TeraWulf Inc. (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today provided an unaudited monthly production and operations update for September 2024.
September 2024 Production and Operations Highlights
- Self-Mined Bitcoin: TeraWulf mined 176 bitcoin in September, achieving an average production rate of approximately 5.9 bitcoin per day.
- Operating Capacity: The Company’s operational self-mining capacity remained at approximately 10.0 EH/s, representing a 100.0% increase year-over-year.
- Power Cost: The average power cost per bitcoin mined was $35,109 in September, corresponding to an approximate rate of $0.042/kWh. This figure excludes anticipated proceeds from demand response and ancillary services.
| Key Metrics1 | September 2024 | August 2024 | ||
| Bitcoin Self-Mined Lake Mariner | 140 | 147 | ||
| Bitcoin Self-Mined Nautilus | 36 | 37 | ||
| Value per Bitcoin Self-Mined2 | $ | 60,168 | $ | 60,025 |
| Power Cost per Bitcoin Self-Mined | $ | 35,109 | $ | 35,407 |
| Avg. Operating Hash Rate (EH/s)3 | 8.2 | 8.2 | ||
| Nameplate Miner Efficiency (J/TH)4 | 24.6 | 24.6 | ||
Recent Strategic Development
On October 3, 2024, TeraWulf announced the closing of the sale of its 25% equity interest in the Nautilus facility for total consideration of approximately $92 million. The Company plans to reinvest this capital into the construction of the 20 MW CB-1 facility at Lake Mariner, as detailed further below.
Management Commentary
“During September, TeraWulf mined 176 bitcoin, maintaining an average production rate of approximately 6 bitcoin per day,” said Sean Farrell, Senior Vice President of Operations at TeraWulf. “We are currently implementing large-scale PSU replacements and ventilation upgrades in miner building 3, “MB-3”, to enhance performance as cooler fall temperatures arrive.”
Farrell continued, “The recent sale of our equity interest in Nautilus has provided significant capital to accelerate the expansion of our HPC and AI data center at Lake Mariner. This strategic reinvestment strengthens our ongoing initiatives, including the successful completion of our 2 MW ‘WULF Den’ proof-of-concept for WULF Compute, designed for high-density GPU workloads. Construction of CB-1, our 20 MW HPC/AI facility at Lake Mariner, is on track, with completion expected in Q1 2025. We’ve also secured long-lead items for CB-2, a 50 MW AI/HPC facility, to ensure timely completion in early Q2 2025.”
Production and Operations Update
As of September 30, 2024, TeraWulf’s operational bitcoin mining 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 September, 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.
On the WULF Compute front, TeraWulf continues to advance its large-scale HPC/AI project at the Lake Mariner facility. This includes the recent completion of a 2.5 MW (gross) HPC/AI digital infrastructure proof-of-concept project, designed to support both current and next-generation GPU technology. Furthermore, TeraWulf is constructing CB-1, a 20 MW colocation building engineered to support 16 MW of critical IT load with liquid cooling and redundancy features typical of a Tier 3 data center (e.g., N+1 redundant cooling systems, variable speed fans, chilled water systems, dual power supply and redundant fiber network paths). The CB-1 facility is on track to be operational in Q1 2025.
