Business
TeraWulf Announces Third Quarter 2022 Results and Provides Operational Updates
Q3 2022 Operating Capacity >1.5 EH/s with 117 Bitcoin Self-Mined Operational Ramp Continues with BTC Self-Mined in October 2022 Exceeding Total for Q3 2022
About this update from Terawulf Inc.
[{"type":"text","content":"\nQ3 2022 Operating Capacity >1.5 EH/s with 117 Bitcoin Self-Mined\nOperational Ramp Continues with BTC Self-Mined in October 2022 Exceeding Total for Q3 2022\n\n EASTON, Md.--(BUSINESS WIRE)--\nTeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, domestic bitcoin mining facilities powered by more than 91% zero-carbon energy, today reported financial results for its third quarter ended September 30, 2022 and provided certain operational updates.\n\nThird Quarter 2022 and Recent Operational and Financial Highlights\n\n\nExpanded operational miner fleet to 14,968 miners for a hash rate capacity of 1.5 EH/s, comprised of approximately 0.9 EH/s of self-mining and 0.6 EH/s of hosted mining. This follows the August 2022 full energization of Building 1 (50 MW) at the Company’s Lake Mariner facility in New York, bringing online capacity to 60 MW.\n\n\nFurther increased self-mining at Lake Mariner in October 2022 with the installation of 3,000 Bitmain Technologies Limited (“Bitmain”) S19 XP miners, bringing its self-mining hash rate to 1.3 EH/s.\n\n\nProcured approximately 12,450 additional miners from Bitmain for delivery in October 2022 through February 2023 by utilizing deposits from previously cancelled miner orders. The Company did not incur additional payment obligations to Bitmain.\n\n\nRaised $17 million of new capital, comprised of $9.5 million of equity from existing investors and $7.5 million of incremental proceeds under the Company’s Term Loan.\n\n\nReached agreement with a subsidiary of Talen Energy Corp. (“Talen”) to amend their joint venture agreement for the 200 MW Nautilus Cryptomine facility in Pennsylvania, bringing TeraWulf’s stake in the facility to 25% and right-sizing TeraWulf’s miners and infrastructure to enable maximum utilization of its 50 MW share of contracted power at $0.02 per kilowatt hour. The Company does not expect any material infrastructure related capital expenditures to be required going forward.\n\n\nGenerated revenue of $3.9 million and produced 117 self-mined Bitcoin during the three-month period ended September 30, 2022. The Company has self-mined 119 Bitcoin in October 2022, a 76% increase over September 2022, and the strong upward trajectory continues into November 2022.\n\n\nRemains on target to deliver 160 MW of operational capacity and ...