TeraWulf announces production and operational updates in December 2022

Private mining produced 125 bitcoins on December 22nd, increasing to a total of 378 bitcoins in Q4FY22. Represents an increase of over 220% compared to bitcoin produced in 3Q12

The total fleet of deployed miners reached 18,000 as of December 31, 2022 with a hash rate of over 2.0 EH/s.

Nautilus Cryptomine On Track to Bring 15,000 Miners Online in Q1 2023

EASTON, Md., January 09, 2023–(BUSINESS WIRE)–Today TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated domestic Bitcoin mining facilities powered by more than 91% zero-carbon energy, unaudited for December 2022 provided a monthly production and operations update.

Highlights of December 2022

  • For a total of 378 bitcoins produced in Q4 2022, 125 bitcoins were mined in December 2022, a 223% increase compared to 117 bitcoins produced in Q3 2022.

  • The fleet of deployed miners has reached around 18,000 with a hash rate capacity of over 2.0 EH/s.

  • Elliot successfully navigated extreme operating conditions during Winter Storm (“Storm”) and quickly returned to full output at the Storm’s close.

  • Despite weather-related price volatility in December, the Company forecasts electricity costs to average approximately $0.035/kWh across the two sites.

Key Metrics





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

2.2 dollars

Avg. Transaction Hash Rate (EH/s)





Bitcoin is happening





Power cost per Bitcoin

20,732 dollars




Production and Operations Update

The company operates approximately 18,000 Bitcoin miners at its Lake Mariner facility with a hash rate of over 2.0 EH/s. About 11,500 are dedicated miners with a hashrate power of about 1.4 EH/s. The remaining approximately 6,500 miners (0.7 EH/s) are managed under hosting arrangements where the Company receives a fee and participates financially in mining profits.

During December 2022, the Company received approximately 4,500 miners from Bitmain Technologies Limited (“Bitmain”) and an additional 3,750 miners were delivered in the first week of January 2023. The company is slated to welcome more than 18,000 additional miners from Bitmain in the coming months. The upcoming deliveries will supplement the Company’s existing 160MW mining capacity in early Q2 2023 with 34,000 miners (110MW) at the Lake Mariner facility and 15,000 miners (50MW) at the Nautilus facility.

During a severe weather event that hit much of the United States in December, electricity prices skyrocketed and the local impact increased Lake Mariner’s operating costs for days. The Lake Mariner facility is an attractively priced power source in Western New York, where 91% of market power comes from zero-carbon resources, including the Niagara Hydroelectric Plant, located 35 miles from the Lake Mariner facility. Since the storm’s departure, prices in the New York market have recovered to pre-December levels. Located in Berwick, Pennsylvania, Nautilus Cryptomine is directly connected to the Susquehanna Nuclear Power Plant and pays a five-year fixed price of $0.02/kWh, among the lowest in the Bitcoin mining sector. The company maintains a calculated average energy cost in its portfolio of approximately $0.035/kWh.

“December represented another month of strong growth for TeraWulf. Our operations team efficiently continued our mining operations and deployed additional miners to Mariner Lake during one of the most severe weather events to hit the region, while also supporting the network during periods of extreme stress,” TeraWulf’s co-founder and CEO Paul Prager said. “We believe that the continued growth of our proprietary mining capacity, combined with our industry-leading energy costs, sets TeraWulf apart as one of the lowest-cost Bitcoin miners in the sector,” continued Prager. “For 2023, we plan to aggressively expand our deployed hash rate as we continue to receive miner shipments with the goal of reaching a stable, operational mining capacity of 5.5 EH/s.”

Infrastructure upgrade

The company is nearing the final phase of construction at two mining sites and expects to have a total operating capacity of 49,000 miners (5.5 EH/s) by the beginning of the second quarter of 2023, representing an energy demand of approximately 160 MW. Today, the Company’s wholly-owned Lake Mariner facility has approximately 60 MW of operating capacity, and TeraWulf expects to reach 110 MW of capacity at the facility in Q2 2023. The Nautilus Cryptomine facility, a joint venture with Talen Energy Corporation, is the initial stages of ramping up its mining operations and is expected to provide 50 MW of net production capacity to TeraWulf in Q1 2023, representing the Company’s 25% stake in the joint venture.

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 completing the operation and/or construction of two mining facilities: Lake Mariner in New York and Nautilus Cryptomine in Pennsylvania. TeraWulf creates domestically produced Bitcoin powered by nuclear, hydro and solar energy with the goal of using 100% zero carbon energy. With a key focus on ESG, which is directly linked to its 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 in a timely manner and/or on acceptable terms in connection with its growth strategies or operations; (6) loss of public confidence in Bitcoin or other cryptocurrencies and the potential for manipulation of the cryptocurrency market; (7) phishing and/or loss due to cybercrime, money laundering, malware infections and equipment malfunction or failure, physical disaster, data security breach, computer malfunction or sabotage (and costs associated with any of the foregoing); and interference potential (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 on which they are made. TeraWulf undertakes no obligation to expressly 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.

1 December 2022 results are based on estimated energy costs subject to month-end standard adjustments.

See the source version at businesswire.com: https://www.businesswire.com/news/home/20230106005442/en/


Sandy Harrison
(410) 770-9500

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