Business
TeraWulf Announces February 2024 “Leap Month” Production and Operations Update
7.9 EH/s of installed and operational self-mining capacity Building 4 (35 MW) at Lake Mariner advancing construction, providing path to 10 EH/s by mid-2024
About this update from Terawulf Inc.
[{"type":"text","content":"7.9 EH/s of installed and operational self-mining capacity Building 4 (35 MW) at Lake Mariner advancing construction, providing path to 10 EH/s by mid-2024 EASTON, Md., March 04, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owners and operators of vertically integrated, domestic bitcoin mining facilities powered by more than 95% zero-carbon energy, today provided an unaudited monthly production and operations update for February 2024. February 2024 Production and Operations Highlights Self-mined 364 bitcoin in February with an average production rate of over 12.5 bitcoin per day. Power cost averaged $13,968 per bitcoin self-mined, or approximately $0.037/kWh in February, which excludes the benefit of expected demand response or ancillary services proceeds. Average operating hashrate increased 39% month-over-month to 7.5 EH/s in February. The Company foresees exiting March with a self-mining capacity surpassing 8.0 EH/s, primarily attributable to the acquisition of approximately 4,000 Bitmain S19k Pro miners in February, a portion of which are intended to replace approximately 2,000 MinerVa miners deployed at the Lake Mariner facility. Key Metrics 1February 2024 January 2024 Bitcoin Self-Mined Lake Mariner 2276 204 Bitcoin Self-Mined Nautilus388 109 Value per Bitcoin Self-Mined 4$49,080 $42,810 Power Cost per Bitcoin Self-Mined 5$13,968 $16,737 Avg. Operating Hash Rate (EH/s) 67.5 5.4 Management Commentary “During February, the Company mined 364 bitcoin, a 16% increase from January’s bitcoin production despite a shorter month, due to full deployment of Building 3 at Lake Mariner,” said Sean Farrell, SVP of Operations at TeraWulf. “Energy pricing at Lake Mariner remained advantageous during the month. Even with Lake Mariner’s participation in demand response during the month, we achieved an impressive overall fleet availability of 95%,” continued Farrell. Production and Operations Update Operational infrastructure capacity at the Lake Mariner facility was 160 MW and TeraWulf’s total self-mining hashrate reached 7.9EH/s as of month-end February. Construction of Building 4 (35 MW) at the Lake Mariner facility remains on track to be completed by mid-2024, which is expected to further increase TeraWulf’s total operational capacity to approximately 10 EH/s. As previously announced, the Company is...