Business
TeraWulf Reports Fourth Quarter and Full Year 2022 Results and Provides Operational Update
Built 110 MW of mining infrastructure, with another 50 MW targeted in Q2 2023. Exited 2022 with 18,000 deployed miners with 2.0 EH/s of hash rate capacity.
About this update from Terawulf Inc.
[{"type":"text","content":"\nBuilt 110 MW of mining infrastructure, with another 50 MW targeted in Q2 2023.\n\nExited 2022 with 18,000 deployed miners with 2.0 EH/s of hash rate capacity.\n\nSelf-mined 524 Bitcoin in 2022 and 810 Bitcoin since inception through February 2023.\n\nExpects to nearly triple hash rate to 5.5 EH/s and 160 MW at existing sites in Q2 2023.\n\nReiterates targeted blended cost of power of $0.035 per kilowatt hour across its two sites.\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 announced its financial results for the fourth quarter and year ended December 31, 2022 and provided an operational update.\n\nFull Year 2022 and Recent Operational and Financial Highlights\n\n\nGenerated revenue of $15.0 million and self-mined 524 Bitcoin in 2022.\n\n\nCommenced mining at the Company’s wholly owned Lake Mariner facility in March 2022, with operational capacity of 60 MW and a fleet of 18,000 miners, comprised of 13,000 self-miners and 5,000 hosted miners, as of February 28, 2023.\n\n\nCommenced mining at the Nautilus Cryptomine facility in February 2023, a joint venture with Cumulus Coin, LLC and the first behind the meter bitcoin mining facility powered by 100% nuclear power in the U.S., with operational capacity of 25 MW and a fleet of 8,000 self-miners as of February 28, 2023.\n\n\nAchieved a total self-mining hash rate of 1.4 EH/s as of December 31, 2022 and 2.6 EH/s as of February 28, 2023, representing an increase of 86% in just two months.\n\n\nRestructured miner purchase agreements with Bitmain, unlocking substantial deposits and completing the procurement of miners needed to fully utilize 160 MW of mining capacity.\n\n\nEntered into a beneficial debt restructuring with existing lenders to eliminate principal payments and defer amortization to April 2024 with ability to extend cash flow sweep mechanism to maturity.\n\n\nRaised the final amount of growth capital needed to achieve 160 MW and 5.5 EH/s of bitcoin mining capacity across its two facilities, which the Company expects to be fully energized in Q2 2023.\n\n\nManagement Commentary\n\n“Despite the challenging macro backdrop, 2022 was a transformational year for TeraWulf and we made significant pro...