American cryptocurrency mining company Marathon Digital will launch in Paraguay a 27 MW mining facility powered by 100% renewable hydroelectric energy.
Powering up in Paraguay! We continue our international expansion with a 27 MW #Bitcoin mining project powered by 100% hydro energy. Read the full press release: https://t.co/mMQIuc6S7Z pic.twitter.com/KXa5kqfqlI
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 7, 2023
The partner in implementing the project was Penguin Infrastructure Holding.
The first batch of miners with a total hashrate of 0.3 EH/s is already at the facility near the Itaipu Hydroelectric power plant. Deployment of the equipment and connection to the grid is expected to take place during November.
Marathon plans to expand the facility’s capacity to 20 MW in 2024, with a throughput of 0.8 EH/s. Looking further ahead, the partners intend to raise the Bitcoin farm’s capacity to 1.1 EH/s.
The Paraguay project became Marathon’s second international venture after the launch of the joint mining center in Abu Dhabi with Zero Two.
The opening of the 200 MW immersion-cooled facility took place in October.
Celebrating a groundbreaking joint venture! Last month, Marathon and Zero Two proudly inaugurated our state-of-the-art 200 MW immersion-cooled #Bitcoin mining facility in the UAE. Watch the ribbon-cutting here: pic.twitter.com/e2z6Z93euA
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 6, 2023
Commenting on the deployment of the company’s activities in Paraguay, Marathon’s chairman and CEO Fred Thill said:
«Having demonstrated, through the Abu Dhabi project, that we can successfully go international, we are continuing to expand into new markets with energy surplus or deficit. This venture is our second global expansion and the first in Latin America.»
Itaipu is the second-largest hydroelectric power plant in the world, with a capacity of 14 GW. The country’s total electricity generation stands at 46 TWh per year with consumption of 14 TWh. Marathon noted that, despite exporting around 28 TWh annually, utilities in this situation incur losses.
The company believes that mining will monetise the surplus electricity and reduce transmission costs from the generating facilities.
In October, the American hosting provider Sazmining also launched a Bitcoin mining center, fed by Itaipu. According to the company’s president Kent Halliburton, the rate in Paraguay was $0.047 per kWh — significantly lower than what is available in the United States.
In November, Marathon started a pilot project to mine the first cryptocurrency using renewable energy from methane captured at landfills.