KULR Deploys Over 3,500 Miners in Paraguay

KULR Technology Group has deployed 3,570 S19 XP miners from Bitmain at facilities in Asunción, Paraguay, according to a press release.

The firm has increased its equipment capacity to 750 PH/s and aims to reach 1.25 EH/s by the end of summer. Companies like CleanSpark, Marathon Digital Holdings, and Bitfarms have hash rates ranging from 10 to 50 EH/s. Hive Digital Technologies, which also chose Paraguay, plans to achieve a capacity of 12.1 EH/s.

According to the press release, KULR Technology mines Bitcoin directly and also purchases it on exchanges. This ‘Buy or Mine’ approach allows the company to increase its BTC reserves more efficiently without relying on a single accumulation method.

“Bitcoin has outperformed all major asset classes in 11 of the last 14 years,” noted KULR CEO Michael Mo.

KULR Joins the Club of Holders with Over 1,000 BTC

On July 10, Mo announced that KULR acquired 90 BTC for $10 million at an average price of $108,884 per coin.

KULR has acquired 90 BTC for ~ 10 million at ~ $108,884 per #bitcoin and has achieved BTC Yield of 291% YTD. As of 7/9/25, we hodl 1021 $BTC acquired for ~ $101 million at ~ $98,627 per bitcoin. $KULR pic.twitter.com/aXyB0AABsr

— Michael Mo (@michaelmokulr) July 10, 2025

The total amount of Bitcoin under management has reached 1,021 BTC at an average price of $98,627.

In the ranking of public companies led by Strategy, KULR ranks 32nd out of 147 in terms of Bitcoin reserves.

In 2022, the Senate of Paraguay approved a bill on cryptocurrency mining and trading. This made the country popular among industry participants due to the abundance and low cost of energy, primarily sourced from the Itaipu hydroelectric plant.

In 2024, as network load increased from illegal miners, authorities in Paraguay considered a 180-day ban on Bitcoin mining. However, the country’s parliament suspended the moratorium after analyzing potential losses.

Later, the national operator ANDE warned legal industry participants about planned price increases. Miners appealed to the government to reconsider the decision.