EASTON, Md. - TeraWulf Inc. (NASDAQ:WULF), a company specializing in environmentally clean bitcoin mining, has provided an update on its operational progress for February 2024. As of the end of February, TeraWulf's self-mining hashrate reached 7.9 exahashes per second (EH/s), a significant step towards their mid-2024 goal of achieving a capacity of 10 EH/s.
In February, the company mined 364 bitcoin, marking a 16% increase from the previous month. This growth is attributed to the full deployment of Building 3 at its Lake Mariner facility.
The average operating hashrate saw a month-over-month increase of 39% to 7.5 EH/s. The power cost for mining averaged $13,968 per bitcoin, or about $0.037 per kilowatt-hour, excluding potential proceeds from demand response or ancillary services.
The increase in mining capacity is partly due to the acquisition of roughly 4,000 Bitmain S19k Pro miners in February, some of which are intended to replace approximately 2,000 MinerVa miners at Lake Mariner. The construction of Building 4, with a capacity of 35 MW, at the Lake Mariner facility is advancing and is expected to complete by mid-2024.
TeraWulf operates two bitcoin mining facilities in the United States, the wholly-owned Lake Mariner facility in New York and the Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin, LLC. The company emphasizes its commitment to zero-carbon energy, with its operations powered by more than 95% zero-carbon energy sources, including nuclear, hydro, and solar.
The press release also mentioned that TeraWulf is pursuing a potential large-scale, high-performance computing (HPC) project at the Lake Mariner site, with an initial 2 MW block of power allocated for thousands of the latest generation graphics processing units (GPUs).
This operational update is based on unaudited figures and remains subject to standard month-end adjustments. The company's share of earnings or losses from the Nautilus Cryptomine facility is reflected within equity in net income or loss of investee, net of tax, and not in revenue, cost of revenue, or cost of operations lines in TeraWulf's consolidated statements of operations.
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