TeraWulf Achieves $1 Billion Revenue Milestone

By Tamara Parker • Saturday, January 04 10:14 • Permanent Link

TeraWulf Inc. (Nasdaq: WULF) has announced its production and operations update for December 2024, showcasing significant growth and achievements in its digital infrastructure operations. The company has secured high-performance computing (HPC) data center leases with Core42 for over 70 MW of digital infrastructure, translating to more than $1 billion in total revenue over the initial 10-year term. This represents a substantial milestone for TeraWulf, as it marks the company's entry into HPC hosting and underscores the value of its sustainable and scalable digital infrastructure.

In terms of Bitcoin production, TeraWulf self-mined 158 bitcoins in December, with an average daily production rate of approximately 5.1 bitcoins. This brings the total self-mined bitcoins for the year to 2,728, with 423 mined in Q4 2024. Additionally, the company achieved 9.7 EH/s of installed self-mining capacity, reflecting a remarkable 94% year-over-year increase.

Key metrics for December 2024 compared to November 2024 reveal notable changes. The value per Bitcoin self-mined increased to $98,326 from $83,947, while the power cost per Bitcoin self-mined rose to $62,805 from $41,190. The average operating hash rate (EH/s) surged to 8.4 from 5.9, demonstrating a substantial improvement in mining capacity.

Paul Prager, TeraWulf’s Chief Executive Officer, emphasized the significance of the data center lease agreements and the company's discussions with additional tenants to utilize the remaining 178 MW of near-term HPC hosting capacity at Lake Mariner. TeraWulf is also evaluating strategic site acquisition opportunities to extend its footprint beyond the 750 MW potential at Lake Mariner.

TeraWulf's operational Bitcoin mining capacity as of December 31, 2024, stood at 195 MW with an installed self-mining hash rate of approximately 9.7 EH/s. The company’s commitment to operational excellence and sustainability continues to drive its growth across Bitcoin mining and HPC hosting businesses.

Looking ahead, TeraWulf is on track with the construction of miner building 5 (MB-5, 50 MW), with target completion in mid-Q1 2025. Moreover, the company will deliver more than 70 MW of turn-key data center infrastructure to host Core42’s HPC operations at the Lake Mariner facility in Upstate New York under the recently announced data center lease agreements.

TeraWulf Inc. develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Committed to environmental, social, and governance (ESG) principles, the company aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

TeraWulf's forward-looking statements indicate a strong focus on future growth and strategic expansion, underpinned by its commitment to sustainability and operational excellence. As a result of these announcements, the company's shares have moved 13.9% on the market, and are now trading at a price of $6.22. For more information, read the company's full 8-K submission here.

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