KULR Technology Group, Inc. (NYSE American: KULR), positioning itself as a 'Bitcoin First Company', announced a significant expansion of its bitcoin mining operations. The company has successfully deployed 3570 state-of-the-art Bitmain S19 XP 140T machines in Asuncion, Paraguay, increasing its total operational capacity to 750 (PH/s) across various sites. This move is part of KULR's strategy that combines mining and purchasing bitcoins for effective accumulation $BTC
Paraguay's choice is determined by access to cheap hydroelectric power, particularly from the Itaipu dam, which allows KULR to reduce costs and maintain an environmentally friendly approach to mining. The company has also formed a strategic partnership with an American exchange company, entering into agreements for leasing ASIC miners and consulting on mining management and treasury.
KULR plans to reach 1.25 EH/s by the end of summer, underscoring ambitious scaling plans. Additionally, the company has secured a $20 million line of credit from Coinbase for further expansion. This strategy strengthens KULR's position in the cryptocurrency market, demonstrating an innovative approach to asset management.
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