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© Reuters
EASTON, Md. – TeraWulf Inc. (NASDAQ:WULF), a green Bitcoin mining company, 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 towards its mid-2024 goal of reaching 10 EH/s capacity.
In February, the company mined 364 Bitcoin, up 16% from the previous month. This growth is due to the full deployment of Building 3 at the Lake Mariner site.
Average operating hashrate increased 39% month-over-month to 7.5 EH/s. Mining electricity costs averaged $13,968 per Bitcoin, or about $0.037 per kilowatt-hour, excluding possible revenue from demand response or ancillary services.
The increase in mining capacity is partly due to the acquisition of around 4,000 Bitmain S19k Pro miners in February, some of which are set to replace around 2,000 MinerVa miners at Lake Mariner. Construction of 35 MW Building 4 at the Lake Mariner site is progressing and is expected to be completed by 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. Underscoring its commitment to carbon-free energy, the company runs its operations from over 95% carbon-free energy sources, including nuclear, hydroelectric and solar.
The press release also noted that TeraWulf is pursuing a potential large-scale high-performance computing (HPC) project at the Lake Mariner site, initially providing a 2 MW power block for thousands of state-of-the-art graphics processing units (GPUs). .
This operational update is based on unaudited figures and remains subject to standard month-end adjustments. The Company’s share of the income or loss from the Nautilus Cryptomine investment will be reflected in equity in the investee’s net income or loss after taxes and will not be reflected in the “Sales”, “Cost of Sales” or “Operating Expenses” lines in the consolidated income statement. and loss statement from TeraWulf.
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