KULR Deployed Over 3,500 Miners in Paraguay

The primary driver attracting investment to Paraguay’s mining industry is access to cheap and renewable electricity, generated by Itaipu — one of the largest hydroelectric power plants in the world.

The past few months have not been easy for miners. Mining profitability has fallen to the lowest levels ever recorded, while Bitcoin continues to fluctuate near the $60,000 level.

Amid Bitcoin’s price decline to levels not seen since February, the network hashrate has fallen sharply, with 145 exahashes per second (EH/s) leaving the system since late May.

Bitcoin miners finally had a reason to celebrate as their revenue posted its strongest growth in four months, surpassing the $1 billion mark for the first time since January. However, the momentum has slowed dramatically as Bitcoin fell below $66,000 on Tuesday before staging only a modest recovery the following day.

As a result of the latest adjustment, mining difficulty increased to 138.96 T (trillion), according to Cloverpool. This means miners need to calculate about 139 trillion hash functions on average to mine the new 3.125 BTC — roughly $229,000 at the current price of about $73,600.