TeraWulf’s Game-Changing Move: $75M Investment in Next-Gen Bitcoin Miners

TeraWulf Inc. is making waves in the Bitcoin mining sector. The company recently announced a substantial expansion plan. The aim is to ramp up self-mining capacity to 7.9 EH/s by the end of 2023.

To achieve this goal, TeraWulf will invest $75 million in state-of-the-art Bitcoin mining machines. Specifically, the company will buy 18,500 Antminer S19j XP machines from BITMAIN. After coupons and credits, the anticipated spending drops to $53.4 million.

This acquisition represents the first large-scale order of BITMAIN’s next-generation unit. Each S19j XP unit boasts a Bitcoin mining hashrate of 151 TH/s and a power-efficiency rating of 21.5 J/TH. Together, the 18,500 units will provide a total hashrate of 2.8 EH/s.

The new machines will take their place at TeraWulf’s Lake Mariner facility in New York. The site is currently under construction, with completion expected by year’s end. This upgrade will boost TeraWulf’s self-mining hashrate by 58%.

TeraWulf’s focus on high-efficiency and low-cost operations sets them apart. In fact, the COO, Nazar Khan, stated the company’s commitment to increased profit margins. By leveraging an average power cost of 3.5 cents per kilowatt-hour, TeraWulf expects a profitable future.

BITMAIN expressed pride in this partnership, stating their S19j XPs are the perfect match for TeraWulf’s sustainable model. Further details will emerge in a Form 8-K report TeraWulf plans to file with the Securities and Exchange Commission.

This move aligns with TeraWulf’s eco-friendly approach, utilizing over 91% zero-carbon energy. The company aims to provide domestically produced Bitcoin through clean energy sources. As such, it anticipates lucrative mining economics on an industrial scale.

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