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 May 2024.
May 2024 Production and Operations
Highlights
- Self-Mined
Bitcoin: Mined 186 bitcoin in May, reflecting the first
full month of reduced block rewards following the April Halving
event, with an average production rate of approximately 6.0 bitcoin
per day.
- Power
cost: Averaged $31,239 per bitcoin self-mined in May,
reflecting an approximate rate of $0.039/kWh and excluding the
benefit of expected demand response or ancillary services
proceeds.
- Operating
Capacity: TeraWulf's installed and operational self-mining
capacity reached approximately 8.0 EH/s, representing an 82%
year-over-year increase.
- AI/HPC Pilot:
Advancing 2.0 MW AI pilot at Lake Mariner, designed to accommodate
next generation GPU technology and meet SOC 2 standards.
Key Metrics 1 |
May 2024 |
April 2024 |
Bitcoin Self-Mined Lake Mariner |
144 |
259 |
Bitcoin Self-Mined Nautilus2 |
42 |
76 |
Value per Bitcoin Self-Mined 3 |
$65, 094 |
$66, 322 |
Power Cost per Bitcoin Self-Mined |
$31,239 |
$16,659 |
Avg. Operating Hash Rate (EH/s) 4 |
7.6 |
7.8 |
Nameplate Miner Efficiency (J/TH) 5 |
24.6 |
24.6 |
Management Commentary
“During May, the Company mined 186 bitcoin, equivalent to
approximately 6 bitcoin per day,” said Sean Farrell, SVP of
Operations at TeraWulf.
“The Lake Mariner team is making remarkable progress on Building
4, which is scheduled to complete construction in June and will
house approximately 10,000 of Bitmain’s latest generations of S21
and S21 Pro miners. Once online, Building 4 is expected to increase
our total operating capacity to above 10.0 EH/s,” continued
Farrell. “Looking ahead, we have already optimized a 50 MW modular
building with local key contractors for Building 5, which is
currently anticipated to be online in Q1 2025.”
Production and Operations Update
As of May 31, 2024, TeraWulf's operational infrastructure
capacity comprised 160 MW at the Lake Mariner facility and 50 MW at
the Nautilus facility, with the company's total self-mining hash
rate at approximately 8.0 EH/s. On average, TeraWulf's miners
continue to operate at 95% of installed nameplate capacity,
consistent with the Company’s prior monthly performance. In early
May, the Nautilus facility experienced a temporary performance
reduction caused by intermittent breaker trips and the installation
of low-noise fan blades, which has been addressed. Also, during May
the Lake Mariner team focused on optimizing the performance of
Building 3 by leveraging valuable data gathered from higher
temperature operations.
Construction of Building 4 (35 MW) at the Lake Mariner facility
remains on track for completion in June 2024, which is expected to
further increase TeraWulf’s total operational capacity to more than
10.0 EH/s. For a more in-depth look at Building 4 as well as an
overview of TeraWulf’s future expansion plans, watch the latest
construction update video on the Company’s YouTube channel
here.
Relating to WULF Compute, progress is underway at Lake Mariner
on the previously announced construction of a 2.0 MW AI/HPC digital
infrastructure pilot, supporting current and next-generation GPU
technology. Key features include:
- Infrastructure
accommodating up to 8 nodes per rack with a power density exceeding
100 kW per rack.
- Data center racks
that incorporate liquid cooling technology, facilitating chilled
doors and/or direct liquid-to-chip cooling.
- Facility design with
an emphasis on data security to achieve System and Organization
Controls 2 (SOC 2) standards.
Upcoming Industry Events
Various members of the Company’s senior management will be
participating in the following upcoming investor and industry
conferences:
- June 25, 2024:
Northland Growth Conference 2024, Virtual
- June 25-26, 2024:
Mining Disrupt Conference, Miami, FL
- July 25-27, 2024: Bitcoin 2024,
Nashville, TN
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 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 AssadDirector of
Corporate Communicationsassad@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
indictors 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 The figures for Bitcoin Self-Mined Nautilus included
in the production and operations report for April 2024, previously
released on May 2, 2024, have been updated herein.3 Computed as the
weighted-average opening price of bitcoin on each respective day
the Bitcoin Self-Mined is earned.4 While nameplate inventory as of
May 31, 2024 for WULF’s two facilities is estimated at 8.0 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.5 Nameplate miner efficiency excludes
auxiliary load.
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