EASTON, Md. - TeraWulf Inc. (NASDAQ:WULF), a U.S.-based bitcoin mining company, has reported significant operational growth in its latest update, with a 100% year-over-year increase in self-mining capacity. As of July 31, 2024, TeraWulf's installed and operational self-mining capacity reached approximately 10 EH/s, up from 5 EH/s the previous year.
The company mined 195 bitcoin in July, averaging about 6.3 bitcoin per day, with the Lake Mariner facility in New York playing a significant role in this uptick. The completion of Building 4 at Lake Mariner in July contributed to this growth, adding approximately 10,000 Bitmain S21 and S21 Pro miners to the operation.
TeraWulf's power cost for mining each bitcoin was reported at $36,346, excluding the potential reduction from demand response activities. In July, the Lake Mariner facility curtailed over 3,400 MWh in demand response, which is expected to lower power costs by roughly $0.013/kWh for the month.
Furthermore, TeraWulf is advancing its artificial intelligence and high-performance computing (AI/HPC) projects. The company is constructing a 2 MW AI/HPC proof-of-concept building, known as the 'WULF Den,' and designing a 20 MW colocation pilot project, 'CB-1,' at Lake Mariner. These projects aim to showcase TeraWulf's capabilities in high-density computing, with a target operational date for CB-1 set for Q4 2024.
TeraWulf's operations are powered by approximately 95% zero-carbon energy sources, including nuclear, hydro, and solar, with aspirations to reach 100% zero-carbon energy usage. The company operates two bitcoin mining facilities—the Lake Mariner facility and the Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin, LLC.
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