Marathon Digital launches renewably powered bitcoin mining project in Paraguay

Marathon Digital has launched its second international deployment with a 27 megawatt Bitcoin mining project in Paraguay that is completely powered by renewable, hydro energy. The first miners are onsite and currently being prepared for installation and energization. On October 16, 2023, Marathon entered into an agreement with Penguin Infrastructure, whose mission is to transform energy into human potential in Paraguay, to launch a Bitcoin mining project near Paraguay’s Itaipu Dam. This project, which is structured as a joint venture, will be built out in two stages. The first stage will utilize approximately seven megawatts to power approximately 0.3 EH/s of Marathon’s miners and is expected to be energized in November. The second phase will utilize approximately 20 megawatts to power approximately 0.8 EH/s of Marathon’s miners and is expected to come online in 2024. “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 Fred Thiel, Marathon’s chairman and CEO. “This project is our second international deployment and marks our first into Latin America.