TeraWulf’s August Bitcoin Production and Operational Efficiencies
EASTON, Md., Sept. 04, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading operator and owner of vertically integrated, domestic bitcoin mining facilities powered largely by zero-carbon energy, announced an unaudited production and operations update for August 2024.
August 2024 Production and Operations Highlights
Self-Mined Bitcoin: TeraWulf mined 184 bitcoin in August, achieving an average production rate of approximately 5.9 bitcoin per day.
Operating Capacity: The Company’s installed and operational self-mining capacity reached about 10.0 EH/s, marking a 100% increase year-over-year.
Power Cost: The average cost per bitcoin mined in August was $35,407, at an approximate rate of $0.044/kWh. This figure does not include the anticipated benefits from demand response and ancillary services proceeds, which are expected to be significant.
Demand Response: TeraWulf’s Lake Mariner facility curtailed over 1,200 MWh in August as part of its demand response initiatives. This is expected to lower power costs by approximately $0.007/kWh for the month, a value equivalent to around 16 BTC, based on August’s “Value per Bitcoin Self-Mined.”
| Key Metrics | 1 August 2024 | July 2024 |
| Bitcoin Self-Mined Lake Mariner | 147 | 155 |
| Bitcoin Self-Mined Nautilus | 37 | 40 |
| Value per Bitcoin Self-Mined2 | $ 60,025 | $ 62,887 |
| Power Cost per Bitcoin Self-Mined | $ 35,407 | $ 36,346 |
| Avg. Operating Hash Rate (EH/s)3 | 8.2 | 8.0 |
Management Commentary
“During August, TeraWulf mined 184 bitcoin, maintaining an average production rate of Nearly 6 bitcoin per day,” said Sean Farrell, Senior Vice President of Operations at TeraWulf. “This highlights our ongoing operational optimizations, especially during peak summer temperatures and demand response events, as demonstrated by an improved average operating hash rate compared to July.”
Farrell continued, “We have made significant progress on our 2 MW ‘WULF Den’ proof-of-concept project for WULF Compute at the Lake Mariner site, designed to house high-density GPUs. The project is on track for completion in early September, with chillers and low-voltage transformers already installed, and wiring and piping work to provide power and cooling to the AI room well underway. Additionally, construction of CB-1, our 20 MW AI/HPC building at Lake Mariner, is progressing as planned, with completion targeted by the end of the year.”
Production and Operations Update
As of August 31, 2024, TeraWulf’s operational infrastructure capacity included 195 MW at the Lake Mariner facility and 50 MW at the Nautilus facility. The Company’s total self-mining hash rate stands at approximately 10.0 EH/s. In August, TeraWulf’s miners operated at an average of 8.2 EH/s, influenced by demand response events and performance tuning strategies aimed at maximizing profitability.
Regarding WULF Compute, the Company continues to make steady progress on its large-scale AI/HPC project at the Lake Mariner facility. This involves the ongoing construction of a 2 MW AI/HPC digital infrastructure proof-of-concept building, designed to support both current and next-generation GPU technology. Additionally, TeraWulf is developing a 20 MW colocation pilot project, “CB-1,” at Lake Mariner. This building is engineered to support 16 MW of critical IT load with liquid cooling and redundancy features typical of a Tier 3 data center, and it remains on schedule to be operational by year-end.
About TeraWulf
TeraWulf owns and operates vertically integrated, environmentally clean data center
infrastructure in the United States, which is currently deployed to mine bitcoin sustainably.
Led by an experienced group of energy entrepreneurs, the Company currently has two
facilities: the wholly owned Lake Mariner facility in New York, and Nautilus Cryptomine
facility in Pennsylvania, a joint venture with Cumulus Coin, LLC. Today, TeraWulf generates
domestically produced bitcoin powered by predominantly zero carbon energy resources,
including nuclear and hydro, with a long-term goal of utilizing 100% zero-carbon energy.
With a core focus on ESG that ties directly to its business success, TeraWulf aims to provide
industry leading mining and data center economics at an industrial scale
