TeraWulf Achieves Significant Milestones in May 2024 Bitcoin Mining Update

TeraWulf Inc. reported a notable increase in its bitcoin mining capacity and operations for May 2024. The company mined 186 bitcoins during the month, reflecting the first full month of reduced block rewards post-April halving. This resulted in an average production rate of about 6 bitcoins per day. TeraWulf’s power cost per bitcoin mined was $31,239, with an average power rate of $0.039/kWh, according to Terawulf.

The company achieved a significant milestone with an installed and operational self-mining capacity reaching 8.0 EH/s, an 82% year-over-year increase. TeraWulf’s Lake Mariner facility is on track to complete Building 4 in June, which will house around 10,000 of Bitmain’s latest S21 and S21 Pro miners. This expansion is expected to boost the company’s total operational capacity to over 10.0 EH/s in the second half of 2024.

Additionally, TeraWulf is advancing a 2.0 MW AI/HPC digital infrastructure pilot at Lake Mariner, designed to accommodate next-generation GPU technology. This pilot focuses on innovative features and strong data security measures, meeting SOC 2 standards.

Operational highlights for May included the deployment of 160 MW capacity at Lake Mariner and 50 MW at the Nautilus facility, maintaining an overall self-mining hash rate of approximately 8.0 EH/s. Despite facing temporary performance reductions due to breaker trips and fan blade installations at Nautilus, the facility’s performance was optimized.

Looking ahead, TeraWulf plans to optimize a 50 MW modular building for Building 5, anticipated to be online in Q1 2025. The company’s commitment to using 95% zero-carbon energy resources, including nuclear, hydro, and solar, underscores its focus on environmentally clean bitcoin mining operations