TeraWulf Maintains Strong Bitcoin Production Despite Network Challenges

TeraWulf Inc. reported a consistent Bitcoin mining output for October 2023, despite a slight dip due to increased network difficulty. The company self-mined 314 Bitcoin, averaging over 10 daily, even after a planned outage at the start of the month. Post-outage, TeraWulf achieved more than 95% of its targeted operational hash rate.

The cost of power per Bitcoin stood at $10,813, equating to roughly $0.034 per kWh. This efficiency reflects TeraWulf’s commitment to cost-effective mining operations, according to streetinsider.

Sean Farrell, SVP of Operations, cited a 9.3% rise in network difficulty as the reason for the marginal decrease from September’s production. However, operational improvements and strategic resource reorganization at the Lake Mariner facility are underway. These efforts aim to optimize miner inventory and slot utilization.

Construction at Lake Mariner’s Building 3 is on track, with the first pod of Hydra racks installed, signaling expansion and growth. As of October 31, TeraWulf’s operational fleet consisted of approximately 50,000 latest-generation miners across its New York and Pennsylvania facilities.