Asunción, PY – November 7, 2023 – Penguin Group, a pioneer in renewable energy hosting solutions and a key infrastructure partner, announces its latest joint project with Marathon Digital Holdings, Inc. (NASDAQ: MARA) ("Marathon"), a leader in the Bitcoin ecosystem. This project is a significant milestone in the international expansion of digital assets, located in Paraguay and harnessing the power of the Itaipu Dam, the world's second-largest by annual production.
On October 16, 2023, Penguin Group embarked on a strategic agreement to provide hosting services through its subsidiary, Penguin Infrastructure, with Marathon to kickstart a major Bitcoin mining initiative, highlighting Penguin's commitment to sustainable innovation, economic growth, and the creation of high-quality job opportunities in Paraguay.
The project unfolds in two phases: the first phase, which is already underway, dedicates approximately seven megawatts to power 0.3 EH/s of Marathon's processing capacity. The second phase will scale the operation up with an additional 20 megawatts to reach 1.1 EH/s. Penguin Group’s expertise in renewable energy has been instrumental in bringing this Joint Venture to life.
"Our collaboration with Marathon reflects our shared vision: leveraging renewable energy to power the future of technology," said Björn Schmidtke, CEO of Penguin Group.
The synergy between Marathon and Penguin Group maximizes the use of otherwise untapped energy resources, benefiting the local economy and reducing the need for costly additional infrastructure. Furthermore, through Penguin Academy, we are committed to the Paraguayan community, teaching programming as a fundamental skill and equipping individuals to secure high-quality jobs in the technology sector, thereby underlining our dedication to local development and quality employment.
About Penguin Group
Penguin Group is a leader in providing renewable energy infrastructure and high-efficiency hosting solutions for the technology industry. Focused on sustainability and innovation, Penguin strives to transform energy into human potential.
Alejandro López – Comms Executive
“Paraguay – Countries & Regions.” IEA. Accessed August 9, 2023. https://www.iea.org/countries/paraguay