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TeraWulf Announces July 2024 Production and Operations Update

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TeraWulf Inc. (Nasdaq: WULF) released its July 2024 production and operations update, highlighting significant growth and operational advancements. The company achieved a 100% year-over-year increase in installed and operational self-mining capacity, reaching 10 EH/s. In July, TeraWulf mined 195 bitcoin, averaging 6.3 bitcoin per day. The company's power cost averaged $36,346 per bitcoin self-mined, with an approximate rate of $0.047/kWh.

TeraWulf's Lake Mariner facility completed Building 4, installing approximately 10,000 Bitmain S21 and S21 Pro miners. The company also participated in demand response activities, curtailing over 3,400 MWh, which is expected to reduce power costs by $0.013/kWh. TeraWulf is advancing its AI/HPC projects, including a 2 MW 'WULF Den' proof-of-concept and a 16 MW 'CB-1' colocation building, showcasing its high-density computing capabilities.

TeraWulf Inc. (Nasdaq: WULF) ha pubblicato l'aggiornamento sulla produzione e le operazioni di luglio 2024, evidenziando una crescita significativa e avanzamenti operativi. L'azienda ha registrato un aumento del 100% anno su anno della capacità di mining autonomo installato e operativo, raggiungendo 10 EH/s. A luglio, TeraWulf ha estratto 195 bitcoin, con una media di 6,3 bitcoin al giorno. Il costo medio dell'energia per l'azienda è stato di $36,346 per bitcoin auto-estratto, con un costo approssimativo di $0.047/kWh.

Il sito di Lake Mariner di TeraWulf ha completato l'edificio 4, installando circa 10.000 miner Bitmain S21 e S21 Pro. L'azienda ha anche partecipato ad attività di risposta alla domanda, riducendo oltre 3.400 MWh, il che dovrebbe comportare una diminuzione dei costi energetici di $0.013/kWh. TeraWulf sta portando avanti i suoi progetti di AI/HPC, inclusa una prova di concetto da 2 MW 'WULF Den' e un edificio di colocazione da 16 MW 'CB-1', dimostrando le sue capacità di calcolo ad alta densità.

TeraWulf Inc. (Nasdaq: WULF) publicó su actualización de producción y operaciones de julio de 2024, destacando un crecimiento significativo y avances operativos. La empresa logró un aumento del 100% interanual en la capacidad de minería autónoma instalada y operativa, alcanzando 10 EH/s. En julio, TeraWulf minó 195 bitcoin, promediando 6.3 bitcoin por día. El costo promedio de energía de la empresa fue de $36,346 por bitcoin auto-minado, con una tarifa aproximada de $0.047/kWh.

La instalación de Lake Mariner de TeraWulf completó el Edificio 4, instalando aproximadamente 10,000 mineros Bitmain S21 y S21 Pro. La empresa también participó en actividades de respuesta a la demanda, reduciendo más de 3,400 MWh, lo que se espera que reduzca los costos de energía en $0.013/kWh. TeraWulf está avanzando en sus proyectos de AI/HPC, incluyendo un concepto de prueba de 2 MW 'WULF Den' y un edificio de colocación de 16 MW 'CB-1', mostrando sus capacidades de computación de alta densidad.

TeraWulf Inc. (Nasdaq: WULF)는 2024년 7월 생산 및 운영 업데이트를 발표하며 현저한 성장과 운영 개선을 강조했습니다. 회사는 설치 및 운영 자가 채굴 용량에서 전년 대비 100% 증가를 달성하며 10 EH/s에 도달했습니다. 7월 동안 TeraWulf는 195 비트코인을 채굴하며, 일 평균 6.3 비트코인을 기록했습니다. 회사의 전력 비용은 자가 채굴된 비트코인당 평균 $36,346, 약 $0.047/kWh의 요금이었습니다.

