Increased hash rate capacity by 65% in Q1 2023
to 3.3 EH/s as of March 31, 2023
Increased Bitcoin production by 63%
month-over-month to 233 BTC in March and 533 BTC in Q1 2023
Continued ramp at Nautilus, the first
nuclear-powered bitcoin mining facility in the U.S., with over 1.2
EH/s of self-mining capacity deployed at month end
Company remains on target to achieve 5.5 EH/s
and 160 MW operating capacity in Q2 2023
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 March 2023.
March 2023 Highlights
- Continued ramp at the Nautilus facility, the first Bitcoin
mining facility powered by 100% nuclear power in the U.S., and
exited the month with approximately 9,200 miners energized.
- Achieved an average operating hash rate of 3.0 EH/s for the
month, a 50% month-over-month increase compared to February.
- Self-mined 233 bitcoin in March with an average production rate
of 7.5 bitcoin per day.
- Power cost remained consistent with the Company’s target of
$0.035/kWh across its two mining sites with an average cost of
$7.0k per bitcoin produced, or approximately $0.032/kWh in
March.
- Continued construction on Building 2 at the Lake Mariner
facility, where an additional 50 MW of self-mining capacity remains
on target to come online in Q2 2023.
Key Metrics 1
March 2023
Bitcoin Self-Mined 2
233
Self-Mining Revenue Equivalent ($M) 3
$5.8
Hosting Revenue ($M) 4
$0.4
Power Cost ($M) 5
$2.3
Avg. Operating Hash Rate (EH/s)6
3.0
Revenue per Bitcoin
$24,990
Power Cost per Bitcoin
$7,048
1
Unaudited monthly results are based on
estimates, which remain subject to standard month end adjustments.
The Company’s share of the earnings or losses of the Nautilus
facility is reflected in the caption “Equity in net loss of
investee, net of tax” in the consolidated statements of operations.
Operations at Nautilus do not impact the revenue or cost of goods
sold lines in TeraWulf’s consolidated statements of operations.
2
Includes BTC earned from profit sharing
associated with short-term hosting agreement at the Lake Mariner
facility and TeraWulf’s net share of BTC produced at the Nautilus
facility.
3
Includes TeraWulf’s net share of BTC
revenue generated at the Nautilus facility and profit sharing from
hosting agreement.
4
Excludes BTC earned from profit sharing
associated with short-term hosting agreement at the Lake Mariner
facility.
5
Includes TeraWulf’s net share of power
cost incurred at the Nautilus facility.
6
Includes gross total hash rate of miners
hosted on short-term agreement at the lake Mariner facility.
Management Commentary
“We continue to execute as promised, delivering strong results
in Q1 2023. We believe the continued hard work and commitment of
our people has positioned us to achieve our goal of 5.5 EH/s of
capacity in the second quarter,” stated Kerri Langlais, Chief
Strategy Officer of TeraWulf.
“In addition to quickly ramping up 50 MW of zero-carbon capacity
at the Nautilus facility, construction continues at Lake Mariner,
where we have another 50 MW of capacity scheduled to go online in a
matter of weeks. Once Nautilus is fully ramped and Building 2 at
Lake Mariner is energized, TeraWulf’s total hash rate is expected
to increase to 5.5 EH/s,” added Langlais.
Production and Operations Update
As of March 31, 2023, the Company had an operational miner fleet
of approximately 27,200 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 9,200 self-miners
at the nuclear-powered Nautilus facility in Pennsylvania. The
Company’s self-mining hash rate capacity increased to 2.8 EH/s with
an additional 0.5 EH/s of hosted capacity as of March 31, 2023,
reflecting a total increase of 65% in Q1 2023.
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
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 f/k/a IKONICS
Corporation and/or the business combination; and (11) 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/20230405005807/en/
Company Contact: info@terawulf.com (410) 770-9500
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