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
October 2023.
October 2023
Highlights
- Self-mined 314 bitcoin in October
with an average production rate of over 10 bitcoin per day.
- After a planned outage during the
first week of October, achieved greater than 95% of targeted
self-mining operational hash rate.
- Power cost averaged $10.8k per
bitcoin produced, or approximately $0.034/kWh in October.
Key Metrics 1 |
October 2023 |
Bitcoin Self-Mined 2 |
|
314 |
Value per Bitcoin Self-Mined 3 |
$29,527 |
Power Cost per Bitcoin Self-Mined |
$10,813 |
Avg. Operating Hash Rate (EH/s) 4 |
|
5.0 |
Management Commentary
“During October, the Company mined 314 bitcoin,
a slight decrease from September’s bitcoin production, due to
unfavorable network factors including a substantial 9.3%
month-over-month increase in network difficulty,” said Sean
Farrell, SVP of Operations at TeraWulf.
“As we continue to improve operational
excellence across the fleet, our Lake Mariner facility is pursuing
increased participation in demand response programs to further
establish ourselves as an asset to the grid. We have recently
undergone a slight reorganization of site resources aimed at
maximizing miner inventory and slot utilization. Current
construction activities at Lake Mariner’s Building 3 remain on
schedule for completion by year-end, with the first pod of Hydra
racks already installed earlier this week,” added Farrell.
Production and Operations Update
On October 2, Lake Mariner entered a planned
outage to transition from a temporary substation feed to a
permanent feed. During the outage, approximately 1.4 EH was offline
for 4.25 days. Lake Mariner returned to full operations on October
6 and operated at +95% of targeted self-mining capacity for the
remainder of the month.
As of October 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 Data facility in New York, and Nautilus
Cryptomine facility in Pennsylvania, a joint venture with Cumulus
Coin, LLC. TeraWulf generates domestically produced Bitcoin powered
by 91% zero carbon energy resources including nuclear, hydro, and
solar 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, and/or regulation regarding
safety, health, environmental and other matters, which could
require significant expenditures; (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) adverse geopolitical or
economic conditions, including a high inflationary environment; (8)
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); (9) 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; (10)
employment workforce factors, including the loss of key employees;
(11) litigation relating to TeraWulf, RM 101 f/k/a IKONICS
Corporation and/or 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(678) 570-6791
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. Accordingly, operating
results of the Nautilus facility are not reflected in revenue, cost
of revenue or cost of operations lines in TeraWulf’s consolidated
statements of operation. 2 Includes BTC earned from profit sharing
associated with a short-term hosting agreement at the Lake Mariner
facility and TeraWulf’s net share of BTC produced at the Nautilus
facility.3 Computed as the weighted-average opening price of BTC on
each respective day the Self-Mined Bitcoin is earned.4 While
nameplate inventory for WULF’s two facilities is 5.5 EH/s,
inclusive of gross total hosted miners, actual monthly hash rate
performance depends on a variety of factors, including (but not
limited to) performance tuning to increase efficiency and maximize
margin, scheduled outages (scopes to improve reliability or
performance), unscheduled outages, curtailment due to participation
in various cash generating demand response programs, derate of
ASICS due to adverse weather and ASIC maintenance and repair.
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