TeraWulf Inc., a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today provided its unaudited monthly production and operations update for November 2024.
November 2024 Production and Operations Highlights
- Bitcoin Production: Self-mined 115 bitcoin, with an average daily production rate of approximately 3.8 bitcoin.
- Operating Capacity: Maintained 8.4 EH/s of operational self-mining capacity, a 68.0% year-over-year increase.
- Power Costs: Achieved an average power cost of $41,190 per bitcoin mined, equivalent to approximately $0.051/kWh, excluding proceeds from demand response and ancillary services.
- Miner Upgrades: Advanced the miner refresh program at Lake Mariner, replacing legacy S19 Pro/J-Pro and M30s+ models with approximately 7,400 S21 Pro miners.
- Electrical Upgrades: Completed a planned outage to connect high-voltage redundant power feeds, temporarily affecting approximately 5.3 EH/s of miners.
| Key Metrics1 | November 2024 |
October 2024 |
||||
| Bitcoin Self-Mined | 115 | 150 | ||||
| Value per Bitcoin Self-Mined2 | $ | 83,947 | $ | 65,427 | ||
| Power Cost per Bitcoin Self-Mined | $ | 41,190 | $ | 36,789 | ||
| Avg. Operating Hash Rate (EH/s)3 | 5.9 | 6.8 | ||||
| Nameplate Miner Efficiency (J/TH)4 | 19.2 | 22.0 | ||||
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1 All figures except Bitcoin Self-Mined are estimates and remain subject to standard month-end adjustments.
2 Computed as the weighted-average opening price of bitcoin on each respective day the Bitcoin Self-Mined is earned.
3 While nameplate mining inventory as of November 30, 2024 for Lake Mariner is estimated at 9.7 EH/s, 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.
Performance in November was impacted by planned outage for electrical upgrades and miner fleet upgrade work. Performance in October was impacted by miner fleet upgrade work.
4 Nameplate miner efficiency excludes auxiliary load.
Management Commentary
Sean Farrell, Chief Operating Officer of TeraWulf remarked, “November marked a pivotal month for Lake Mariner as we completed significant upgrades to our electrical infrastructure. These enhancements will ensure reliable and redundant power delivery to CB-1, CB-2, and future HPC hosting loads, positioning us to meet the increasing demand for Tier 3 HPC infrastructure.”
Farrell added, “Despite a brief planned outage, we mined 115 bitcoin with an average daily production rate of nearly four bitcoin. Our miner refresh program has substantially improved efficiency, achieving a weighted average of approximately 19 J/TH. Additionally, our onsite repair teams are on track to restore 1.3 EH/s of mining equipment under warranty by year-end. Construction of MB-5 is proceeding on schedule, with conduit installation complete and foundation pours and structural steel assembly underway.”
Production and Operations Update
TeraWulf’s commitment to operational excellence and sustainability continues to drive its growth across the Company’s bitcoin mining and HPC hosting businesses.
As of November 30, 2024, TeraWulf’s operational bitcoin mining capacity was 195 MW at the Lake Mariner facility. Upon completing miner repairs, fleet upgrades and onboarding new miners, TeraWulf’s self-mining hash rate is expected to reach approximately 9.7 EH/s. November’s average hash rate was 5.9 EH/s, factoring in planned outage for electrical upgrades, demand response events and optimization strategies to maximize profitability.
On the TeraWulf Compute front, progress continues on large-scale HPC hosting infrastructure at Lake Mariner. Dry cooler installation is complete for the 20 MW CB-1 facility, which is on track for Q1 2025 completion. We remain on schedule to deliver 72.5 MW of HPC hosting capacity by the end of Q2 2025.
