December 2022 Highlights
- Self-mined 125 Bitcoin in December 2022 for a total of 378 Bitcoin produced in Q4 2022, a 223% increase as compared to 117 Bitcoin produced in Q3 2022.
- Fleet of deployed miners reached approximately 18,000 with a hash rate capacity over 2.0 EH/s.
- Successfully navigated extreme operating conditions during Winter Storm Elliot (the “Storm”), quickly returning to full output at the Storm’s close.
- Despite weather-related price volatility in December, the Company projects an average cost of power of approximately $0.035/kWh across its two sites.
|
Key Metrics |
Q3 2022 |
October 2022 |
November 2022 |
December 20221 |
|
Bitcoin (Self-Mined) |
117 |
119 |
134 |
125 |
|
Self-Mining Revenue ($M) |
$2.4 |
$2.3 |
$2.4 |
$2.1 |
|
Hosting Revenue ($M) |
$1.4 |
$0.9 |
$0.7 |
$0.9 |
|
Power Cost ($M) |
$4.8 |
$2.0 |
$1.4 |
$2.2 |
|
Avg. Operating Hash Rate (EH/s) |
0.7 |
1.6 |
1.9 |
1.5 |
|
Revenue per Bitcoin |
$20,657 |
$19,646 |
$17,617 |
$17,005 |
|
Power Cost per Bitcoin |
$20,732 |
$11,060 |
$6,151 |
$12,984 |
Production and Operations Update
The Company operates approximately 18,000 Bitcoin miners with a hash rate capacity over 2.0 EH/s at its Lake Mariner facility. About 11,500 are proprietary miners with a hash rate capacity of approximately 1.4 EH/s. The approximate remaining 6,500 miners (0.7 EH/s) are operated pursuant to hosting arrangements where the Company receives a fee and participates financially in mining profits.
During December 2022, the Company received approximately 4,500 miners and an additional 3,750 miners were delivered during the first week of January 2023 from Bitmain Technologies Limited (“Bitmain”). The Company is scheduled to receive over 18,000 additional miners from Bitmain over the coming months. The upcoming deliveries will fill the Company’s 160 MW of mining capacity available in early Q2 2023 with 34,000 miners (110 MW) at its Lake Mariner facility and 15,000 miners (50 MW) at its Nautilus facility.
