KULR Deploys Over 3,500 Bitcoin Miners in Paraguay

The KULR Technology Group has launched 3,570 Bitmain S19 XP miners at facilities in Asuncion, Paraguay. This information is detailed in a recent press release.

The company has increased its operational capacity to 750 PH/s and aims to reach 1.25 EH/s by the end of summer. In comparison, companies like CleanSpark, Marathon Digital Holdings, and Bitfarms maintain a hash rate ranging from 10 to 50 EH/s. Hive Digital Technologies, which has also selected Paraguay as its location, intends to achieve a capacity of 12.1 EH/s.

According to the announcement, KULR Technology mines Bitcoin directly and also purchases it on exchanges. This dual approach—“Buy or Mine”—enables the company to more efficiently build its BTC reserves without relying on just one method of accumulation.

“Bitcoin has outperformed all major asset classes in 11 out of the last 14 years,” stated KULR CEO Michael Mo.

On July 10, Mo reported that KULR acquired 90 BTC for $10 million at an average price of $108,884 per coin.

The total Bitcoin held by the company has reached 1,021 BTC at an average price of $98,627.

In the ranking of publicly traded companies compiled by Strategy, KULR holds the 32nd position out of 147 based on its Bitcoin reserves.

In 2022, the Paraguayan Senate approved a bill regulating mining and trading of cryptocurrencies. This led to an increase in the country’s popularity among industry participants due to its abundant and inexpensive electricity, primarily sourced from the Itaipu Dam, the largest hydroelectric power plant in the world by annual energy production.

It’s worth noting that in 2024, as the strain on the power grids from illegal miners increased, Paraguayan authorities considered a 180-day moratorium on Bitcoin mining. However, the country’s parliament suspended the implementation of this ban after analyzing potential losses.

Subsequently, the national operator ANDE warned legal industry participants of an impending increase in electricity prices. Miners have called on the government to reconsider this decision.