TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owners
and operators of vertically integrated, domestic bitcoin mining
facilities powered by more than 91% zero-carbon energy, today
provided an unaudited monthly production and operations update for
May 2023.
May 2023
Highlights
- Self-mined 323 bitcoin in May with
an average production rate of 10.4 bitcoin per day.
- Power cost averaged $6.2k per
bitcoin produced, or approximately $0.028/kWh in May.
- Deployed fleet of 36,000 miners,
comprised of 20,000 miners at its wholly owned Lake Mariner
facility in New York and 16,000 self-miners at the nuclear-powered
Nautilus facility in Pennsylvania.
- Commenced operations in Building 2
at the Lake Mariner facility, where the Company continues to ramp
to the full 50 MW of self-mining capacity, which remains on target
for Q2 2023.
|
Key Metrics 1 |
May 2023 |
|
|
|
Bitcoin Self-Mined 2 |
323 |
|
|
|
Self-Mining Revenue Equivalent ($M) 3 |
$8.9 |
|
|
|
Hosting Revenue ($M) 4 |
$0.3 |
|
|
|
Power Cost ($M) 5 |
$2.2 |
|
|
|
Avg. Operating Hash Rate (EH/s) 6 |
3.9 |
|
|
|
Revenue per Bitcoin |
$27,519 |
|
|
|
Power Cost per Bitcoin |
$6,251 |
|
|
________________________1 Unaudited monthly results are based on
estimates, which remain subject to standard month end adjustments.
The Company’s share of the earnings or losses of the Nautilus
facility is reflected in the caption “Equity in net loss of
investee, net of tax” in the consolidated statements of operations.
Operations at Nautilus do not impact the revenue or cost of goods
sold lines in TeraWulf’s consolidated statements of operations.2
Includes BTC earned from profit sharing associated with short-term
hosting agreement at the Lake Mariner facility and TeraWulf’s net
share of BTC produced at the Nautilus facility.3 Includes
TeraWulf’s net share of BTC revenue generated at the Nautilus
facility and profit sharing from hosting agreement.4 Excludes BTC
earned from profit sharing associated with short-term hosting
agreement at the Lake Mariner facility.5 Includes TeraWulf’s net
share of power cost incurred at the Nautilus facility.6 Includes
gross total hash rate of miners hosted on short-term agreement at
the lake Mariner facility.
Management Commentary
“The increase in our hash rate this month coupled
with a temporary spike in transaction fees due to the emergence of
Ordinals on the blockchain more than offset May’s increase in
network difficulty, enabling the Company to deliver a 35%
month-over-month increase in bitcoin produced,” stated Kerri
Langlais, Chief Strategy Officer of TeraWulf. “Additionally, with a
realized average cost of power of less than $0.03 per kilowatt hour
and average availability in excess of 98% in May, we steadily
increased profit margins month over month despite challenging
market conditions,” added Langlais.
“From an operational perspective, we are completing
the miner installation in Building 2 at Lake Mariner, which will
add another 50 MW of self-mining capacity and bring the Company’s
total operational mining capacity to 160 MW and 5.5 EH/s,”
continued Langlais. “Our demonstrated execution capabilities and
substantial organic growth opportunities at our two sites reflect
the strength of TeraWulf’s vertically integrated model and strategy
to be the leading sustainable, low-cost Bitcoin miner in the
sector.”
Production and Operations
Update
As of May 31, 2023, the Company had an operational
miner fleet of approximately 36,000 of the latest generation
miners, comprised of 20,000 miners at its wholly owned Lake Mariner
facility in New York (5,000 of which are hosted) and 16,000
self-miners at the nuclear-powered Nautilus facility in
Pennsylvania.
TeraWulf is in the final stages of bringing all
mining capacity online at Lake Mariner, which will increase Lake
Mariner’s operational capacity to over 110 MW in the coming weeks.
