© Reuters
EASTON, Maryland – TeraWulf Inc. (NASDAQ:WULF), a company specializing in environmentally clean bitcoin mining, has provided an update on its operational progress for February 2024. At the end of February, TeraWulf's self-mining hashrate reached 7 .9 exahashes per second (EH/s), a significant step toward its mid-2024 goal of reaching 10 EH/s capacity.
In February, the company mined 364 bitcoins, which is a 16% increase from the previous month. This growth is attributed to the full deployment of Building 3 at its Lake Mariner facility.
The average operating hashrate saw a month-over-month increase of 39% to 7.5 EH/s. The cost of energy for mining averaged $13,968 per bitcoin, or about $0.037 per kilowatt-hour, excluding potential revenue from demand response or ancillary services.
The increase in mining capacity is due in part to the acquisition of approximately 4,000 Bitmain S19k Pro miners in February, some of which are intended to replace approximately 2,000 MinerVa miners in Lake Mariner. Construction of Building 4, with a capacity of 35 MW, at the Lake Mariner facility is progressing and is expected to be completed in mid-2024.
TeraWulf operates two bitcoin mining facilities in the United States, the wholly owned Lake Mariner facility in New York and the Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin, LLC. The company emphasizes its commitment to zero-carbon energy, as its operations are powered by more than 95% zero-carbon energy sources, including nuclear, hydroelectric and solar.
The press release also mentions that TeraWulf is pursuing a potential large-scale high-performance computing (HPC) project at the Lake Mariner site, with an initial block of 2 MW of power allocated for thousands of processing units. latest generation graphics (GPU). .
This operational update is based on unaudited figures and remains subject to standard month-end adjustments. The company's share of the profits or losses of the Nautilus Cryptomine facility is reflected in equity in the net income or losses of the investee, net of taxes, and not in the lines of income, cost of revenue or cost of operations in TeraWulf's consolidated statements of operations.
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