Bitcoin miner Marathon Digital has continued its international expansion by launching a 27-megawatt Bitcoin mining project powered by renewable hydro energy near Paraguay’s Itaipu Dam.
According to a press release, Marathon Digital launched the project in partnership with Penguin Infrastructure Holding, which aims to transform energy into human potential in Paraguay. The project’s first miners are already on site and are being prepared for installation and energization.
Commenting on the new feat, Marathon’s chairman and CEO, Fred Thiel, said: “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. This project is our second international deployment and marks our first into Latin America.”
Marathon Digital Announces Second International Deployment
Marathon and Penguin will run the project in two stages, bringing 1.1 EH/s of Marathon’s miners online. The first is expected to conclude in November, with seven megawatts powering approximately 0.3 EH/s of Marathon’s miners. For the second phase, 0.8 EH/s of Marathon’s miners will be powered by 20 megawatts, and this stage will be complete in 2024.
“Bitcoin miners, like Marathon, have the unique ability to co-locate at sources of power that are producing excess energy, like the Itaipu Dam in Paraguay. We believe this project may serve as an excellent case study for the value Bitcoin mining can bring to regions with excess power. We look forward to expanding our operations in Paraguay and elsewhere,” Thiel added.
Paraguay to Monetize Excess Energy
Itaipu Dam is the second-largest hydroelectric dam in the world by annual production, with an installed generation capacity of 14 gigawatts. Paraguay produces roughly 32 terawatt hours of surplus energy per year, which Marathon believes results in lower productivity for the utility and the country. The project aims to help Paraguay monetize its excess energy without the need for expensive transmission lines and additional infrastructure.
Marathon’s second international deployment comes shortly after the company launched a 280-kilowatt Bitcoin mining pilot project powered by landfill methane gas in Utah. The pilot was set up via a partnership with Nodal Power, a developer of renewable energy assets, and is currently energized and operational.