A prominent Bitcoin miner recently released its production results for January and announced an ambitious expansion plan into Paraguay. Remarkably, in the face of industry challenges and a reported decline in production by its competitors, this company managed to sustain its output levels from the previous year.
In January, the mining operation recorded a total of 102 Bitcoin mined, while maintaining an impressive average hashrate of 5.7 Exahash per second (EH/s). By the end of the month, the company’s Bitcoin holdings reached 2,657 BTC, valued at around $271 million, marking a significant year-over-year increase of 34%.
Efficiency metrics for January highlighted a consistent performance, achieving an average daily production of 3.3 Bitcoin, which translates to 18 BTC produced per Exahash. The mining infrastructure operated at 22 Joules per Terahash, with notable peaks of 6 EH/s for Bitcoin-only mining and a maximum of 6.4 EH/s for its total hashrate.
The strategic goals set forth by management emphasize a target blended fleet efficiency of 16.5 J/TH, aiming to establish the company as one of the world’s most energy-efficient Bitcoin miners. The leadership expressed a strong commitment to achieving operational excellence and maintaining high uptime efficiency metrics.
Notably, the company’s recent decision to relocate its headquarters from Vancouver, Canada, to San Antonio, Texas, in late 2024 signals a strategic pivot toward the U.S. market amid changing industry dynamics.
In terms of the broader mining landscape, 2025 has proven challenging for many miners. Comparatively, this company maintained its output with just a slight dip from December 2024. Reports highlighted a decline in production among major U.S. miners due to weather disruptions and increasing hashrate pressures. For instance, Marathon Digital Holdings experienced a notable 12% decrease, while Hut 8 shifted its focus to infrastructure improvements, resulting in reduced Bitcoin production.
The company has ambitious plans for further growth, recently unveiling its intent to acquire a 200-megawatt hydro-powered Bitcoin mining facility in Paraguay. This acquisition is anticipated to significantly boost its global Bitcoin mining hashrate to 25 EH/s by September 2025, equating to a 317% increase from current levels.
In the statement regarding the Paraguayan expansion, management indicated that this venture positions the operation as one of the largest Bitcoin mining entities in Latin America. The company aims to foster close relationships with local political leaders to support and enhance its presence, fostering economic benefits for both shareholders and the surrounding community.
The estimated cost for completing the Paraguay site is projected at $400,000 per megawatt. Once operational, this expansion is expected to increase the total operational capacity to nearly 430 megawatts by the third quarter of 2025.
In an effort to strengthen its governance and strategic direction, the leadership team also announced the appointment of a retired Lieutenant General to its Global Strategy Advisory Committee, enhancing the organization’s advisory resources.
Overall, the January performance results and strategic initiatives in Paraguay reflect a commitment to resilience and growth in the evolving Bitcoin mining landscape.