TeraWulf Announces Full Deployment of 50 MW at the Nautilus Bitcoin Mining Facility Ahead of Schedule
April 20 2023 - 01:00PM
Business Wire
- First behind-the-meter Bitcoin mining facility powered by 100%
nuclear power in the U.S.
- TeraWulf benefits from a fixed power cost of only $0.02 per
kilowatt hour for a term of five years at the Nautilus
facility
- Company remains on target to deliver 5.5 EH/s (50,000 miners,
160 MW) across its two sites in Q2’23
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 announced that the Company has now fully energized its 50-MW
stake in the Nautilus Cryptomine facility, a joint venture with
Cumulus Coin, LLC.
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. The Company
successfully deployed its full share in phase one of the facility -
50 MW and 1.9 EH/s – ahead of schedule. TeraWulf has the option to
add an additional 50 MW of mining capacity at the Nautilus
facility, which the Company plans to deploy in future phases.
With TeraWulf’s stake in the Nautilus facility now fully ramped
to 50 MW, the Company currently has an operating hashrate of 4
EH/s, reflecting a nearly 100% increase year to date. TeraWulf has
an operational fleet of approximately 34,500 of the latest
generation miners, comprised of 18,500 miners at its wholly owned
Lake Mariner facility in New York (5,000 of which are hosted) and
16,000 self-miners at the nuclear-powered Nautilus facility in
Pennsylvania.
“Our team has been working swiftly and diligently to achieve our
stated goal of reaching 5.5 EH/s of operational mining capacity in
Q2 2023,” said Paul Prager, Chairman and CEO of TeraWulf.
“Deploying 50 MW of mining capacity at the Nautilus facility is an
important milestone for the Company. Not only does it represent the
first nuclear-powered Bitcoin mining facility in the U.S., but
TeraWulf now has the opportunity to realize the economic advantage
of 50 MW of zero-carbon mining at what is arguably the lowest
contracted power cost in the sector – just $0.02/kWh for a term of
five years,” continued Prager.
In addition to the 50 MW of self-mining capacity online now at
Nautilus, TeraWulf currently has 60 MW operational at Lake Mariner
and is in final stages of construction on Building 2, which will
increase Lake Mariner’s operational capacity to over 110 MW in the
coming weeks. Combined, the Company expects to have a total
operational capacity of 50,000 miners (5.5 EH/s) in Q2 2023,
representing approximately 160 MW of power demand.
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 the 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/20230420005756/en/
Investor Relations Contact: Jason Assad
assad@terawulf.com
Media Contact: Chloe Turnbull pr@terawulf.com
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