Industry-leading power cost of approximately $6.2k per bitcoin produced in May 2023
Near-term ability to expand capacity by up to 150 MW at existing sites
Proprietary Bitcoin mining fleet powered by more than 91% zero-carbon energy
EASTON, Md., June 22, 2023 (GLOBE NEWSWIRE) — TeraWulf Inc. (NASDAQ:WULF) (“TeraWulf” or the “Company”), owner and operator of vertically integrated, domestic Bitcoin mining facilities powered by more than 91% zero-carbon energy, today announced the Company has successfully achieved 5.5 EH/s and 160 MW of operating capacity following the completion of Building 2 at its wholly-owned Lake Mariner facility in New York.
TeraWulf began mining bitcoin at the Lake Mariner facility in March 2022 and, with the completion of Building 2, now has 110 MW and 3.6 EH/s of operational mining capacity. The Lake Mariner facility sources grid power in Western New York, where over 91% of market energy comes from zero-carbon resources, primarily hydro and nuclear.
The Company began mining at the Nautilus facility, a joint venture with Cumulus Coin, LLC, in February 2023 and deployed its full share in phase one of the facility – 50 MW and 1.9 EH/s – in April 2023. The Nautilus facility represents the first behind-the-meter Bitcoin mining facility of its kind, directly sourcing reliable, carbon-free, 24×7 baseload power from the 2.5 GW Susquehanna nuclear generation station in Pennsylvania.
Organic Expansion Capability
TeraWulf can significantly expand mining operations at its existing sites. The Lake Mariner facility can expand by another 100 MW in the near term and up to 500 MW in total. At the nuclear-powered Nautilus facility, TeraWulf retains the option to expand its mining capacity by 50 MW.
“Our two sites were strategically developed with expansion potential as a key characteristic. Everything from our power import capacity to the layout of our warehouses and racks is designed to grow,” said Paul Prager, Chairman and CEO of TeraWulf. “Scalability and adaptability are vital, and our Lake Mariner and Nautilus facilities possess both. With today’s announcement, having achieved 5.5 EH/s and 160 MW of Bitcoin mining capacity as promised, we look forward to now setting our sights on future growth.”
TeraWulf has also developed a strong, collaborative relationship with the leading mining equipment manufacturer, BITMAIN, which supports preferred access and advantaged cost structures for ASIC miners. Bozhao Yu, Antminer Sales Director of NCSA Region, BITMAIN commented, “The achievement of 5.5 EH/s of mining capacity marks a key milestone for TeraWulf. With a combination of BITMAIN Antminers, including S19 XP Pro miners, which have an energy efficiency of 21.5 J/TH, and S19j Pro and S19 Pro miners, which have an energy efficiency of 29.5 J/TH, the Company has one of the most efficient mining fleets in the sector. We are confident in TeraWulf’s vertically integrated, sustainable, and low-cost business as we continue to expand our long-term partnership with the Company.”
