KULR Technology Group Inc. (NYSE American: KULR) has expanded its bitcoin ( BTC) mining operations, the company announced July 9.
KULR Reaches 750 PH/s Bitcoin Mining Milestone
On Wednesday, KULR disclosed that it deployed 3,570 Bitmain S19 XP 140 terahash per second (TH/s) bitcoin mining machines at facilities in Asunción, Paraguay. This deployment increases KULR’s operational capacity to 750 petahash per second (PH/s) across its global mining sites.
Concurrently, KULR revealed yesterday that it finalized a $20 million credit facility with Coinbase Credit Inc., a subsidiary of Coinbase Global Inc. Announced July 8, the agreement establishes a multi-draw term loan initially totaling up to $20 million.
As far as the mining venture is concerned, the company emphasized its “buy-or-mine” flexibility as core to its bitcoin acquisition strategy. This dual approach aims to build bitcoin (BTC) holdings more efficiently than relying solely on mining or open-market purchases.
“Bitcoin has outpaced every major asset class in 11 of the last 14 years, often by a significant margin,” stated CEO Michael Mo. “The price cycles, however, will remain unpredictable, hashrate 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.”
The KULR executive added:
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 further said it also continues growing its mining machine leasing operations. It recently expanded a strategic relationship with a U.S. exchange-listed company, securing an application-specific integrated circuit (ASIC) miner leasing agreement and a consulting services agreement. This provides KULR support for mining operations and treasury management.
The company added that it remains focused on scaling its mining footprint. KULR aims to reach 1.25 exahash per second (EH/s) by late summer.
