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A deployed fleet of 17,500 miners reached a hashrate capacity of 2.0 EH/s as of November 30, 2022.
The price of energy was reduced by 45% to $6k per BTC in November from $11k per BTC in October 2022.
Energy Nautilus Cryptomine plant remains on target for Q1 2023. with an additional 15,000 miners
Easton, MD, December 5, 2022—(BUSINESS WIRE)–TeraWulf Inc. (Nasdaq: VULF) (“TeraWulf” or the “Company”), which today owns and operates vertically integrated, domestic Bitcoin mining facilities powered by more than 91% carbon-free energy, has provided unaudited monthly production and operations for November 2022 .
November 2022 highlights
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Independently mined 134 Bitcoins in November 2022, an increase of approximately 13% compared to the production of 119 Bitcoins in October 2022.
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Electricity costs declined sequentially in November 2022 to approximately $0.035/kWh compared to approximately $0.058/kWh in October 2022 and approximately $0.089/kWh in Q3 2022.
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It remains on track to achieve a combined power cost of approximately $0.035/kWh, consisting of approximately $0.045/kWh at the Lake Mariner facility and $0.02/kWh fixed at the Nautilus Cryptomine facility
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A deployed fleet of 17,500 miners reached a hashrate capacity of 2.0 EH/s as of November 30, 2022.
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Average operational hash rate of 1.9 EH/s in November 2022, an increase of almost 20% compared to October’s average operational hash rate of 1.6 EH/s
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Key metrics |
Q3 2022 |
October 2022 |
November 2022 |
|
Bitcoin (standalone mining) |
117 |
119 |
134 |
|
Income from independent mining (M$) |
2.4 dollars |
$2.3 |
2.4 dollars |
|
Hosting Revenue ($M) |
1.4 dollars |
0.9 dollars |
0.7 dollars |
|
Electricity costs (M$) |
4.8 dollars |
$2.0 |
1.4 dollars |
|
Aug. Operational Hash Rate (EH/s) |
0.7 |
1.6 |
1.9 |
|
Income per Bitcoin |
$20,657 |
$19,646 |
$17,617 |
|
Energy price per bitcoin |
$20,732 |
$11,060 |
$6,151 |
Production and Operations Update
As of November 30, 2022, the Company operated approximately 17,500 Bitcoin miners with a hash rate capacity of approximately 2.0 EH/s. Of these miners, about 11,000 are fully owned with a hash rate capacity of approximately 1.3 EH/s. The remaining approximately 6,500 miners are hosted, for which the Company receives a hosting fee and a share of mining profits.
In addition, shipments of approximately 12,450 S19J Pro and S19 KSP miners have been initiated from Bitmain Technologies Limited and are expected to be received by the company in early Q1 2023.
“November was another solid month for TeraWulf, where we achieved an average operational hash rate of over 1.9 EH/s – an increase of more than 170% over Q3 2022 – despite ongoing market headwinds. We have also achieved continuous and significant reductions in electricity costs at our Lake Mariner facility. These strong results in November are representative of our execution capabilities and support our continued belief that TeraWulf will have a differentiated strategic position relative to other Bitcoin miners in a low-cost Bitcoin environment,” said Paul Prager, Co-Founder and Chief Executive Officer of TeraWulf . “In the coming months, we will remain focused on aggressively increasing our deployed hash rate as we work toward our goal of reaching 4.3 EH/s of sustainable standalone mining capacity in the first quarter of 2023.”
Infrastructure update
As previously announced, construction on the company’s two mining sites is estimated to be completed in the first quarter of 2023, providing 160 MW and an operational capacity of 5.7 EH/s, including 4.3 EH/s of stand-alone mining. In the first quarter of 2023, the Company expects to achieve 110 MW of total capacity at its wholly owned Lake Mariner facility and 50 MW of net mining capacity at the Nautilus Cryptomine facility, which is a partnership with Talen Energy Corporation and receives power directly from Susquehanna Nuclear. The station at a five-year contracted fixed rate of $0.02 per kilowatt hour, which is among the lowest for any Bitcoin miner in the sector.
About TeraWulf
TeraWulf (Nasdaq: VULF) owns and operates vertically integrated green bitcoin mining facilities in the United States. Led by an experienced group of energy entrepreneurs, the Company is currently operating and building two mining facilities, Lake Mariner in New York and Nautilus Cryptomine in Pennsylvania, with a target of 800 MW of mining capacity to be deployed by 2025. TeraWulf generates domestic bitcoins powered by nuclear, hydro and solar power with with the goal of using 100% carbon-free energy. With a core ESG focus directly linked to its business success, TeraWulf expects to offer attractive economics of industrial-scale mining.
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 regarding expected future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that may be considered forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “target,” “expect,” “anticipate,” “intend,” “prospect “, “estimate”, “forecast”, “project”, “continue”, “could”, “can”, “could”, “possible”, “potential”, “anticipate”, “should”, “would” and other similar words and expressions, although the absence of these words or expressions does not mean that the statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf 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 as anticipated. Actual results may differ materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, but not limited to: (1) conditions in the cryptocurrency mining industry, including fluctuations in bitcoin market prices and other cryptocurrencies, and the economics of cryptocurrency mining, including variables or factors that affect the cost, efficiency and profitability of cryptocurrency mining; (2) competition between different cryptocurrency mining service providers; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s business or the industries in which it operates, including regulations regarding electricity generation, use of cryptocurrencies and/or mining of cryptocurrencies; (4) ability to realize certain business goals and timely and economical execution of integrated projects; (5) inability to obtain adequate financing on time and/or on acceptable terms in connection with growth strategies or operations; (6) loss of public confidence in Bitcoin or other cryptocurrencies and the potential for manipulation of the cryptocurrency market; (7) the potential for cybercrime, money laundering, malware infections and identity theft and/or loss and disruption as a result of equipment malfunction or failure, physical disaster, data security breach, computer malfunction or sabotage (and costs associated with any of the foregoing (8 ) the availability, delivery schedule and cost of equipment necessary to maintain and develop TeraWulf’s business and operations, including mining equipment and infrastructure equipment that meet the technical or other specifications necessary to achieve the growth strategy; (9) workforce factors, including the loss of key employees ; (10) litigation related to TeraWulf, RM 101 f/k/a IKONICS Corporation and/or the business combination; (11) the ability to recognize the expected objectives and benefits of the business combination; and (12) other risks and uncertainties that from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Prospective investors, shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. TeraWulf undertakes no obligation to publicly update any forward-looking statement after it has been 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 related to forward-looking statements and to the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.
See the original version on businesswire.com: https://www.businessvire.com/nevs/home/20221204005048/en/
Contacts
Company contact:
Sandy Harrison
harrison@terawulf.com
(410) 770-9500
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