Bitcoin Miner Pow.re Begins Mining Facility Construction in Paraguay, Acquires 3,600 Microbt ASICs – Mining Bitcoin News
According to the crypto mining operation Pow.re Holdings Limited, the firm announced that it has begun construction of two new mining facilities in Asunción, Paraguay. The new data centers will manage 12 megawatts (MW) of hydroelectric power, and the firm has also acquired 3,600 Microbt Whatsminer mining rigs that produce roughly 396 petahash per second (PH/s) of hashrate.
Pow.re Holdings Limited Commences Mining Facility Construction in Paraguay
On October 13, Pow.re revealed that the company has commenced the construction of two new bitcoin mining facilities in Paraguay. The first site is expected to be fully operational by the end of 2022’s fourth quarter and the second should be readied by Q1 2023. The company says that the expansion will add a lot more hashpower to the firm’s operations and it hopes to achieve 0.5 exahash per second (EH/s) by Q2 2023.
Just recently, Pow.re was in the news after it was revealed that Quebec’s Mohawk Council of Kahnawake was seeking power for crypto mining opportunities. The report noted that Pow.re was working with members of the Kahnawake council. As far as the latest expansion in Paraguay is concerned, Pow.re’s co-founder and COO SJ Oh explained that the project stems from “two years of due diligence” coming to fruition.
“Proof-of-work protocols have the capacity to serve as synthetic batteries for stranded renewable energy sources, and we look forward to contributing to the proliferation of renewable energy generation,” Pow.re’s co-founder added during the announcement.
Firm Obtains 396 PH/s Worth of Microbt’s Whatsminer Mining Rigs
In addition to starting the construction of the two mining centers in Paraguay’s Asunción region, the company has acquired 3,600 Microbt Whatsminer mining rigs. Delivery of the Microbt devices is scheduled to arrive in Asunción by the end of October. The machine will produce roughly 396 PH/s for Pow.re and the company’s co-founder Ian Descôteaux says Whatsminer models are known for reliability.
“Microbt units have been the workhorse of our operations in the last two years and have proven their outstanding performance and reliability,” Descôteaux remarked on Thursday. “These new units, purchased in line with our counter-cyclical asset acquisition strategy, keeps our acquisition cost below market averages and should enable us to provide industry-leading ROIC to our investors.”
What do you think about Pow.re starting the construction of two mining centers in Paraguay? Let us know what you think about this subject in the comments section below.
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