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
July 2023.
July 2023 Highlights
- Self-mined 330 bitcoin in July with
an average production rate of 10.6 bitcoin per day.
- Power cost averaged $12k per bitcoin
produced, or approximately $0.042/kWh in July.
- Delivered the highest monthly
self-mining revenue in WULF history despite July’s challenging
weather and grid conditions.
Key Metrics 1 |
July 2023 |
Bitcoin Self-Mined 2 |
330 |
Self-Mining Revenue Equivalent ($M) 3 |
$9.9 |
Hosting Revenue ($M) 4 |
$0.4 |
Power Cost ($M) 5 |
$4.2 |
Avg. Operating Hash Rate (EH/s) 6 |
4.7 |
Revenue per Bitcoin |
$30,068 |
Power Cost per Bitcoin |
$11,963 |
Management Commentary
“Peak summer months present difficult conditions
for any energy infrastructure business,” said Sean Farrell, SVP of
Operations at TeraWulf. “This month, our operations team drew on
their experience as former power plant employees to respond and
adapt to July’s challenging weather and grid conditions and
delivered the highest monthly self-mining revenue in the Company’s
history. These results are particularly impressive in light of the
Lake Mariner facility experiencing a fault on a grounding
transformer, tripping the power feed at the 345 kV level and taking
most of our mining capacity offline temporarily.”
“Importantly, and as a testament to the talent
of our team,” continued Farrell, “we were able to promptly identify
the fault, perform the repairs with a spare, test, commission, and
come back online safely in under 48 hours. Throughout July, our
Lake Mariner facility also participated in multiple demand response
events, fully curtailing our operations to preserve the overall
stability of the grid.”
“Bitcoin Network factors including the increased
difficulty and decreased transaction fees reduced bitcoin
production by approximately 4% per miner month over month,” stated
Nazar Khan, Co-founder and Chief Operating Officer of TeraWulf.
“With an overall miner fleet efficiency of 27.5 J/TH, and trending
lower with our most recent purchase, we are well-positioned to
manage through the increasing network difficulty and impending
halving.”
Production and Operations Update
During July, the Company completed installing
its remaining miners to completely utilize available capacity and
bring Lake Mariner’s operational hash rate to a total of 3.6 EH/s,
and the Company’s total operational hash rate to the full 5.5 EH/s
and 160 MW of capacity across its two sites.
As previously announced, the Company is
expanding its Lake Mariner facility and construction of Building 3,
which will house 43 MW of capacity and the next generation Antminer
S19j XP bitcoin mining machines, is underway and targeted for
completion by year-end 2023.
As of July 31, 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
pursuant to an agreement expiring in the fourth quarter of 2023)
and 16,000 self-miners at the nuclear-powered Nautilus facility in
Pennsylvania.
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 Communications678-570-6791assad@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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