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 announced that the Company is deploying solely BITMAIN
Technologies Ltd. (“BITMAIN”) manufactured mining equipment to fill
its 50 MW of capacity at the nuclear-powered Nautilus bitcoin
mining facility.
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BITMAIN miners at TeraWulf’s Nautilus
Cryptomine facility. (Photo: TeraWulf)
The Nautilus facility represents the first behind-the-meter
bitcoin mining facility of its kind, directly sourcing reliable,
carbon-free, 24x7 baseload power from the 2.5 GW Susquehanna
nuclear generation station in Pennsylvania. TeraWulf recently
commenced mining operations at Nautilus and expects its full share
in phase one of the facility – 50 MW and 1.9 EH/s – to be online by
May. The Company has the option to add an additional 50 MW of
bitcoin mining capacity at the Nautilus facility, for a total of
100 MW, which TeraWulf plans to deploy in future phases.
TeraWulf purposefully paired BITMAIN’s industry leading, latest
generation bitcoin miners with Nautilus’s uninterrupted, fixed
2-cent nuclear power to deliver maximum margins all hours of the
year. The Company is deploying a combination of BITMAIN miners
including their S19 XP Pro miners, which have a processing power of
140 TH/s and energy consumption of 3 kW, for an efficiency rate of
21.5 J/TH, as well as S19j Pro and S19 Pro miners, which have a
processing power of 100 TH/s and energy consumption of
approximately 3 kW, for an efficiency rate of 30 J/TH.
“BITMAIN’s carbon neutral strategy and best-in-class mining
equipment make BITMAIN an ideal partner to scale our zero-carbon
digital infrastructure at Nautilus,” said Paul Prager, Chairman and
CEO of TeraWulf. “I am very pleased to note that the roughly 8,000
BITMAIN miners energized thus far at Nautilus have been stable and
operating efficiently.”
In addition to ramping its 50-MW stake in the Nautilus facility,
TeraWulf is currently expanding mining operations at its wholly
owned Lake Mariner facility in New York with the addition of
Building 2, which is expected to increase the facility’s
operational capacity from 60 MW to 110 MW. Across its two sites,
the Company expects to have a total operational capacity of 50,000
miners (5.5 EH/s) in early Q2 2023, representing approximately 160
MW of mining infrastructure.
“The energization of the nuclear-powered Nautilus facility marks
a key milestone for TeraWulf as they rapidly scale their
self-mining operations. The high performance and low energy
consumption of our BITMAIN miners represent the perfect complement
to TeraWulf’s sustainable and low-cost mining business. We look
forward to continuing our long-lasting partnership with TeraWulf,”
commented Xmei Lin, President of Mining at BITMAIN. “BITMAIN’s
guiding principles in business partnerships are mutually
beneficial, long-lasting, and sustainable. Our strategic
relationship with TeraWulf represents these core values.”
At the Lake Mariner facility in New York, which also utilizes
BITMAIN machines, TeraWulf has effectively leveraged BITMAIN’s
economy mode management interface (“E-Mode”) to operate miners
safely and efficiently through extreme weather events. Operating
BITMAIN miners in E-Mode reduces their heat generation, which
allows operators to slow down fans and close dampers, thereby
protecting the electrical infrastructure from moisture infiltration
during seasonal storms.
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 currently has two bitcoin mining facilities: the wholly
owned Lake Mariner facility in New York, and Nautilus Cryptomine
facility in Pennsylvania, a joint venture with Cumulus Coin, LLC.
TeraWulf generates domestically produced Bitcoin powered by 91%
nuclear, hydro, and solar 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 Inc. (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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230320005121/en/
Sandy Harrison harrison@terawulf.com (410) 770-9500
TeraWulf (NASDAQ:WULF)
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