KULR Expands Bitcoin Mining Capacity by 750 PH/s with 3,570 New Machines

KULR Technology Group Inc. has significantly expanded its bitcoin mining operations by deploying 3,570 Bitmain S19 XP mining machines, each with a capacity of 140 terahash per second (TH/s), at facilities in Asunción, Paraguay. This strategic move has increased KULR’s operational capacity to 750 petahash per second (PH/s) across its global mining sites, marking a substantial enhancement in its computational power.

Concurrently, KULR has secured a $20 million credit facility with Coinbase Credit Inc., a subsidiary of Coinbase Global Inc. This agreement, announced on July 8, establishes a multi-draw term loan initially totaling up to $20 million, providing KULR with the financial resources to further expand its mining operations and strengthen its market position.

The company’s “buy-or-mine” flexibility is central to its bitcoin acquisition strategy. This dual approach aims to build bitcoin holdings more efficiently than relying solely on mining or open-market purchases. According to CEO Michael Mo, this strategy allows KULR to capture greater margins from hash price, coin price, or both, while enhancing treasury resiliency. Mo emphasized that relying on a single approach risks missing value when market dynamics shift, making a dual-pronged model more advantageous.

KULR is also expanding its mining machine leasing operations. The company has recently secured an application-specific integrated circuit (ASIC) miner leasing agreement and a consulting services agreement with a U.S. exchange-listed company. This strategic relationship provides KULR with support for mining operations and treasury management, further bolstering its capabilities in the industry.

Looking ahead, KULR aims to reach 1.25 exahash per second (EH/s) by late summer, demonstrating its commitment to scaling its mining footprint and maintaining its competitive edge in the global mining landscape. This ambitious goal underscores KULR’s strategic vision and its dedication to leveraging global opportunities to maximize its mining potential.