TeraWulf Announces 7.9 EH/s Expansion Plan and Associated Purchase of 18,500 S19j XP Bitcoin Miners from BITMAIN
18 Julho 2023 - 9:30AM
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 plans to expand its self-mining capacity to 7.9 EH/s by
year end with the associated purchase of 18,500 of the next
generation Antminer S19j XP bitcoin mining machines for a total
price of $75 million. After coupons and credits, the Company
currently expects to pay $53.4 million, or $19.10 per terahash, for
the miners.
The new S19j XP machines will be deployed at the
Company’s Lake Mariner facility in New York where construction of
Building 3, which will house 43 MW of capacity, is underway and
targeted for completion by year-end 2023. The infrastructure
expansion and additional miners are expected to increase the
Company’s total self-mining hashrate by approximately 58% (from 5.0
EH1 to 7.9 EH/s). The Company has already paid the deposit on the
new miners.
The BITMAIN purchase order represents the first
large-scale order of S19j XPs, which are the next generation unit
offered by BITMAIN with a power-efficiency rating of 21.5 joules
per terahash (J/TH) and a bitcoin mining hashrate of 151 terahash
per second (TH/s) each, for a combined total hashrate of 2.8
exahashes per second (EH/s) for the 18,500 units. According to the
purchase agreement, the 18,500 S19j XPs are scheduled to be shipped
by BITMAIN in equal monthly allotments in October, November, and
December.
“At TeraWulf, we continue to believe that all hash
is not created equal. Our planned expansion with S19j XPs will
further establish TeraWulf as one of the most efficient mining
fleets in the sector with a fleet efficiency of 25.7 J/TH,” said
Nazar Khan, Co-founder and COO of TeraWulf. “Coupled with a
realized average cost of power of 3.5 cents per kilowatt hour and
average availability in excess of 98%, we are not only expanding
hashing capacity with this order but simultaneously positioning the
Company for increased profit margins ahead of the next
halving.”
Xmei Lin, Head of Sales at BITMAIN commented,
“BITMAIN is proud to partner with TeraWulf for the first
large-scale order of S19j XPs. The high performance and low energy
consumption of our latest generation S19j XP miners represent the
most efficient mining equipment in the market and the perfect
complement to TeraWulf’s sustainable and low-cost mining
business.”
A Current Report on Form 8-K containing more
detailed information regarding the agreement with BITMAIN will be
filed by TeraWulf with the Securities and Exchange Commission.
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: its wholly owned Lake Mariner facility in New York, and
the Nautilus Cryptomine facility in Pennsylvania, a joint venture
with Cumulus Coin, LLC. TeraWulf generates domestically produced
Bitcoin powered by utilizing nuclear and hydro 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; (11) the ability to
recognize the anticipated objectives and benefits of the business
combination; and (12) 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 A portion of the new S19j XP
miners will replace 5,000 (0.5 EH/s) third-party miners currently
hosted by the Company at Lake Mariner pursuant to an agreement that
expires in the fourth quarter of 2023.
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