TeraWulf Boosts Bitcoin Mining Operations and Targets Expansion

TeraWulf Inc., a leader in environmentally sustainable bitcoin mining, has updated stakeholders with impressive operational progress for April 2024. The company now boasts a self-mining capacity of 8.0 EH/s, achieving a remarkable 98% utilization rate across its mining fleet, according to Terawulf.

During April, TeraWulf mined a total of 348 bitcoins, averaging 11.6 bitcoins per day. The company has also managed to maintain competitive operational costs, with power expenses averaging $16,058 per bitcoin mined. This cost efficiency is critical, especially following the recent bitcoin halving event on April 19, which reduced the block subsidy but was offset by a spike in transaction fees.

Sean Farrell, SVP of Operations at TeraWulf, highlighted the installation of 3,000 new S19k Pro miners at their Lake Mariner facility, enhancing both efficiency and performance. Construction on Building 4 at the same site is progressing well, with completion expected by mid-2024. This expansion will increase TeraWulf’s total operational capacity to approximately 10.0 EH/s.

Additionally, TeraWulf is venturing into high-performance computing (HPC) and AI, dedicating 2 MW of power to support thousands of the latest generation GPUs at Lake Mariner. This move not only diversifies the company’s business model but also aligns with its commitment to zero-carbon energy and sustainable mining practices.