TeraWulf reports doubling mining power since start of 2023

TeraWulf launched its second quarter earnings Monday morning, exhibiting a continued pattern of upward momentum for the American bitcoin miner.

TeraWulf’s income got here in at $15.5 million for the three months ending on June 30, representing a rise of 34% quarter over quarter, in response to the report. This was buoyed by the corporate’s income per bitcoin rising 21%.

The corporate’s whole self mining hash price jumped 67% to five.5 exahashes per second (EH/s). Equally, it additionally self-mined 70% extra bitcoin within the second quarter.

These sturdy numbers have been telegraphed by TeraWulf greater than doubling its working mining energy because the starting of the 12 months. July’s working hash price clocked in at 4.7 EH/s, whereas January’s was 2 EH/s, in response to knowledge offered by TeraWulf.

TeraWulf CEO Paul Prager cited its Lake Mariner knowledge middle in New York as a significant driver of future progress. It’s a web site that TeraWulf touts as 91% zero-carbon (principally hydropower and nuclear).

“As we transfer into the third quarter, we’re actively increasing our Lake Mariner facility by 60% with the addition of 43 MW of infrastructure and 18,500 of the most recent technology S19j XPs,” Prager stated in an announcement. “This close to time period enlargement will additional set up TeraWulf as probably the most environment friendly mining fleets within the sector.”

The info middle there accomplished building on its second constructing in June 2023. With constructing 1 and a couple of now up and operating, the Lake Mariner web site has 110 MW of working capability, with a objective of 153MW by the top of the 12 months.

With all of that added energy, TeraWulf expects to extend its whole self mining hash price to 7.9EH/s, in response to the earnings launch.

The Lake Mariner web site can be getting a 3rd constructing to accommodate the brand new mining machines which were ordered. That may very well be completed by the top of 2023.

TeraWulf’s different location, the totally nuclear-powered Nautilus facility in Pennsylvania, has now reached a totally operational 50MW and 1.9EH/s. The plan is to increase that to 100MW, pending capital availability.

TeraWulf’s curiosity in nuclear energy goes again a minimum of to January 2023, when an govt informed Blockworks that the corporate is in talks with nuclear operators all through the nation to energy mining rigs.

Additionally again in January, TeraWulf was at occasions buying and selling under $1, attaining the label of a penny inventory. Its shares, underneath ticker image WULF, have since charged into the inexperienced by over 250% 12 months to this point.

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