Business
TeraWulf Announces August 2023 Production and Operations Updates
Self-mined 330 BTC in August for a total of 2,101 BTC mined year to date. Continued to participate in multiple demand response programs at the Lake Mariner
About this update from Terawulf Inc.
[{"type":"text","content":"Self-mined 330 BTC in August for a total of 2,101 BTC mined year to date. Continued to participate in multiple demand response programs at the Lake Mariner facility. EASTON, Md., Sept. 05, 2023 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owners and operators of vertically integrated, domestic bitcoin mining facilities powered by more than 91% zero-carbon energy, today provided an unaudited monthly production and operations update for August 2023. August 2023 Highlights Self-mined 330 bitcoin in August with an average production rate of 11 bitcoin per day.Power cost averaged $10.3k per bitcoin produced, or approximately $0.036/kWh in August.Qualified for 10-minute spinning reserve ancillary service program at the Lake Mariner facility. Key Metrics 1August 2023Bitcoin Self-Mined 2330Self-Mining Revenue Equivalent ($M) 3$9.2Hosting Revenue ($M) 4$0.4Power Cost ($M) 5$3.7Avg. Operating Hash Rate (EH/s) 64.7Revenue per Bitcoin$27,902Power Cost per Bitcoin$10,247 Management Commentary “During the month of August, the Company mined 330 bitcoin, which was in line with July’s production despite network factors including a 6.3% increase in network difficulty month over month,” said Sean Farrell, SVP of Operations at TeraWulf. “Additionally, improved performance at the Lake Mariner facility due to enhanced miner repair efforts was offset by two planned transmission outages at Nautilus in early August totaling approximately three days to further augment long term energy supply reliability,” added Farrell. Production and Operations Update The Company is currently expanding its Lake Mariner facility with construction of Building 3, which will house 43 MW of capacity and the next generation Antminer S19j XP bitcoin mining machines. Building 3 is targeted for completion by year-end 2023. As of August 31, 2023, the Company had an operational miner fleet of approximately 50,000 of the latest generation miners, comprised of 34,000 miners at its wholly owned Lake Mariner facility in New York (5,000 of which are hosted pursuant to an agreement expiring in the fourth quarter of 2023) and 16,000 self-miners at the nuclear-powered Nautilus facility in Pennsylvania. About TeraWulf TeraWulf (Nasdaq: WULF) owns and operates vertically integrated, environmentally clean Bitcoin mining facilities in the United States. Led ...