According to CryptoPotato, Marathon Digital has expanded its international presence by launching a 27-megawatt Bitcoin mining project powered by renewable hydro energy near Paraguay's Itaipu Dam. The project is a partnership with Penguin Infrastructure Holding, which aims to transform energy into human potential in Paraguay. The first miners are already on site and are being prepared for installation and energization.
Marathon and Penguin will run the project in two stages, bringing 1.1 EH/s of Marathon's miners online. The first stage is expected to conclude in November, with seven megawatts powering approximately 0.3 EH/s of Marathon's miners. The second phase will power 0.8 EH/s of Marathon's miners with 20 megawatts and is set to be completed in 2024. Marathon's chairman and CEO, Fred Thiel, believes the project may serve as an excellent case study for the value Bitcoin mining can bring to regions with excess power.
The Itaipu Dam is the world's second-largest hydroelectric dam by annual production, with an installed generation capacity of 14 gigawatts. Paraguay produces about 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. This announcement follows Marathon's recent launch of a 280-kilowatt Bitcoin mining pilot project powered by landfill methane gas in Utah, in partnership with Nodal Power.