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TeraWulf (WULF) Reports July 2023 Production and Operations Updates
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 July 2023.
July 2023 Highlights
- Self-mined 330 bitcoin in July with an average production rate of 10.6 bitcoin per day.
- Power cost averaged $12k per bitcoin produced, or approximately $0.042/kWh in July.
- Delivered the highest monthly self-mining revenue in WULF history despite July’s challenging weather and grid conditions.
| Key Metrics 1 | July 2023 |
| Bitcoin Self-Mined 2 | 330 |
| Self-Mining Revenue Equivalent ($M) 3 | $9.9 |
| Hosting Revenue ($M) 4 | $0.4 |
| Power Cost ($M) 5 | $4.2 |
| Avg. Operating Hash Rate (EH/s) 6 | 4.7 |
| Revenue per Bitcoin | $30,068 |
| Power Cost per Bitcoin | $11,963 |
Management Commentary
“Peak summer months present difficult conditions for any energy infrastructure business,” said Sean Farrell, SVP of Operations at TeraWulf. “This month, our operations team drew on their experience as former power plant employees to respond and adapt to July’s challenging weather and grid conditions and delivered the highest monthly self-mining revenue in the Company’s history. These results are particularly impressive in light of the Lake Mariner facility experiencing a fault on a grounding transformer, tripping the power feed at the 345 kV level and taking most of our mining capacity offline temporarily.”
“Importantly, and as a testament to the talent of our team,” continued Farrell, “we were able to promptly identify the fault, perform the repairs with a spare, test, commission, and come back online safely in under 48 hours. Throughout July, our Lake Mariner facility also participated in multiple demand response events, fully curtailing our operations to preserve the overall stability of the grid.”
“Bitcoin Network factors including the increased difficulty and decreased transaction fees reduced bitcoin production by approximately 4% per miner month over month,” stated Nazar Khan, Co-founder and Chief Operating Officer of TeraWulf. “With an overall miner fleet efficiency of 27.5 J/TH, and trending lower with our most recent purchase, we are well-positioned to manage through the increasing network difficulty and impending halving.”
Production and Operations Update
During July, the Company completed installing its remaining miners to completely utilize available capacity and bring Lake Mariner’s operational hash rate to a total of 3.6 EH/s, and the Company’s total operational hash rate to the full 5.5 EH/s and 160 MW of capacity across its two sites.
As previously announced, the Company is expanding its Lake Mariner facility and construction of Building 3, which will house 43 MW of capacity and the next generation Antminer S19j XP bitcoin mining machines, is underway and targeted for completion by year-end 2023.
As of July 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.
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