Terawulf Reports 76% Increase in Mining Capacity

By Tamara Parker • Friday, July 05 07:57 • Permanent Link

Terawulf Inc. has released its unaudited monthly production and operations update for June 2024, revealing significant growth and progress in various key metrics. The company's installed and operational self-mining capacity reached approximately 8.8 EH/s, marking a substantial 76% year-over-year increase. Additionally, the construction of Building 4 at the Lake Mariner facility was substantially completed in June, setting the stage for a capacity of over 10.0 EH/s in July 2024.

In terms of Bitcoin production, Terawulf mined 177 Bitcoin in June, with an average production rate of approximately 5.9 Bitcoin per day. The power cost per Bitcoin self-mined averaged $32,373 in June, reflecting an approximate rate of $0.042/kWh. The company also curtailed over 2,300 MWh in connection with demand response activities in June, which is expected to reduce power costs by approximately $0.010/kWh for the month.

Comparing June 2024 to May 2024, there were fluctuations in several key metrics. The Bitcoin self-mined at the Lake Mariner facility decreased from 144 in May to 136 in June, while at the Nautilus facility, it decreased from 42 in May to 41 in June. The value per Bitcoin self-mined increased from $65,094 in May to $66,178 in June. The power cost per Bitcoin self-mined also saw an increase from $31,239 in May to $32,373 in June.

Looking at the operational hash rate, it decreased from 7.6 EH/s in May to 7.1 EH/s in June, while the nameplate miner efficiency remained constant at 24.6 J/TH.

Sean Farrell, the Senior Vice President of Operations at Terawulf, highlighted the completion of Building 4 ahead of schedule at the Lake Mariner facility and the ongoing deployment of Bitmain's latest generations of S21 and S21 Pro miners. He also mentioned the commencement of construction on Building 5, which will add an additional 50 MW of infrastructure capacity, and the finalization of the 2 MW pilot project known as the 'Wulf Den.'

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

The company's pursuit of AI/HPC digital infrastructure projects at the Lake Mariner site is progressing, with a 2 MW AI/HPC digital infrastructure pilot under construction and a 20 MW colocation pilot project in the works, targeted for completion by Q4 2024.

Terawulf continues to focus on environmentally clean Bitcoin mining, with a core focus on ESG that ties directly to its business success, aiming to provide industry-leading mining economics at an industrial scale. Following these announcements, the company's shares moved 3.2%, and are now trading at a price of $5.21. For the full picture, make sure to review TeraWulf's 8-K report.

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