Thursday, 18 April 2024

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TeraWulf reports increased bitcoin mining efficiency By

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EASTON, Md. – TeraWulf Inc. (NASDAQ:WULF), an owner and operator of bitcoin mining facilities, reported an operational update for March 2024 today, highlighting advancements in its mining capacity and efficiency. The company, which focuses on zero-carbon energy-powered mining, self-mined 379 bitcoin in March, averaging 12.2 bitcoin per day.

The cost of power for mining operations averaged $13,798 per bitcoin, equating to roughly $0.035 per kilowatt-hour, excluding expected proceeds from demand response or ancillary services.

TeraWulf’s installed hash rate increased to 8 EH/s at the end of March, primarily due to the replacement of around 1,000 older miners with the newer S19k Pro miners. In early April, an additional 3,000 S19k Pro miners are expected to be deployed at the Lake Mariner facility.

Sean Farrell, SVP of Operations at TeraWulf, noted that the implementation of third-party firmware across a significant portion of their mining fleet has indicated a potential 10% efficiency improvement. Moreover, the company continues to actively engage in demand response programs to enhance operational efficiency.

The Lake Mariner facility, with a 160 MW capacity, and the Nautilus Cryptomine, a joint venture in Pennsylvania with a 50 MW capacity, have contributed to the company’s combined self-mining hash rate of 8 EH/s. The average operation of these facilities was at 95% of their installed capacity due to proactive demand response participation and optimization efforts.

Construction of Building 4 at Lake Mariner, which will provide an additional 35 MW, is on schedule for completion by mid-2024, potentially increasing TeraWulf’s total operational capacity to approximately 10 EH/s. The company has also committed to a high-performance computing project at Lake Mariner with an initial 2 MW block of power.

TeraWulf operates with a core focus on environmental, social, and governance (ESG) principles, aiming to utilize 100% zero-carbon energy and provide leading mining economics at an industrial scale.

This update is based on a press release statement and contains forward-looking statements that involve risks, uncertainties, and assumptions. Actual results may vary materially from those expressed or implied by such statements.

InvestingPro Insights

TeraWulf Inc. (NASDAQ:WULF) has been making significant strides in its bitcoin mining operations, as evidenced by its latest operational update. The company’s focus on zero-carbon energy-powered mining and efficiency…

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