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
June 2023.
June 2023
Highlights
- Self-mined 347 bitcoin in June with
an average production rate of 11.6 bitcoin per day. As with prior
months, all self-mined BTC in June was sold generating proceeds of
approximately $9.6 million.
- Power cost averaged $9.3k per
bitcoin produced, or approximately $0.035/kWh in June.
- Fully commissioned Building 2 at the
Lake Mariner facility and achieved 110 MW of self-mining capacity
sitewide.
- Deployed fleet of over 50,000
miners, comprised of 34,000 miners at its wholly owned Lake Mariner
facility in New York and 16,000 self-miners at the nuclear-powered
Nautilus facility in Pennsylvania.
Key Metrics 1 |
June 2023 |
Bitcoin Self-Mined 2 |
|
347 |
Self-Mining Revenue Equivalent ($M) 3 |
$9.6 |
Hosting Revenue ($M) 4 |
$0.4 |
Power Cost ($M) 5 |
$3.5 |
Avg. Operating Hash Rate (EH/s) 6 |
|
4.9 |
Revenue per Bitcoin |
$27,663 |
Power Cost per Bitcoin |
$9,320 |
Management Commentary
“Despite the increase in network difficulty and
decrease in transaction fees, and many of our peers facing downtime
and/or curtailed operations due to geographic concentration in
Texas, TeraWulf increased its monthly bitcoin production by 8% in
June,” stated Kerri Langlais, Chief Strategy Officer of TeraWulf.
“Last month, TeraWulf realized an average power cost of 3.5 cents
per kilowatt hour and an average availability in excess of 98%
across its facilities. The Company’s low energy costs and high
availability despite the high summer temperatures are a testament
to our team’s decades of energy infrastructure management
experience,” added Langlais.
“The expansion of the former power block data
center area at the Lake Mariner facility was completed near the end
of June, which now holds more than 4,700 miners (or 0.5 EH/s) – a
prime example of how TeraWulf drives down capital expenditures by
utilizing legacy energy and power infrastructure to maximize
profitability,” continued Langlais. “We continue to prepare for the
next Bitcoin block halving event, currently anticipated in April
2024, with a firm belief that all hash is not equal. Our
demonstrated execution capabilities, substantial organic growth
opportunities at our two sites, and industry-low power prices,
reflect the strength of TeraWulf’s vertically integrated strategy
which we expect will further define us as the leading sustainable,
low-cost bitcoin miner.”
Production and Operations Update
In June, TeraWulf announced its achievement of
5.5 EH/s of operating capacity with the completion of Building 2 at
its Lake Mariner facility. In the coming weeks, the Company will
activate its remaining slots to bring Lake Mariner’s self-mining
hash rate to a total of 3.6 EH/s and the total self-mining hash
rate to 5.5 EH/s and 160 MW of capacity across its two sites.
As of June 30, 2023, the Company had an
operational miner fleet of approximately 50,000 of the latest
generation miners, comprised of 34,000 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.
Please take a tour of our Zero-Carbon Hydro and Nuclear
Powered Bitcoin Mining Facilities
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:Jason AssadDirector of
Corporate Communicationsassad@terawulf.com
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.
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