KULR mining expands to 750 petahash per second with $20M credit

KULR Technology Group Inc. has increased its bitcoin mining capacity to 750 petahash per second (PH/s) with the deployment of 3,570 Bitmain S19 XP 140 terahash per second (TH/s) mining machines in Asunción, Paraguay.

This expansion raises KULR’s total operational mining capacity across its global sites.

On July 8, KULR secured a $20 million credit facility from Coinbase Credit Inc., a subsidiary of Coinbase Global Inc.

The multi-draw term loan supports KULR’s ongoing bitcoin acquisition and mining operations.

KULR emphasises a “buy-or-mine” strategy that combines direct bitcoin purchases with self-mining to optimise treasury performance.

“Bitcoin has outpaced every major asset class in 11 of the last 14 years, often by a significant margin.” CEO Michael Mo stated.

“The price cycles, however, will remain unpredictable, hashrate is volatile, and even energy markets can shift rapidly.” he added.

Mo explained that relying solely on mining or purchasing risks missing value when market conditions change.

“In contrast, a dual-pronged model allows KULR to capture the greater margin, whether from hash price, coin price, or both, all while strengthening our treasury resiliency,” he said.

KULR is also expanding its mining machine leasing business through a strategic partnership with a US exchange-listed company.

The agreement includes ASIC miner leasing and consulting services to support mining operations and treasury management.

The company remains focused on scaling its mining footprint, aiming to reach 1.25 exahash per second (EH/s) by late summer.

This growth reflects KULR’s approach to combining operational scale with financial flexibility in the evolving bitcoin mining sector.

The credit facility provides KULR with non-dilutive capital, allowing the company to increase its bitcoin holdings without issuing additional shares or diluting existing investors.

At the time of reporting, Bitcoin price was $111,263.