These two new facilities will secure 12 megawatts of hydroelectric power for the company. The first site is expected to be operational in Q4 2022 and the second is scheduled to be completed by Q1 2023. The Paraguay expansion will make significant contributions towards the Company's goal of achieving hashing power of 0.5 exahash per second (0.5 EH/s) by Q2 2023.

"Very happy to see two years of due diligence come to fruition. We will continue to pursue projects where the power source is renewable, generated in non-OFAC sanctioned jurisdictions with excess power production" said SJ Oh, Co-Founder and COO. "Proof of Work protocols have the capacity to serve as synthetic batteries for stranded renewable energy sources, and we look forward to contributing to the proliferation of renewable energy generation", added SJ Oh.

Miner purchase

Additionally, the company has purchased 3600 premium MicroBT Whatsminer, totaling 396 petahash per seconds (PH/s), with an average efficiency of approximately 31 joules per terahash (31J/TH) and consuming 12.3 megawatts of power at full capacity. Delivery of the equipment is scheduled for late October 2022, and should arrive in Paraguay prior to the completion of the first site.

"MicroBT units have been the workhorse of our operations in the last two years and have proven their outstanding performance and reliability", said Ian Descôteaux, Co-Founder and CTO of Pow.re. "These new units, purchased in line with our counter-cyclical asset acquisition strategy, keeps our acquisition cost below market averages and should enable us to provide industry-leading ROIC to our investors", added Descôteaux.

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