TeraWulf Provides Update on August 2024 Operations and Production
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TeraWulf’s August 2024 Production and Operations Update
Noteworthy advancements in AI/HPC digital infrastructure at Lake Mariner.
10.0 EH/s of installed and operational self-mining capacity, doubling year-over-year.
TeraWulf Inc. (NASDAQ: WULF) is at the forefront of innovating bitcoin mining by primarily utilizing renewable energy. Recently, the Company gave an update on its production and operations for August 2024, reflecting its commitment to sustainable practices.
Production Highlights for August 2024
The Company successfully mined 184 bitcoins in August, with an average production rate of nearly 5.9 bitcoin per day. This performance underscores TeraWulf’s efforts to optimize operations while maintaining energy efficiency even under peak summer demands.
Operating Capacity Growth
TeraWulf has reached an impressive self-mining capacity of about 10.0 EH/s. This achievement marks a 100% increase from the previous year, showcasing the Company’s robust expansion in the mining sector.
Financial Insights
In terms of power costs, the average expense to mine a single bitcoin was $35,407, correlating to a rate of approximately $0.044 per kWh. This figure does not yet account for the anticipated revenue from demand response and ancillary services, which are expected to contribute positively to the Company's financial health.
Demand Response Efforts
TeraWulf's Lake Mariner facility successfully curtailed over 1,200 MWh in August as a key part of its demand response activities. This strategy aimed to lower the power costs further by approximately $0.007 per kWh, equivalent to a remarkable 16 BTC based on the value achieved per bitcoin mined in August.
Key Metrics Overview
The overall metrics for the month are impressive:
- Bitcoin Self-Mined: 184 bitcoins
- Operating Hash Rate: Average of 8.2 EH/s
- Power Cost per Bitcoin: $35,407
- Value per Bitcoin Self-Mined: $60,025
Management Comments
Sean Farrell, Senior Vice President of Operations, stated, “During August, TeraWulf mined 184 bitcoin, maintaining an average production rate of nearly 6 bitcoin per day. This underscores our continued operational optimizations, particularly during peak summer temperatures and demand response events.” Farrell further highlighted the significant progress on the ‘WULF Den’ proof-of-concept project, anticipated to have a positive impact on future operations.
Future Developments
As of the end of August 2024, TeraWulf’s infrastructure capacity had expanded, with 195 MW at Lake Mariner and 50 MW at the Nautilus facility contributing to an impressive total self-mining hash rate of around 10.0 EH/s. The Company is making swift progress with a large-scale AI/HPC project dubbed WULF Compute, aimed at supporting breakthrough GPU technology.
Additionally, the construction of the CB-1 facility remains on schedule and aims to bolster TeraWulf’s operational capabilities significantly. By utilizing energy-efficient practices and a focus on environmental sustainability, the Company endeavors to enhance profitability while brandishing its green energy credentials.
About TeraWulf
TeraWulf is committed to sustainable bitcoin mining through integrated, clean energy infrastructures. With combined advanced data centers in the United States, the Company is focused on generating bitcoin using predominantly zero-carbon energy sources. TeraWulf's ethos intertwines efficiency and environmental responsibility, aiming to lead in the mining sector by aligning both goals.
Frequently Asked Questions
What is TeraWulf's primary focus?
TeraWulf is dedicated to operating bitcoin mining facilities powered largely by zero-carbon energy, emphasizing sustainability.
How many bitcoins did TeraWulf mine in August 2024?
In August 2024, TeraWulf mined a total of 184 bitcoins, averaging approximately 5.9 per day.
What was the power cost per bitcoin in August 2024?
The average power cost per bitcoin mined in August was $35,407.
How has TeraWulf's capacity changed over the year?
TeraWulf's self-mining capacity has doubled year-over-year to reach 10.0 EH/s.
Who can be contacted for more information about TeraWulf?
For inquiries, contact Jason Assad, Director of Corporate Communications, at assad@terawulf.com or by phone at (678) 570-6791.
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