Penguin signs 28 MW hosting partnership with Peak Mining, a Northern Data Group company

Penguin Infrastructure Holding has signed a new 28 megawatt hosting partnership with Peak Mining, a Northern Data Group (ETR: NB2) company and one of the world’s leading Bitcoin miners. The agreement is Northern Data Group’s first expansion into South America and a defining moment for Penguin’s industrial-scale build-out in Paraguay.

The hardware is planned to be energized in early Q2 2024.

What’s being built

• 28 MW of dedicated capacity at Penguin’s Paraguay site
• 2,860 units of MicroBT’s most efficient M63-series liquid-cooled WhatsMiners, secured through Peak Mining’s $150 million investment with MicroBT announced in September 2023
• 1.3 EH/s of total hashrate, contributing to Peak’s planned growth to 7 EH/s by early 2024
• Sub-$0.04/kWh power rate — among the most competitive in the global mining industry

Powered entirely by Itaipu

The site is fully powered by 100% renewable hydroelectric energy harnessed from the 14 GW Itaipu Dam on the border between Paraguay and Brazil — the world’s second-largest hydroelectric dam by annual production. The location was chosen specifically to combine an attractive power rate with the highest available standards of grid stability.

A partnership, not a hosting contract

“I’m very excited to partner with the Penguin team to expand our mining capacity at a great location in Paraguay, powered by 100% renewable power. Penguin has done a tremendous job constructing the site and building a solid local team. The hosting agreement is structured as a partnership to align incentives of both parties — a structure that I believe makes a lot of sense for this industry.”

— Niek Beudeker, Managing Director, Peak Mining

The deal is structured as a partnership rather than a conventional hosting contract, deliberately aligning incentives between Peak Mining and Penguin over the lifetime of the deployment.

Context for Northern Data Group

For Northern Data Group, the Paraguay site is part of a broader global expansion that includes a recently acquired 300 MW mining facility in Corpus Christi, Texas (~4.2 EH/s) and a 30 MW facility under construction in Grand Forks, North Dakota (~1.1 EH/s).

“This partnership is significant to Northern Data Group as we continue to execute on our investment strategy and solidify our position within the global High Performance Computing market. I’m especially pleased to be working with Penguin, given the team’s impressive sustainability standards at this site.”

— Aroosh Thillainathan, Chief Executive Officer, Northern Data Group

What this means for Penguin

The Peak Mining partnership validates the thesis that has guided Penguin’s build-out from day one: that Paraguay’s abundant, clean hydroelectric energy — combined with disciplined, grid-friendly operations — can attract the most demanding industrial-scale compute customers on the planet.

This is one project. The country has 32 TWh of surplus annual generation. The runway is just beginning.

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About Peak Mining

Peak Mining is powering the future of the Bitcoin network. Part of Northern Data Group, the company delivers industry-leading operating and energy efficiency in Bitcoin mining through the latest hardware alongside innovative technology and infrastructure.

About Northern Data Group

Northern Data Group (ETR: NB2) is a provider of energy-efficient High Performance Computing (HPC) infrastructure to businesses and research institutions, utilising GPU- and ASIC-based solutions across three core divisions: Taiga Cloud, Ardent Data Centers, and Peak Mining.