TeraWulf Inc., a US-based bitcoin mining company, has announced that it has energized roughly half of its 50-MW stake in the Nautilus Cryptomine facility, a joint venture with Cumulus Coin, LLC. This marks the first behind-the-meter bitcoin mining facility of its kind, directly sourcing reliable, carbon-free, and 24×7 baseload power from the 2.5 GW Susquehanna nuclear generation station in Pennsylvania. Currently, TeraWulf has brought nearly 8,000 of its miners online, representing a hash rate capacity of approximately 1.0 EH/s.
The energization of the remaining miners (approximately 8,000) will continue over the coming weeks, with TeraWulf’s full share in phase one of the facility – 50 MW and 1.9 EH/s – expected to be online by May. TeraWulf has the option to add an additional 50 MW of bitcoin mining capacity at the Nautilus facility, which the Company plans to deploy in future phases.
TeraWulf’s Chairman and CEO, Paul Prager, said that the Nautilus nuclear-powered mining facility benefits from what is arguably the lowest cost power in the sector, just $0.02/kWh for a term of five years. He also mentioned that the Company looks forward to continuing to work alongside Cumulus Coin as the Nautilus facility increases operational hash rate in the coming weeks.
In addition to ramping up its stake in the Nautilus facility, TeraWulf is also expanding bitcoin mining operations at its wholly-owned Lake Mariner facility in New York with the addition of Building 2, which will increase the facility’s operational capacity from 60 MW to 110 MW. Combined, the Company expects to have a total operational capacity of 50,000 miners (5.5 EH/s) in early Q2 2023, representing approximately 160 MW of power demand.
With a core focus on ESG that ties directly to its business success, TeraWulf generates domestically produced bitcoin powered by nuclear, hydro, and solar energy with a goal of utilizing 100% zero-carbon energy. The Company aims to offer attractive mining economics at an industrial scale. As with prior months, TeraWulf intends to provide an unaudited monthly production and operations update for February 2023 in the coming days.
Overall, TeraWulf’s efforts to power its bitcoin mining operations with zero-carbon energy sources are commendable and could have a significant impact on the industry’s overall carbon footprint. It will be interesting to see how the Company progresses with its plans for expanding its mining operations in the coming months.
Read more:
- Thailand JTS Technology Suffers $74.3 Million Net Loss In Q4 2022, Attributed To Bitcoin Mining And Increased Costs
- Thailand’s Zipmex Takes Steps Towards Recovery, Sends Scheme Documents To Creditors