A Korean Bitcoin Treasury Starts Mining in Oman and Paraguay

SEOUL — BitPlanet, which bills itself as South Korea’s first regulated bitcoin treasury company, is no longer content to buy bitcoin. It has started making it.

In a regulatory filing disclosed September 9, the company said it completed the purchase of 1,204 Bitmain mining rigs for roughly $9 million, finalizing a deal first signed in June. The machines—454 S21 XP Hydro units and 750 S21e XP Hydro units, all hydro-cooled—are bound for sites in Oman and Paraguay, to be run through a mix of outsourced operations and joint ventures.

From buyer to producer

The economics are the point. A treasury company that buys bitcoin pays the spot price and books an asset. One that mines it pays for power and hardware and books the coins as revenue—bitcoin acquired at the cost of production rather than the cost of the market. BitPlanet is targeting seven coins a month, more than 84 a year, modest tonnage but a structural change in how it accumulates.

It is a route more players are taking. Buying bitcoin with shareholder money invites the dilution and mark-to-market swings that haunt treasury stocks; mining converts cheap, often stranded energy directly into coins. The catch is that it trades market risk for operational and jurisdictional risk, and ties a balance sheet to the price of electricity and the mood of a difficulty adjustment.

Why Oman and Paraguay

The two destinations are a map of where cheap power now lives. Oman has courted miners with state-backed energy programs and low-cost supply, positioning itself as a Gulf mining hub as it diversifies how it monetizes gas. Paraguay offers hydroelectric surplus from the Itaipú dam at around three cents a kilowatt-hour, among the cheapest reliable power on earth.

The cheapest energy on the planet is rarely where the capital is. Mining is how the two find each other.

Neither is without risk. Paraguay has swung between welcoming miners and threatening bans, and cross-border operations run through partners are harder to control than a rack in one’s own data center. Eighty-four coins a year is small against a network producing roughly 450 a day. But the direction is what matters: a Korean treasury company reaching into the Global South for power is the same logic that pushes nation-states toward mining rather than buying.

Why it matters: mining lets a small company accumulate bitcoin below the market price—and the cheap power that makes it work sits in the Global South, not the capitals where the money is raised.

The 1,204-rig purchase (454 S21 XP Hydro, 750 S21e XP Hydro), the ~$9–10 million price, the September 9 filing completing a June deal, the Oman/Paraguay deployment via outsourcing and joint ventures, and the target of seven BTC per month / 84+ per year are per Bloomingbit, KuCoin, Bitget and Global News Top (September 2026). Paraguay’s ~$0.03/kWh Itaipú power and Oman’s state-backed mining push are per prior hashrate-industry reporting. Informational only — not financial advice.