KULR Technology Group Inc. (NYSE American: KULR) announced on July 9 that it is expanding its operations into bitcoin (BTC) mining.
On Wednesday, KULR announced the deployment of 3,570 Bitmain S19 XP mining rigs with a capacity of 140 terahash per second (TH/s) at its sites in Asuncion, Paraguay. This deployment brings the total capacity of KULR’s global mining operations to 750 petahash per second (PH/s).
On the same day, KULR also reported the completion of a $20 million credit facility with Coinbase Credit Inc., a subsidiary of Coinbase Global Inc. The agreement, announced on July 8, includes a recurring term loan with an initial amount of up to $20 million.
As for the mining project, the company emphasized the flexibility of the “buy or mine” strategy as the basis of its approach to acquiring bitcoin. This dual method aims to accumulate bitcoin (BTC) more efficiently than relying solely on mining or open market purchases.
“Bitcoin has outperformed all major asset classes in 11 of the last 14 years, often by significant margins,” said CEO Michael Mo. “However, price cycles will remain unpredictable, hash rates will be volatile, and energy markets can change rapidly. Relying on a single approach — whether exclusively mining or exclusively buying — means you risk missing out on opportunities as market dynamics change.”
The KULR chief added:
On the other hand, the two-sided model allows KULR to benefit greatly from both hashrate and coin prices while strengthening the financial strength of our company.
KULR also confirmed that it is continuing to develop its mining equipment rental operations. The company recently expanded its strategic relationship with a public company in the US by signing a mining ASIC rental contract and consulting agreement. This will provide KULR with support in mining operations and financial management.
The company added that it remains focused on expanding its mining footprint. KULR plans to reach 1.25 exahashes per second (EH/s) by the end of the summer.
Source: cryptonews.net
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