Terawulf Inc. Reports 76% Year-over-Year Increase in Mining Capacity

By Bobby Samwell • Wednesday, July 03 15:14 • Permanent Link

Terawulf Inc. (NASDAQ: WULF) has released its unaudited monthly production and operations update for June 2024, revealing significant growth and progress in its operations.

In terms of production and operations highlights for June 2024: The company mined 177 bitcoins, averaging approximately 5.9 bitcoins per day, consistent with May's production. Terawulf's installed and operational self-mining capacity reached approximately 8.8 EH/s, marking a substantial 76% year-over-year increase. * The average power cost per bitcoin self-mined was $32,373, reflecting an approximate rate of $0.042/kWh.

Comparing key metrics between June 2024 and May 2024: Bitcoin self-mined at Lake Mariner decreased from 144 to 136. Bitcoin self-mined at Nautilus decreased from 42 to 41. The value per bitcoin self-mined increased from $65,094 to $66,178. Power cost per bitcoin self-mined increased from $31,239 to $32,373. The average operating hash rate decreased from 7.6 EH/s to 7.1 EH/s. Nameplate miner efficiency remained the same at 24.6 J/TH.

In addition, the company announced progress and future plans, including the completion of building 4 at Lake Mariner and the installation of approximately 10,000 of Bitmain’s latest generations of S21 and S21 Pro miners. Once fully deployed, building 4 is expected to increase total operating capacity to over 10.0 EH/s.

Terawulf's operational infrastructure capacity comprised 195 MW at the Lake Mariner facility and 50 MW at the Nautilus facility as of June 30, 2024. The company's total self-mining hash rate stood at approximately 8.8 EH/s.

The company's management emphasized significant ongoing activity at Lake Mariner, including the commencement of construction on building 5, which will add an additional 50 MW of infrastructure capacity. Furthermore, progress continues on a 2 MW AI/HPC digital infrastructure pilot and the development of a 20 MW colocation pilot facility.

Terawulf's focus on environmentally clean bitcoin mining, powered by 95% zero-carbon energy resources including nuclear, hydro, and solar, aligns with its core commitment to ESG (Environmental, Social, and Governance) principles. The company aims to provide industry-leading mining economics at an industrial scale while contributing to a sustainable energy future. As a result of these announcements, the company's shares have moved 3.2% on the market, and are now trading at a price of $5.21. Check out the company's full 8-K submission here.

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