Bitcoin mining company Marathon Digital Holdings recently reported its third quarter results and announced the expansion of its business into Latin America.
Marathon Digital continues with its plan to expand internationally and is now ready to start mining Bitcoin with hydroelectric energy from Paraguay.
In a press release, the American Bitcoin mining company reported that it will soon launch a new crypto mining farm, 27 megawatts (MW) of power, which will be fed by the Itaipú Dam, located on the border of Paraguay and Brazil, and which represents one of the largest hydroelectric plants in Latin America and the world.
The company noted that its expansion into Paraguay represents its first deployment in Latin America and its second internationally, after installing a farm in Abu Dhabi, the capital and second most populous city in the United Arab Emirates.
Itaipu will feed Marathon Digital's new Bitcoin farm
The Itaipú Dam has enormous energy potential, capable of producing 14 gigawatts (GW) of renewable hydroelectric energy, which is enough to cover 99% of Paraguay's energy demand.
This dam will power Marathon Digital Holdings' new operations in Paraguay, ensuring the mining of new bitcoins on the network using renewable energy.
“It is the second largest hydroelectric dam in the world by annual production”, the company highlighted in its statement.
According to Marathon Digital, the crypto mining equipment that will operate from its new facility is already on site and is just waiting to be installed and powered up to go live.
Fred Thiel, President and CEO of Marathon Digital, assured that the company will take advantage of the energy potential of markets with excess energy or stranded energy to continue with its international expansion plan.
To consolidate this new project, Marathon Digital signed an agreement with the company Penguin Infrastructure Holding, based in Paraguay and dedicated to offering digital infrastructure and data center solutions.
Marathon Bitcoin Hash Rate Increased by 8%
Marathon Digital's expansion into Paraguay will boost the company's upcoming quarterly results, which recently presented its Q3 report.
According to Marathon Digital, in the first phase, the new facilities will operate 7 MW to feed approximately 0,3 EH/s of power into the Bitcoin network. This operational capacity will be launched this November, the company said.
On the other hand, the second phase of the project, which will be launched next year, will put into operation the other 20 MW of the Bitcoin farm's installed capacity, to feed another 0,8 EH/s on the blockchain.
To date, Marathon Digital has experienced a 8% increase in its hash rate on the Bitcoin network, which is approaching 26 exahashes per second (EH/s).
In the third quarter, the company mined 3.490 bitcoins, which represents an increase of 19% compared to the previous quarter, when it reported 2.926 bitcoins from its mining operations.
In addition to Marathon Digital, crypto mining company Sazmining also announced in August its expansion into Paraguay, to take advantage of the energy potential of the Itaipú dam to mine Bitcoin with renewable energy.
Continue reading: America is becoming one of the biggest destinations for Bitcoin miners
