Business
TeraWulf Announces September 2023 Production and Operations Updates
Self-mined 329 BTC in September for total of 989 BTC in Q3 2023 and 2,430 BTC mined year-to-date. Generated approx. $6.5 million of free cash flow in Q3 2023,
About this update from Terawulf Inc.
[{"type":"text","content":"Self-mined 329 BTC in September for total of 989 BTC in Q3 2023 and 2,430 BTC mined year-to-date. Generated approx. $6.5 million of free cash flow in Q3 2023, which will be used to repay debt. Continued to participate in multiple demand response programs at the Lake Mariner facility. EASTON, Md., Oct. 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 September 2023. September 2023 Highlights Self-mined 329 bitcoin in September with an average production rate of 11 bitcoin per day.Generated approx. $6.5 million of free cash flow in Q3 2023, which will be used to repay debt, thereby reducing the Company’s future interest payments and total cost to mine bitcoin.Power cost averaged $9.9k per bitcoin produced, or approximately $0.035/kWh in September. Key Metrics 1September 2023Bitcoin Self-Mined 2 329Value per Bitcoin Self-Mined 3$26,283Power Cost per Bitcoin Self-Mined$9,880Avg. Operating Hash Rate (EH/s) 4 5.0 Management Commentary “During the month of September, the Company mined 329 bitcoin, consistent with August’s bitcoin production despite unfavorable network factors including a 2.7% increase in network difficulty month over month,” said Sean Farrell, SVP of Operations at TeraWulf. “We are committed to being a responsible load resource, and while operating performance was optimized at the Lake Mariner and Nautilus facilities during the month due to enhanced miner repairs, these efficiency benefits were offset by facility downtime at Lake Mariner due to demand response activity earlier in the month,” added Farrell. “The third quarter of 2023 was monumental for TeraWulf as it represents the first full quarter of 5.5 EH/s of operational capacity across our portfolio. Correspondingly, the Company generated meaningful free cash flow during the quarter, which will be applied to reduce indebtedness,” said Patrick Fleury, Chief Financial Officer of TeraWulf. “Our operating and financial goals remain clear: maximize profitability, reduce debt, execute on accretive organic and external growth opportunities, and return value to our shareholders,” continued Fleury. Production and Operations Update As of...