TeraWulf Announces November 2022 Production and Operational Updates

Deployed fleet of 17,500 miners reaching 2.0 EH/s hash rate capacity by November 30, 2022

The price of electricity fell from $11,000 per BTC in October 2022 to $6,000 in November.

Energization of the Nautilus Cryptomining Facility remains on target for Q1 2023 with an additional 15,000 miners

EASTON, Md., Dec. 05, 2022–(BUSINESS WIRE)–TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which today owns and operates vertically integrated domestic bitcoin mining facilities that are more than 91% zero-carbon powered through November 2022 provided an unaudited monthly production and operations update.

Highlights of November 2022

  • It self-mined 134 bitcoins in November 2022, an increase of about 13% compared to October 2022’s production of 119 bitcoins.

  • The cost of electricity decreased sequentially to approximately $0.035/kWh in November 2022, compared to approximately $0.058/kWh in October 2022 and approximately $0.089/kWh in Q3 2022.

  • It is on track to realize a blended cost of energy 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.

  • Deployed fleet of 17,500 miners reaching 2.0 EH/s hash rate capacity by November 30, 2022

  • The average transaction hash rate in November 2022 was 1.9 EH/s, an increase of nearly 20% compared to October’s average transaction hash rate of 1.6 EH/s.

Key Metrics

3rd quarter 2022

October 2022

November 2022

Bitcoin (self-mined)




Self-generated income ($M)

2.4 dollars

2.3 dollars

2.4 dollars

Hosting Revenue ($M)

1.4 dollars


0.7 dollars

Energy cost ($M)

4.8 dollars


1.4 dollars

Avg. Transaction Hash Rate (EH/s)




Bitcoin is happening




Power cost per Bitcoin

20,732 dollars


6 151 dollars

Production and Operations Update

As of November 30, 2022, the Company operated approximately 17,500 Bitcoin miners with a hash rate of approximately 2.0 EH/s. About 11,000 of these miners have a hash rate capacity of about 1.3 EH/s. The remaining approximately 6,500 miners are hosted, for which the Company receives hosting fees and a share of mining profits.

In addition, deliveries of approximately 12,450 S19J Pro and S19 XP miners from Bitmain Technologies Limited have begun and are expected to be received by the Company in the first quarter of 2023.

“November was another solid month for TeraWulf, where we achieved an average transaction hash rate of over 1.9 EH/s – an increase of over 170% compared to Q3 2022 despite ongoing market headwinds “We also realized a sustained and significant reduction in electricity prices at our Lake Mariner facility. These strong November results represent our execution capabilities and support our continued belief that TeraWulf will have a distinct strategic position relative to other Bitcoin miners in a low-cost Bitcoin environment,” co-founder Paul Prager and CEO of TeraWulf said, “In the coming months, we will continue to focus on aggressively increasing our deployed hash rate as we work toward our goal of achieving a sustainable, self-mining capacity of 4.3 EH/s in the first quarter of 2023. “

Infrastructure upgrade

As previously announced, construction is estimated to be completed in the first quarter of 2023 at the Company’s two mine sites, which will produce 160 MW and 5.7 EH/s of operating capacity, including 4.3 EH/s of self-production. allows In Q1 2023, the Company expects to achieve 110 MW of net production capacity at the Nautilus Cryptomine facility, which is partnered with Talen Energy Corporation and receives power directly from Susquehanna Nuclear Power, and 110 MW of gross capacity at the Lake Mariner facility. The station has a five-year contracted fixed rate of $0.02 per kilowatt hour, the lowest for any Bitcoin miner in the sector.

About TeraWulf

TeraWulf (Nasdaq: WULF) owns and operates vertically integrated environmentally friendly bitcoin mining facilities in the United States. Led by a team of experienced energy entrepreneurs, the Company is currently operating and building two mining facilities, Lake Mariner in New York and Nautilus Cryptomine in Pennsylvania, with the goal of having 800 MW of mining capacity by 2025. TeraWulf creates locally produced bitcoin. It runs on nuclear, hydro and solar power with the aim of using 100% zero carbon energy. With a key focus on ESG directly linked to business success, TeraWulf expects to offer attractive mining economics on an industry scale.

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, except statements of historical fact, are forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “goal,” “anticipate,” “anticipate,” “intend,” “look.” “estimate”, “forecast”, “project”, “continue”, “could”, “could”, “could”, “possible”, “potential”, “predict”, “should”, ” will” and other similar words and phrases, although the absence of these words or phrases does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s 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: (1) conditions in the cryptocurrency mining industry, including fluctuations in market prices of cryptocurrencies; bitcoin and other cryptocurrencies and the economics of cryptocurrency mining, including variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition between different providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including the regulation of energy generation, cryptocurrency use and/or cryptocurrency mining; (4) the ability to realize certain business objectives and execute integrated projects in a timely and cost-effective manner; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms in connection with its growth strategies or operations; (6) the potential for loss of public confidence in bitcoin or other cryptocurrencies and manipulation of the cryptocurrency market; (7) the potential for cybercrime, money laundering, malware infections and equipment failure or failure, physical disaster, data security breach, computer malfunction or sabotage, phishing and/or loss and interference (and any of the foregoing); related costs) (8) the availability, delivery schedule, and availability of equipment necessary to maintain and develop TeraWulf’s business and operations, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; value; (9) employment workforce factors, including the loss of key employees; (10) TeraWulf, RM 101 f/k/a IKONICS Corporation and/or litigation related to the business combination; (11) the ability to recognize the objectives and benefits expected from the business combination; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. TeraWulf undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are directed to a full discussion of the risks and uncertainties associated with forward-looking statements and risk factors contained in the Company’s SEC filings available at www.sec.gov.

See the source version at businesswire.com: https://www.businesswire.com/news/home/20221204005048/en/


Company Contact:
Sandy Harrison
(410) 770-9500

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