TeraWulf의 Lake Mariner 시설은 건물 4를 완료하고 약 10,000 대의 Bitmain S21 및 S21 Pro 채굴기를 설치했습니다. 회사는 또한 수요 반응 활동에 참여하여 3,400 MWh 이상을 줄였으며, 이는 전력 비용을 $0.013/kWh 줄이는 효과가 있을 것으로 예상됩니다. TeraWulf는 2 MW 'WULF Den' 개념 증명과 16 MW 'CB-1' 공동 사용 건물을 포함한 AI/HPC 프로젝트를 진행하며 고밀도 컴퓨팅 능력을 선보이고 있습니다.

TeraWulf Inc. (Nasdaq: WULF) a publié sa mise à jour de production et d'opérations pour juillet 2024, mettant en avant une croissance significative et des avancées opérationnelles. L'entreprise a enregistré une augmentation de 100% d'une année sur l'autre de la capacité de minage auto-installée et opérationnelle, atteignant 10 EH/s. En juillet, TeraWulf a miné 195 bitcoins, avec une moyenne de 6,3 bitcoins par jour. Le coût moyen de l'électricité pour l'entreprise était de $36,346 par bitcoin auto-miné, avec un tarif approximatif de $0.047/kWh.

La structure de Lake Mariner de TeraWulf a achevé le bâtiment 4, installant environ 10,000 mineurs Bitmain S21 et S21 Pro. L'entreprise a également participé à des activités de réponse à la demande, réduisant plus de 3,400 MWh, ce qui devrait réduire les coûts énergétiques de $0.013/kWh. TeraWulf fait progresser ses projets AI/HPC, y compris un projet pilote de 2 MW 'WULF Den' et un bâtiment de colocation de 16 MW 'CB-1', mettant en lumière ses capacités de calcul haute densité.

TeraWulf Inc. (Nasdaq: WULF) hat sein Update zu Produktion und Betrieb für Juli 2024 veröffentlicht und dabei ein signifikantes Wachstum und betriebliche Fortschritte hervorgehoben. Das Unternehmen erreichte einen jährlichen Zuwachs von 100% bei der installierten und betriebenen Selbstmine-Kapazität, die 10 EH/s erreichte. Im Juli minedete TeraWulf 195 Bitcoin und durchschnittlich 6,3 Bitcoin pro Tag. Die durchschnittlichen Stromkosten des Unternehmens lagen bei $36,346 pro selbst-gestartetem Bitcoin, mit einem ungefähren Tarif von $0.047/kWh.

Die Anlage von TeraWulf in Lake Mariner hat Gebäude 4 abgeschlossen und dabei etwa 10.000 Bitmain S21 und S21 Pro Miner installiert. Das Unternehmen hat sich auch an Nachfragereaktionsmaßnahmen beteiligt, indem es über 3,400 MWh gestrichen hat, was voraussichtlich die Stromkosten um $0.013/kWh senken wird. TeraWulf schreitet mit seinen AI/HPC Projekten voran, einschließlich eines 2 MW 'WULF Den' Proof-of-Concept und einem 16 MW 'CB-1' Colocation-Gebäude, das seine hochdichten Computerfähigkeiten demonstriert.

Positive
  • 100% year-over-year increase in installed and operational self-mining capacity, reaching 10 EH/s
  • Mined 195 bitcoin in July, averaging 6.3 bitcoin per day
  • Completion of Building 4 at Lake Mariner, adding 10,000 Bitmain S21 and S21 Pro miners
  • Participation in demand response activities, potentially reducing power costs by $0.013/kWh
  • Advancement of AI/HPC projects, including 'WULF Den' and 'CB-1' colocation building
Negative
  • Power cost per bitcoin self-mined increased to $36,346 in July from $32,373 in June

Insights

TeraWulf's July update reveals significant operational growth, with self-mining capacity doubling year-over-year to 10 EH/s. The company mined 195 bitcoin in July, averaging 6.3 per day, an improvement from June. However, the value per bitcoin mined decreased from $66,178 in June to $62,887 in July, while power costs increased from $32,373 to $36,346 per bitcoin.

