KULR Technology Group, Inc., a Bitcoin-first company focused on sustainable energy solutions, announced today the successful deployment of 3,570 Bitmain S19 XP 140T mining machines in Asuncion, Paraguay. This new infrastructure brings KULR’s total Bitcoin mining capacity to 750 petahash per second (PH/s), with a goal of reaching 1.25 exahash per second (EH/s) by late summer.
The expansion is a continuation of KULR’s dual-pronged “buy-or-mine” Bitcoin accumulation strategy, which aims to optimize treasury performance through both direct BTC purchases and self-mining.
“Bitcoin has outpaced every major asset class in 11 of the last 14 years, often by a significant margin,” said Michael Mo, CEO of KULR. “The price cycles, however, will remain unpredictable, hash rate is volatile, and even energy markets can shift rapidly. Relying on a single approach — whether solely mining or solely buying — risks missing value when market dynamics shift. In contrast, a dual-pronged model allows KULR to capture the greater margin, whether from hash price, coin price, or both, all while strengthening our treasury resiliency.”
KULR has also expanded its strategic partnership with a U.S.-listed company to support its mining ambitions. This includes a new ASIC miner leasing agreement and a consulting and services deal that provides operational guidance on hosting providers, repair logistics, and integrating Bitcoin into its corporate treasury strategy.
KULR’s choice of Paraguay for expansion reflects a broader trend of miners moving to regions with abundant, low-cost hydroelectric power. Paraguay’s Itaipú Dam — one of the world’s largest hydroelectric plants — offers a renewable and stable energy source, allowing KULR to reduce operational costs while aligning with its sustainability commitments.
The news follows a series of moves by KULR to further its Bitcoin-centric financial positioning. On July 8, KULR secured a $20 million Bitcoin-backed credit facility from Coinbase Credit, providing non-dilutive capital to grow its BTC holdings. In June, the company entered into a $300 million ATM equity offering with Cantor Fitzgerald & Co. and Craig-Hallum Capital to fuel its Bitcoin reserve strategy.
“We view our Bitcoin holdings as long term holdings and expect to continue to accumulate bitcoin,” KULR stated in its filing. “We have not set any specific target for the amount of Bitcoin we seek to hold.”
With diversified funding access and growing operational scale, KULR continues to grow and integrate Bitcoin into its balance sheet.
