Self-mined 314 BTC in October for a total of 2,744 BTC mined year-to-date.
Continued to participate in multiple demand response programs at the Lake Mariner facility.
EASTON, Md., Nov. 02, 2023 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owners and operators of vertically integrated, domestic bitcoin mining facilities powered by more than 91% zero-carbon energy, today provided an unaudited monthly production and operations update for October 2023.
October 2023 Highlights
- Self-mined 314 bitcoin in October with an average production rate of over 10 bitcoin per day.
- After a planned outage during the first week of October, achieved greater than 95% of targeted self-mining operational hash rate.
- Power cost averaged $10.8k per bitcoin produced, or approximately $0.034/kWh in October.
| Key Metrics 1 | October 2023 | |
| Bitcoin Self-Mined 2 | 314 | |
| Value per Bitcoin Self-Mined 3 | $29,527 | |
| Power Cost per Bitcoin Self-Mined | $10,813 | |
| Avg. Operating Hash Rate (EH/s) 4 | 5.0 | |
Management Commentary
“During October, the Company mined 314 bitcoin, a slight decrease from September’s bitcoin production, due to unfavorable network factors including a substantial 9.3% month-over-month increase in network difficulty,” said Sean Farrell, SVP of Operations at TeraWulf.
“As we continue to improve operational excellence across the fleet, our Lake Mariner facility is pursuing increased participation in demand response programs to further establish ourselves as an asset to the grid. We have recently undergone a slight reorganization of site resources aimed at maximizing miner inventory and slot utilization. Current construction activities at Lake Mariner’s Building 3 remain on schedule for completion by year-end, with the first pod of Hydra racks already installed earlier this week,” added Farrell.
Production and Operations Update
On October 2, Lake Mariner entered a planned outage to transition from a temporary substation feed to a permanent feed. During the outage, approximately 1.4 EH was offline for 4.25 days. Lake Mariner returned to full operations on October 6 and operated at +95% of targeted self-mining capacity for the remainder of the month.
As of October 31, 2023, the Company had an operational miner fleet of approximately 50,000 of the latest generation miners, comprised of 34,000 miners at its wholly owned Lake Mariner facility in New York (5,000 of which are hosted pursuant to an agreement expiring in the fourth quarter of 2023) and 16,000 self-miners at the nuclear-powered Nautilus facility in Pennsylvania.
About TeraWulf
TeraWulf (Nasdaq: WULF) 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 Data facility in New York, and Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin, LLC. TeraWulf generates domestically produced Bitcoin powered by 91% 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 offer attractive 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….
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