TeraWulf Reports 16% Increase in Bitcoin Production

By Bobby Samwell • Monday, March 04 10:21 • Permanent Link

TeraWulf Inc. has released its February 2024 production and operations update, revealing significant growth in various key metrics compared to the previous month. The company reported self-mining 364 bitcoins in February, marking a 16% increase from January's production despite the shorter month. This translates to an average production rate of over 12.5 bitcoins per day.

In terms of power cost, TeraWulf achieved an impressive average of $13,968 per bitcoin self-mined in February, which equates to approximately $0.037/kWh. This represents a notable improvement from January when the power cost averaged $16,737 per bitcoin self-mined.

The average operating hashrate also saw a substantial increase, rising by 39% month-over-month to reach 7.5 EH/s in February, indicating the company's enhanced operational capacity.

TeraWulf's Lake Mariner facility played a significant role in driving these results, with the full deployment of Building 3 contributing to the improved bitcoin production. Additionally, the company anticipates exiting March with a self-mining capacity surpassing 8.0 EH/s, primarily attributed to the acquisition of approximately 4,000 Bitmain S19k Pro miners in February.

Moreover, TeraWulf's management highlighted the advantageous energy pricing at Lake Mariner during February, coupled with an impressive overall fleet availability of 95%.

Looking ahead, the company's operational infrastructure capacity at the Lake Mariner facility currently stands at 160 MW, with the construction of Building 4 (35 MW) on track to be completed by mid-2024. This development is expected to further increase TeraWulf's total operational capacity to approximately 10 EH/s.

Furthermore, TeraWulf is exploring a potential large-scale, high-performance computing (HPC) project at the Lake Mariner site, with an initial commitment of 2 MW of power to deploy thousands of the latest generation graphics processing units (GPUs).

TeraWulf's focus on environmentally clean bitcoin mining facilities powered by more than 95% zero-carbon energy resources, including nuclear, hydro, and solar, underscores its commitment to sustainability and aligns with its goal of utilizing 100% zero-carbon energy.

Today the company's shares have moved 0.1% to a price of $2.05. If you want to know more, read the company's complete 8-K report here.

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