Kulr Technology Group Inc. (NYSE American: Kulr) has expanded its Bitcoin (BTC) mining operations, the company announced on July 9th.
Kulr reaches 750 PH/s Bitcoin Mining Milestone
On Wednesday, Kulr revealed that he had deployed a 3,570-bit Main S19 XP 140 Terrahash (TH/S) Bitcoin mining machine at a facility in Asuncion, Paraguay. This deployment will increase KULR’s operational capabilities to 750 petahashes per second across global mining sites.
At the same time, Kulr announced yesterday that it announced its $20 million credit facility on July 8 with Coinbase Credit Inc., a subsidiary of Coinbase Global Inc.
As far as mining ventures go, the company has emphasized the flexibility of “buying or mining” as a core part of its Bitcoin acquisition strategy. This dual approach aims to build Bitcoin (BTC) holdings more efficiently than relying solely on mining and open market purchases.
“Bitcoin has surpassed all major asset classes in many cases with large margins of the last 14 years,” CEO Michael MO said.
Kulr executives added:
In contrast, the double-lined model allows KULR to capture larger margins from hash prices, coin prices, or both.
Kulr further said that the mining machine lease operation continues to grow. Recently, we expanded our strategic relationships with companies listed on US exchanges, securing application-specific Integrated Circuit (ASIC) minor lease agreements and consulting services agreements. This provides KULR support for mining operations and financial management.
The company added that it is focusing on scaling mining footprints. Kulr aims to reach 1.25 exahash per second by the end of summer.