Terawulf Inc. reports 379 self-mined bitcoins in March 2024

Terawulf Inc. (NASDAQ: WULF) has reported its production and operations update for March 2024, highlighting some key metrics and operational milestones.

In March, the company self-mined 379 bitcoins at an average production rate of 12.2 bitcoins per day. The power cost averaged $13,798 per bitcoin self-mined, or approximately $0.035/kWh, excluding the benefit of expected demand response or ancillary services proceeds. This represents an increase from February, where the power cost was slightly higher at $13,968 per bitcoin self-mined.

The installed hash rate increased to 8 EH/s exiting March, up from 7.5 EH/s in February. This increase was primarily due to the replacement of approximately 1,000 older generation miners with S19K Pro miners. Additionally, in early April, an additional 3,000 S19K Pro miners are expected to be delivered and energized at the Lake Mariner facility.

The company's share of the earnings or losses from operations at the Nautilus cryptomine facility reflected within "equity in net income (loss) of investee, net of tax" in the consolidated statements of operations. The company uses these metrics as indicators of operational progress and effectiveness and believes they are useful to investors for the same purposes and to provide comparisons to peer companies.

Terawulf's 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.

The company is also on track to complete the construction of Building 4 (35 MW) at the Lake Mariner facility by mid-2024, which is expected to increase Terawulf’s total operational capacity to approximately 10 EH/s.

Terawulf's commitment to operational efficiency and resource management is further reflected in the recent expansion of qualified capacity within the NYISO operating reserve program.

Terawulf's focus on environmental, social, and governance (ESG) factors ties directly to its business success, as the company 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. Following these announcements, the company's shares moved -4.1%, and are now trading at a price of $2.33. For the full picture, make sure to review TeraWulf's 8-K report.

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