Business
TeraWulf Announces July 2023 Production and Operations Updates
- Delivered the highest monthly self-mining revenue in WULF history -Self-mined 330 BTC in July for a total of 1,771 BTC mined year to date -Strategically
About this update from Terawulf Inc.
[{"type":"text","content":"- Delivered the highest monthly self-mining revenue in WULF history -Self-mined 330 BTC in July for a total of 1,771 BTC mined year to date -Strategically participated in several demand response events at the Lake Mariner facility EASTON, Md., Aug. 03, 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 July 2023. July 2023 Highlights Self-mined 330 bitcoin in July with an average production rate of 10.6 bitcoin per day.Power cost averaged $12k per bitcoin produced, or approximately $0.042/kWh in July.Delivered the highest monthly self-mining revenue in WULF history despite July’s challenging weather and grid conditions. Key Metrics 1July 2023Bitcoin Self-Mined 2330Self-Mining Revenue Equivalent ($M) 3$9.9Hosting Revenue ($M) 4$0.4Power Cost ($M) 5$4.2Avg. Operating Hash Rate (EH/s) 64.7Revenue per Bitcoin$30,068Power Cost per Bitcoin$11,963 Management Commentary “Peak summer months present difficult conditions for any energy infrastructure business,” said Sean Farrell, SVP of Operations at TeraWulf. “This month, our operations team drew on their experience as former power plant employees to respond and adapt to July’s challenging weather and grid conditions and delivered the highest monthly self-mining revenue in the Company’s history. These results are particularly impressive in light of the Lake Mariner facility experiencing a fault on a grounding transformer, tripping the power feed at the 345 kV level and taking most of our mining capacity offline temporarily.” “Importantly, and as a testament to the talent of our team,” continued Farrell, “we were able to promptly identify the fault, perform the repairs with a spare, test, commission, and come back online safely in under 48 hours. Throughout July, our Lake Mariner facility also participated in multiple demand response events, fully curtailing our operations to preserve the overall stability of the grid.” “Bitcoin Network factors including the increased difficulty and decreased transaction fees reduced bitcoin production by approximately 4% per miner month over month,” stated Nazar Khan, Co-founder and Chief Operating Officer of TeraWulf. “With ...