KULR Cryptocurrency Mining Reaches 750 Pesticides Per Second Thanks to New Bitmain Mining Rigs Set Up in Paraguay
KULR Technology Group Inc. (NYSE American: KULR) announced the expansion of its Bitcoin (BTC) mining operations on July 9.
KULR Reaches 750 PH/s in Bitcoin Mining
On Wednesday, KULR announced the deployment of 3,570 Bitmain S19 XP mining machines with a capacity of 140 terahash per second (TH/s) at its facilities in Asuncion, Paraguay. The deployment brings the total hashrate of KULR's mining sites worldwide to 750 petahash per second (PH/s).
On the same day, KULR also reported the completion of a $20 million credit facility with Coinbase Credit Inc., a subsidiary of Coinbase Global Inc. The agreement, announced on July 8, provides a recurring term loan with an initial amount of up to $20 million.
The company has highlighted the flexibility of the buy-or-mine approach as a key element of its Bitcoin accumulation strategy in its mining project. This combined approach aims to accumulate Bitcoin (BTC) more efficiently than relying solely on mining or buying on the open market.
“Bitcoin has outperformed all major asset classes in 11 of the last 14 years, often by significant margins,” said CEO Michael Mo. “However, price cycles will remain unpredictable, hash rates will remain volatile, and energy markets can change rapidly. Relying on just one method — whether it’s just mining or just buying — risks missing out on opportunities as market conditions change.”
The KULR chief added:
In contrast, the two-sided model allows KULR to make greater profits, whether through hashrate prices, coin value, or a combination of both, while strengthening our capital sustainability.
KULR also announced that it is continuing to grow its mining equipment leasing operations. The company recently expanded its strategic partnership with a U.S.-listed company by signing a mining ASIC leasing contract and consulting agreement. This will provide KULR with support in mining operations and financial management.
The company noted that it continues to focus on expanding its mining footprint. KULR aims to reach 1.25 exahashes per second (EH/s) by the end of the summer.
Source: cryptonews.net
