure, they don't need huge capital to pivot to AI. Instead, they transform their existing mining sites into AI centers.
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Bitfarms to completely exit Latin America
Bitfarms is a popular energy and digital infrastructure company that has operations in North America.
On Jan. 2, the company announced that it has agreed with the Sympatheia Power Fund, a crypto infrastructure fund managed by Singapore-based Hawksburn Capital, to sell its 70 MW site in Paso Pe, Paraguay, for $30 million.
Once the transaction closes within 60 days, as expected, it would mark Bitfarms' complete exit from Latin America.
The goal is to reinvest capital in 100% North American HPC/AI energy infrastructure, the statement read.
Bitfarms CEO Ben Gagnon stated,
"The sale of Paso Pe is the culmination of a series of transactions to completely exit Latam, and refocus the company, its management team and capital on 100% North American power and infrastructure for HPC/AI."
In fact, the company said back in November 2025 that it plans to wind down its Bitcoin mining business by 2027.
Following the latest announcement, the BITF stock surged more than 12% to trade at $2.6399 at the time of writing.
Related: Popular North American company shuts down Bitcoin mining operations for AI
This story was originally published by TheStreet on Jan 2, 2026, where it first appeared in the Trading News & Analysis section. Add TheStreet as a Preferred Source by clicking here.
