Marathon Digital, currently the largest public bitcoin mining operation by realized hashrate in North America, said it is expanding its footprint to Paraguay by utilizing 100% renewable energy.
The firm said in a release on Tuesday that it has set up a joint venture with Penguin Infrastructure to launch the bitcoin mining operation near Paraguay’s landmark Itaipu Dam, which has an installed generation capacity of 14 gigawatts of hydropower.
Marathon said the first stage of the site is expected to be energized in November with seven megawatts, equivalent to 300 PH/s of Marathon’s miners. The second phase with 20 megawatts is scheduled to be turned on in 2024 to power another 800 PH/s.
The expansion in Latin America follows Marathon’s first joint venture in the Middle East, which contributed 18 BTC in October as part of its 20% stake.
“After proving that we can successfully deploy internationally with our project in Abu Dhabi, we are continuing to expand into new markets with excess or stranded energy,” said Marathon’s chairman and CEO Fred Thiel.
Marathon has sharply increased its active mining fleet since early this year. It closed in October with 17.63 EH/s in realized hashrate.