KULR Technology Group, Inc. expands its Bitcoin mining operations to 750 petahash per second (PH/s) by deploying 3,570 Bitmain S19 XP 140T mining machines in Paraguay.
The company aims to reach 1.25 exahash per second (EH/s) by late summer through its dual-pronged 'buy-or-mine' Bitcoin accumulation strategy.
KULR has partnered with a U.S.-listed company for ASIC miner leasing and operational support, while leveraging Paraguay's low-cost hydroelectric power for reduced operational costs.
The company has secured a $20 million Bitcoin-backed credit facility, emphasizing its long-term Bitcoin holdings strategy and commitment to integrating Bitcoin into its balance sheet.