KULR Expands Mining Capacity in Paraguay
KULR has significantly increased its mining capacity at the world's largest hydroelectric power plant in Paraguay. They are currently using 3,570 ASIC devices with a total hashrate of 750 PH/s, and plan to reach 1.25 EH/s by the end of the summer.
Paraguay offers one of the cheapest and most environmentally friendly energies in the world thanks to the Itaipu Dam, which covers 99% of the country's electricity needs. Most of this energy is exported, as locals do not need that much.
KULR uses surplus cheap energy and adheres to the "Buy or Mine" strategy: in addition to mining, they also buy Bitcoin on the market. They currently have 1,021 BTC on their balance sheet at an average price of $98,600, which is approximately $101 million.
