Pow.re, a bitcoin miner, starts building a mining facility in Paraguay

Pow.re Holdings Limited, a crypto mining company, claims that the company stated it has started building two new mining facilities in Asunción, Paraguay.

The new data centres will control 12 MW of hydroelectric electricity, and the company has also purchased 3,600 Microbt Whatsminer mining equipment, which generate about 396 PH/s of hashrate each second.

Pow.re Holdings Limited Starts Building a Mining Facility in Paraguay

Pow.re said on October 13 that the business has started building two new bitcoin mining facilities in Paraguay. The first site is anticipated to be ready by the end of the first quarter of 2023, and the second by the end of the fourth quarter of 2022. According to the company, the expansion will significantly increase the company's hashpower, and it aims to reach 0.5 exahashes per second (EH/s) by Q2 2023.

Pow.re recently made headlines when it was discovered that the Mohawk Council of Kahnawake in Quebec was looking to purchase power for cryptocurrency mining potential. The report mentioned that Pow.re was collaborating with Kahnawake council members. SJ Oh, co-founder and COO of Pow.re, spoke about the company's most recent growth in Paraguay and said that it was the result of "two years of due diligence" coming to fruition.

The co-founder of Pow.re said at the announcement that "Proof-of-work protocols have the potential to serve as synthetic batteries for stranded renewable energy sources, and we look forward to helping to the growth of renewable energy generation."

Firm Acquires Whatsminer Mining Rigs from Microbt, Capable of 396 PH/s

The business has also purchased 3,600 Microbt Whatsminer mining equipment in addition to beginning work on the two mining facilities in the Asunción region of Paraguay. The Microbt devices are expected to be delivered to Asunción by the end of October. According to Ian Descôteaux, co-founder of the company, the machine will generate about 396 PH/s for Pow.re, and Whatsminer models are renowned for their dependability.

Descôteaux said on Thursday that "Microbt units have been the workhorse of our operations in the last two years and have demonstrated their remarkable performance and reliability." These new units were acquired in accordance with our counter-cyclical asset acquisition strategy, which maintains our acquisition costs below market averages and should allow us to offer our investors an industry-leading ROIC.