Combined, the Company expects to have a total operational capacity
of 50,000 miners (5.5 EH/s) in Q2 2023, representing approximately
160 MW of power demand.
Conferences and Events
TeraWulf plans to attend the following upcoming
events:
- June 6-8, LD Micro Main Event
Invitational XIII Conference, Los Angeles
- June 14-15, Cantor Fitzgerald
Technology Conference, New York
About TeraWulf
TeraWulf (Nasdaq: WULF) owns and operates vertically integrated,
environmentally clean Bitcoin mining facilities in the United
States. Led by an experienced group of energy entrepreneurs, the
Company currently has two Bitcoin mining facilities: the wholly
owned Lake Mariner facility in New York, and Nautilus Cryptomine
facility in Pennsylvania, a joint venture with Cumulus Coin, LLC.
TeraWulf generates domestically produced Bitcoin powered by
nuclear, hydro, and solar energy with a goal of utilizing 100%
zero-carbon energy. With a core focus on ESG that ties directly to
its business success, TeraWulf expects to offer attractive mining
economics at an industrial scale.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, as amended. Such
forward-looking statements include statements concerning
anticipated future events and expectations that are not historical
facts. All statements, other than statements of historical fact,
are statements that could be deemed forward-looking statements. In
addition, forward-looking statements are typically identified by
words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,”
“anticipate,” “intend,” “outlook,” “estimate,” “forecast,”
“project,” “continue,” “could,” “may,” “might,” “possible,”
“potential,” “predict,” “should,” “would” and other similar words
and expressions, although the absence of these words or expressions
does not mean that a statement is not forward-looking.
Forward-looking statements are based on the current expectations
and beliefs of TeraWulf’s management and are inherently subject to
a number of factors, risks, uncertainties and assumptions and their
potential effects. There can be no assurance that future
developments will be those that have been anticipated. Actual
results may vary materially from those expressed or implied by
forward-looking statements based on a number of factors, risks,
uncertainties and assumptions, including, among others: (1)
conditions in the cryptocurrency mining industry, including
fluctuation in the market pricing of bitcoin and other
cryptocurrencies, and the economics of cryptocurrency mining,
including as to variables or factors affecting the cost, efficiency
and profitability of cryptocurrency mining; (2) competition among
the various providers of cryptocurrency mining services; (3)
changes in applicable laws, regulations and/or permits affecting
TeraWulf’s operations or the industries in which it operates,
including regulation regarding power generation, cryptocurrency
usage and/or cryptocurrency mining; (4) the ability to implement
certain business objectives and to timely and cost-effectively
execute integrated projects; (5) failure to obtain adequate
financing on a timely basis and/or on acceptable terms with regard
to growth strategies or operations; (6) loss of public confidence
in bitcoin or other cryptocurrencies and the potential for
cryptocurrency market manipulation; (7) the potential of
cybercrime, money-laundering, malware infections and phishing
and/or loss and interference as a result of equipment malfunction
or break-down, physical disaster, data security breach, computer
malfunction or sabotage (and the costs associated with any of the
foregoing); (8) the availability, delivery schedule and cost of
equipment necessary to maintain and grow the business and
operations of TeraWulf, including mining equipment and
infrastructure equipment meeting the technical or other
specifications required to achieve its growth strategy; (9)
employment workforce factors, including the loss of key employees;
(10) litigation relating to TeraWulf, RM 101 f/k/a IKONICS
Corporation and/or the business combination; and (11) other risks
and uncertainties detailed from time to time in the Company’s
filings with the Securities and Exchange Commission (“SEC”).
Potential investors, stockholders and other readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date on which they were made. TeraWulf
does not assume any obligation to publicly update any
forward-looking statement after it was made, whether as a result of
new information, future events or otherwise, except as required by
law or regulation. Investors are referred to the full discussion of
risks and uncertainties associated with forward-looking statements
and the discussion of risk factors contained in the Company’s
filings with the SEC, which are available at www.sec.gov.
Company Contact:info@terawulf.com(410)
770-9500
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