TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or
the “Company”), owners and operators of vertically integrated,
domestic bitcoin mining facilities powered by more than 95%
zero-carbon energy, today provided an unaudited monthly production
and operations update for March 2024.
March 2024 Production and Operations
Highlights
- Self-mined 379
bitcoin in March with an average production rate of 12.2 bitcoin
per day.
- Power cost averaged
$13,798 per bitcoin self-mined, or approximately $0.035/kWh in
March, which excludes the benefit of expected demand response or
ancillary services proceeds.
- Installed hash rate increased
month-over-month to 8 EH/s exiting March, primarily due to the
replacement of approximately 1,000 older generation miners with
S19k Pro miners.
- In early April, an additional 3,000
S19k Pro miners are expected to be delivered and energized at the
Lake Mariner facility and deployed to replace older generation
miners and expand the miner fleet.
Key Metrics 1 |
March 2024 |
February 2024 |
Bitcoin Self-Mined Lake Mariner |
|
290 |
|
276 |
Bitcoin Self-Mined Nautilus 2 |
|
89 |
|
88 |
Value per Bitcoin Self-Mined 3 |
$67,354 |
$49,080 |
Power Cost per Bitcoin Self-Mined |
$13,798 |
$13,968 |
Avg. Operating Hash Rate (EH/s) 4 |
|
7.6 |
|
7.5 |
Management Commentary
“In addition to replacing older generation miners, during March,
Lake Mariner implemented third-party firmware across a significant
portion of our mining fleet, with initial results indicating a
potential 10% efficiency improvement,” said Sean Farrell, SVP of
Operations at TeraWulf.
Farrell further stated, “Additionally, Lake Mariner continues to
actively engage in demand response programs. Our recent expansion
of qualified capacity within the NYISO Operating Reserve program
reflects our ongoing commitment to operational efficiency and
resource management.”
Production and Operations Update
Operational infrastructure capacity consists of 160 MW at the
Lake Mariner facility and 50 MW at the Nautilus Cryptomine,
resulting in a combined self-mining hash rate of 8 EH/s as of the
end of March. On average, the mining facilities operated at 95% of
their installed nameplate capacity, attributed to proactive demand
response participation, performance optimization efforts, and
systematic maintenance procedures.
Construction of Building 4 (35 MW) at the Lake Mariner facility
remains on track to be completed by mid-2024, which is expected to
increase TeraWulf’s total operational capacity to approximately 10
EH/s.
As previously announced, the Company is pursuing a potential
large-scale, high-performance computing (HPC) project at the Lake
Mariner site and has committed an initial 2 MW block of power,
capable of deploying thousands of the latest generation graphics
processing units (GPUs).
About TeraWulf
TeraWulf 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 95%
zero carbon energy resources including nuclear, hydro, and solar
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 provide industry leading 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, and/or regulation regarding
safety, health, environmental and other matters, which could
require significant expenditures; (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) adverse geopolitical or
economic conditions, including a high inflationary environment; (8)
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); (9) 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; (10)
employment workforce factors, including the loss of key employees;
(11) litigation relating to TeraWulf and/or its business; 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.
Company Contact:Jason AssadDirector of
Corporate Communicationsassad@terawulf.com(678) 570-6791
1 The Company’s share of the earnings or losses from operations
at the Nautilus Cryptomine facility is reflected within “Equity in
net income (loss) of investee, net of tax” in the consolidated
statements of operations. Accordingly, operating results of the
Nautilus Cryptomine facility are not reflected in revenue, cost of
revenue or cost of operations lines in TeraWulf’s consolidated
statements of operations. The Company uses these metrics as
indictors of operational progress and effectiveness and believes
they are useful to investors for the same purposes and to provide
comparisons to peer companies. All figures except Bitcoin
Self-Mined are estimates and remain subject to standard month-end
adjustments. 2 Includes TeraWulf’s net share of bitcoin mined at
the Nautilus Cryptomine facility, based on hash rate share
attributed to the Company.3 Computed as the weighted-average
opening price of bitcoin on each respective day the Bitcoin
Self-Mined is earned.4 While nameplate inventory as of March 31,
2024 for TeraWulf’s two facilities is estimated at 8 EH/s, actual
monthly hash rate performance depends on a variety of factors,
including (but not limited to) performance tuning to increase
efficiency and maximize margin, scheduled outages (scopes to
improve reliability or performance), unscheduled outages,
curtailment due to participation in various cash generating demand
response programs, derate of ASICS due to adverse weather and ASIC
maintenance and repair.
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