Increased self-mining hash rate capacity by
> 82% month-over-month to 2.6 EH/s as of February 28, 2023.
Energized Nautilus Cryptomine, the first
nuclear-powered bitcoin mining facility in the U.S., with 1 EH/s of
self-mining capacity deployed at month end.
TeraWulf 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 provided an unaudited monthly production and operations
update for February 2023.
February 2023 Highlights
- Commenced mining at the Nautilus Cryptomine facility, the first
bitcoin mining facility powered by 100% nuclear power in the U.S.,
exiting the month with approximately 8,000 miners energized.
- Achieved an average operating hash rate of 2.0 EH/s for the
month, exiting February with 2.6 EH/s of self-mining capacity
following the energization and ramp of self-mining at the Nautilus
facility, which represents an 82% month-over-month increase in
self-mining hash rate compared to January.
- Self-mined 143 bitcoin in February with an average production
rate of 5 bitcoin per day.
- Cost of power in February averaged $7.9k per bitcoin produced,
or approximately $0.038/kWh, which is in line with the Company’s
targeted power cost of $0.035/kWh across its two mining sites.
- Construction continued at the Lake Mariner facility, where an
additional 50 MW of self-mining capacity is expected to come online
in early Q2 2023.
Key Metrics1,2
February 2023
Bitcoin Self-Mined
143
Self-Mining Revenue ($M)
$2.9
Hosting Revenue ($M)
$0.4
Power Cost ($M)
$1.4
Avg. Operating Hash Rate (EH/s)
2.0
Revenue per Bitcoin
$23,388
Power Cost per Bitcoin
$7,933
“February was an exceptional month for TeraWulf as the Company
achieved another key milestone of completing construction and
commencement of mining operations at the Nautilus facility, the
first behind-the-meter bitcoin mining facility in the U.S. to
utilize 100% nuclear power,” stated Kerri Langlais, Chief Strategy
Officer of TeraWulf.
“As we rapidly deploy our 50 MW of zero-carbon self-mining at
Nautilus, TeraWulf is busy at Lake Mariner completing construction
on Building 2, which is expected to add yet another 50 MW to our
capacity, which will increase self-mining capacity another 50% and
bring TeraWulf’s total expected operating capacity to 160 MW and
5.5 EH/s in the coming weeks,” added Langlais.
1 Unaudited monthly results are based on
estimated power costs, which remain subject to standard month end
adjustments.
2 February 2023 metrics include Lake Mariner and the initial ramp
of operations at the Nautilus facility.
Production and Operations Update
As of February 28, 2023, the Company had an operational miner
fleet of approximately 26,000 miners, comprised of 18,000
operational miners at its wholly-owned Lake Mariner facility in New
York (13,000 self-miners and 5,000 hosted miners) and 8,000
self-miners at the nuclear-powered Nautilus facility in
Pennsylvania. The Company’s self-mining hash rate capacity
increased to 2.6 EH/s as of February 28, 2023 (vs. 1.4 EH/s in
January), with an additional 0.5 EH/s of hosted capacity.
In February, the Lake Mariner facility successfully completed
testing for the NYISO Special Case Resources program to provide
rapid, flexible load relief, and continues to expand its offering
of grid support capabilities.
Fourth Quarter and 2022 Financial Results Conference
Call
As previously announced, TeraWulf will host a conference call to
discuss its financial results for fourth quarter and fiscal year
2022 on Thursday, March 30, 2023, at 5:00 p.m. Eastern Time. During
the call, TeraWulf management will provide prepared remarks,
followed by a question-and-answer period.
A live webcast and replay of the call will be accessible under
the “Events & Presentations” section located in the Investors
section of the Company’s website at www.terawulf.com.
About TeraWulf
TeraWulf (Nasdaq: WULF) owns and operates vertically integrated,
environmentally clean Bitcoin mining facilities in the United
States. Led by an experienced group of energy entrepreneurs, the
Company is currently operating two mining facilities: Lake Mariner
in New York, and Nautilus Cryptomine in Pennsylvania. TeraWulf
generates domestically produced Bitcoin powered primarily by
nuclear and hydro energy with a goal of utilizing 100% zero-carbon
energy. With a core focus on ESG that ties directly to its business
success, TeraWulf expects to offer attractive mining economics at
an industrial scale.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, as amended. Such
forward-looking statements include statements concerning
anticipated future events and expectations that are not historical
facts. All statements, other than statements of historical fact,
are statements that could be deemed forward-looking statements. In
addition, forward-looking statements are typically identified by
words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,”
“anticipate,” “intend,” “outlook,” “estimate,” “forecast,”
“project,” “continue,” “could,” “may,” “might,” “possible,”
“potential,” “predict,” “should,” “would” and other similar words
and expressions, although the absence of these words or expressions
does not mean that a statement is not forward-looking.
Forward-looking statements are based on the current expectations
and beliefs of TeraWulf’s management and are inherently subject to
a number of factors, risks, uncertainties and assumptions and their
potential effects. There can be no assurance that future
developments will be those that have been anticipated. Actual
results may vary materially from those expressed or implied by
forward-looking statements based on a number of factors, risks,
uncertainties and assumptions, including, among others: (1)
conditions in the cryptocurrency mining industry, including
fluctuation in the market pricing of bitcoin and other
cryptocurrencies, and the economics of cryptocurrency mining,
including as to variables or factors affecting the cost, efficiency
and profitability of cryptocurrency mining; (2) competition among
the various providers of cryptocurrency mining services; (3)
changes in applicable laws, regulations and/or permits affecting
TeraWulf’s operations or the industries in which it operates,
including regulation regarding power generation, cryptocurrency
usage and/or cryptocurrency mining; (4) the ability to implement
certain business objectives and to timely and cost-effectively
execute integrated projects; (5) failure to obtain adequate
financing on a timely basis and/or on acceptable terms with regard
to growth strategies or operations; (6) loss of public confidence
in bitcoin or other cryptocurrencies and the potential for
cryptocurrency market manipulation; (7) the potential of
cybercrime, money-laundering, malware infections and phishing
and/or loss and interference as a result of equipment malfunction
or break-down, physical disaster, data security breach, computer
malfunction or sabotage (and the costs associated with any of the
foregoing); (8) the availability, delivery schedule and cost of
equipment necessary to maintain and grow the business and
operations of TeraWulf, including mining equipment and
infrastructure equipment meeting the technical or other
specifications required to achieve its growth strategy; (9)
employment workforce factors, including the loss of key employees;
(10) litigation relating to TeraWulf, RM 101 f/k/a IKONICS
Corporation and/or the business combination; (11) the ability to
recognize the anticipated objectives and benefits of the business
combination; and (12) other risks and uncertainties detailed from
time to time in the Company’s filings with the Securities and
Exchange Commission (“SEC”). Potential investors, stockholders and
other readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on
which they were made. TeraWulf does not assume any obligation to
publicly update any forward-looking statement after it was made,
whether as a result of new information, future events or otherwise,
except as required by law or regulation. Investors are referred to
the full discussion of risks and uncertainties associated with
forward-looking statements and the discussion of risk factors
contained in the Company’s filings with the SEC, which are
available at www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230307006060/en/
Company Contact: Sandy Harrison harrison@terawulf.com
(410) 770-9500
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