The company's participation in demand response activities, curtailing over 3,400 MWh, is expected to reduce power costs by $0.013/kWh, equivalent to 31 BTC. This strategy demonstrates TeraWulf's ability to optimize operations and potentially increase profitability during peak energy demand periods.

TeraWulf's technological advancements are noteworthy. The installation of 10,000 Bitmain S21 and S21 Pro miners in Building 4 at Lake Mariner has boosted their total operating capacity to over 10.0 EH/s. This upgrade signifies a substantial increase in computational power, potentially enhancing the company's competitive edge in the bitcoin mining sector.

The company's venture into AI/HPC projects, including the 2 MW 'WULF Den' and 16 MW 'CB-1' colocation building, marks a strategic diversification. These projects, designed to support current and next-generation GPU technology, could position TeraWulf as a player in the rapidly growing AI infrastructure market, potentially opening new revenue streams beyond bitcoin mining.

Advancements of AI/HPC digital infrastructure projects at Lake Mariner

10 EH/s of installed and operational self-mining capacity, up 100.0% Y-o-Y

Completion of Building 4 at Lake Mariner in July

EASTON, Md., Aug. 05, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owners and operators of vertically integrated, domestic bitcoin mining facilities powered by 95% zero-carbon energy, today provided an unaudited monthly production and operations update for July 2024.

July 2024 Production and Operations Highlights

  • Self-Mined Bitcoin: Mined 195 bitcoin in July with an average production rate of approximately 6.3 bitcoin per day.
  • Operating Capacity: TeraWulf's installed and operational self-mining capacity reached approximately 10 EH/s, representing a 100.0% year-over-year increase.
  • Power Cost: Averaged $36,346 per bitcoin self-mined in July, reflecting an approximate rate of $0.047/kWh and excluding the benefit of expected demand response or ancillary services proceeds, which are expected to be substantial, as described below.
  • Demand Response: The Lake Mariner facility curtailed over 3,400 MWh in connection with demand response activities in July, which is expected to reduce power costs by approximately $0.013/kWh in the month. TeraWulf’s demand response savings represent the equivalent value of approximately 31 BTC using July’s “Value per Bitcoin Self-Mined” in the table below.
 Key Metrics1 July 2024  June 2024 
 Bitcoin Self-Mined Lake Mariner         155          136 
 Bitcoin Self-Mined Nautilus         40          41 
 Value per Bitcoin Self-Mined2$        62,887 $        66,178 
 Power Cost per Bitcoin Self-Mined$        36,346 $        32,373 
 Avg. Operating Hash Rate (EH/s)3         8.0          7.1 
 Nameplate Miner Efficiency (J/TH)4         24.6          24.6 


Management Commentary

“During July, the Company mined 195 bitcoin, equivalent to approximately 6.3 bitcoin per day, an improvement over June’s production due to operational optimization during peak summer temperatures coupled with demand response for grid support,” said Sean Farrell, SVP of Operations at TeraWulf.

“The Lake Mariner team has installed a total of approximately 10,000 Bitmain S21 and S21 Pro miners in Building 4 , boosting the Company’s total operating capacity to over 10.0 EH/s with 245 MW of infrastructure operating capacity across its two sites. We expect to utilize this capacity fully during periods of lower energy prices and moderate temperatures,” continued Farrell. “For the second half of 2024, construction has started on Building 5 at Lake Mariner, which is expected to add another 50 MW of infrastructure capacity. Additionally, we are advancing our AI/HPC projects, including the upcoming 2 MW 'WULF Den' proof-of-concept project and the 16 MW ‘CB-1’ colocation building, which are set to demonstrate our high-density computing capabilities5.”

