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TeraWulf Issues March 2024 Production and Operations Update

Published 04/02/2024, 03:12 PM
Updated 04/02/2024, 03:11 PM
TeraWulf (WULF) Issues March 2024 Production and Operations Update

TeraWulf Inc. (Nasdaq: WULF) today provided an unaudited monthly production and operations update for March 2024.

March 2024 Production and Operations Highlights

  • Self-mined 379 bitcoin in March with an average production rate of 12.2 bitcoin per day.
  • Power cost averaged $13,798 per bitcoin self-mined, or approximately $0.035/kWh in March, which excludes the benefit of expected demand response or ancillary services proceeds.
  • Installed hash rate increased month-over-month to 8 EH/s exiting March, primarily due to the replacement of approximately 1,000 older generation miners with S19k Pro miners.
  • In early April, an additional 3,000 S19k Pro miners are expected to be delivered and energized at the Lake Mariner facility and deployed to replace older generation miners and expand the miner fleet.
Key Metrics 1March 2024February 2024
Bitcoin Self-Mined Lake Mariner 290 276
Bitcoin Self-Mined Nautilus 2 89 88
Value per Bitcoin Self-Mined 3$67,354$49,080
Power Cost per Bitcoin Self-Mined$13,798$13,968
Avg. Operating Hash Rate (EH/s) 4 7.6 7.5

Management Commentary

“In addition to replacing older generation miners, during March, Lake Mariner implemented third-party firmware across a significant portion of our mining fleet, with initial results indicating a potential 10% efficiency improvement,” said Sean Farrell, SVP of Operations at TeraWulf.

Farrell further stated, “Additionally, Lake Mariner continues to actively engage in demand response programs. Our recent expansion of qualified capacity within the NYISO Operating Reserve program reflects our ongoing commitment to operational efficiency and resource management.”

Production and Operations Update

Operational infrastructure capacity consists of 160 MW at the Lake Mariner facility and 50 MW at the Nautilus Cryptomine, resulting in a combined self-mining hash rate of 8 EH/s as of the end of March. On average, the mining facilities operated at 95% of their installed nameplate capacity, attributed to proactive demand response participation, performance optimization efforts, and systematic maintenance procedures.

Construction of Building 4 (35 MW) at the Lake Mariner facility remains on track to be completed by mid-2024, which is expected to increase TeraWulf’s total operational capacity to approximately 10 EH/s.

As previously announced, the Company is pursuing a potential large-scale, high-performance computing (HPC) project at the Lake Mariner site and has committed an initial 2 MW block of power, capable of deploying thousands of the latest generation graphics processing units (GPUs).

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