Mentioned:
A publicly traded battery technology company is deepening their bet on the future of Bitcoin mining. But, why?
What’s happening:
- KULR Technology (NYSE: KULR) has deployed 3,570 Bitmain S19 machines located in Paraguay for Bitcoin mining
Why it matters:
- KULR Technology Group has been aggressively ramping up their exposure to Bitcoin lately, both through direct purchases of Bitcoin to hold directly as an asset and Bitcoin mining hardware
Going deeper:
- The new Bitcoin mining machines are being leased to KULR Technologies through a publicly traded Bitcoin miner in the United States of America
- KULR Technology Group's mining capacity is currently at 750 petahash per second and they have publicly stated they plan to reach 1.25 exahash per second of Bitcoin mining capacity imminently
The intrigue:
- KULR Technology Group's main battery technology business has also continued to scale up dramatically, which has been largely fuelled by contracts with notable companies including Airbus, Boeing, SpaceX, Blue Origin and government contracts with both NASA and the United States Department of Defense