Production and Operations Update

As of July 31, 2024, TeraWulf's operational infrastructure capacity comprised 195 MW at the Lake Mariner facility and 50 MW at the Nautilus facility, with the Company's total self-mining hash rate at approximately 10.0 EH/s. In July, TeraWulf's miners operated at an average of 8.0 EH/s due to frequent demand response events and performance tuning aimed at maximizing profit every hour of the day.

Regarding WULF Compute’s pursuit of a large-scale, AI/HPC project at the Lake Mariner facility, progress continues on the previously announced construction of a 2 MW AI/HPC digital infrastructure proof-of-concept building, supporting current and next-generation GPU technology. TeraWulf is also designing a 20 MW colocation pilot project (“CB-1”) at the Lake Mariner facility capable of supporting 16 MW of critical IT load with liquid cooling and redundancy requirements typical of a Tier 3 data center, with a target operational date in Q4 2024.

About TeraWulf

TeraWulf owns and operates vertically integrated, environmentally clean bitcoin mining facilities in the United States. Led by an experienced group of energy entrepreneurs, the Company currently has two bitcoin mining facilities: the wholly owned Lake Mariner facility in New York, and Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin, LLC. TeraWulf generates domestically produced bitcoin powered by approximately 95% zero carbon energy resources including nuclear, hydro, and solar with a goal of utilizing 100% zero-carbon energy. With a core focus on ESG that ties directly to its business success, TeraWulf expects to provide industry leading mining economics at an industrial 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 concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions 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 those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various 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 regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; 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, stockholders 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 were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was 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 associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

Company Contact:
Jason Assad
Director of Corporate Communications
assad@terawulf.com
(678) 570-6791

_______________________________________
1 The Company’s share of the earnings or losses from operations at the Nautilus Cryptomine facility is reflected within “Equity in net income (loss) of investee, net of tax” in the consolidated statements of operations. Accordingly, operating results of the Nautilus Cryptomine facility are not reflected in revenue, cost of revenue or cost of operations lines in TeraWulf’s consolidated statements of operations. The Company uses these metrics as indicators of operational progress and effectiveness and believes they are useful to investors for the same purposes and to provide comparisons to peer companies. All figures except Bitcoin Self-Mined are estimates and remain subject to standard month-end adjustments.
2 Computed as the weighted-average opening price of bitcoin on each respective day the Bitcoin Self-Mined is earned.
3 While nameplate inventory as of July 31, 2024 for WULF’s two facilities is estimated at 10.0 EH/s, actual monthly hash rate performance depends on a variety of factors, including (but not limited to) performance tuning to increase efficiency and maximize margin, scheduled outages (scopes to improve reliability or performance), unscheduled outages, curtailment due to participation in various cash generating demand response programs, derate of ASICS due to adverse weather and ASIC maintenance and repair.
4 Nameplate miner efficiency excludes auxiliary load.
5 The 2 MW AI/HPC digital infrastructure within the WULF Den proof-of-concept project and the 16 MW AI/HPC building at the Lake Mariner facility are IT Load (compute)


FAQ

How many bitcoin did TeraWulf (WULF) mine in July 2024?

TeraWulf (WULF) mined 195 bitcoin in July 2024, with an average production rate of approximately 6.3 bitcoin per day.

What was TeraWulf's (WULF) installed and operational self-mining capacity in July 2024?

TeraWulf's (WULF) installed and operational self-mining capacity reached approximately 10 EH/s in July 2024, representing a 100% year-over-year increase.

How much did it cost TeraWulf (WULF) to mine one bitcoin in July 2024?

TeraWulf's (WULF) power cost averaged $36,346 per bitcoin self-mined in July 2024, reflecting an approximate rate of $0.047/kWh.

What AI/HPC projects is TeraWulf (WULF) working on as of July 2024?

TeraWulf (WULF) is advancing a 2 MW 'WULF Den' proof-of-concept project and a 16 MW 'CB-1' colocation building for AI/HPC digital infrastructure at its Lake Mariner facility.

TeraWulf Inc.

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