TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owners
and operators of vertically integrated, domestic bitcoin mining
facilities powered by 95% zero-carbon energy, today provided an
unaudited monthly production and operations update for June 2024.
June 2024 Production and Operations
Highlights
- Self-Mined Bitcoin: Mined 177 bitcoin in June
with an average production rate of approximately 5.9 bitcoin per
day.
- Operating Capacity: TeraWulf's installed and
operational self-mining capacity reached approximately 8.8 EH/s,
representing an 76% year-over-year increase.
- Power Cost: Averaged $32,373 per bitcoin
self-mined in June, reflecting an approximate rate of $0.042/kWh
and excluding the benefit of expected demand response or ancillary
services proceeds, which is expected to be substantial as described
below.
- Demand Response: The Lake Mariner facility
curtailed over 2,300 MWh in connection with demand response
activities in June, which is expected to reduce power costs by
approximately $0.010/kWh in the month. TeraWulf’s demand response
savings represent the equivalent value of approximately 21 BTC
using June’s “Value per Bitcoin Self-Mined” in the table
below.
Key Metrics¹ |
June 2024 |
May 2024 |
Bitcoin Self-Mined Lake Mariner |
|
136 |
|
144 |
Bitcoin Self-Mined Nautilus |
|
41 |
|
42 |
Value per Bitcoin Self-Mined² |
$ |
66,178 |
$ |
65,094 |
Power Cost per Bitcoin Self-Mined |
$ |
32,373 |
$ |
31,239 |
Avg. Operating Hash Rate (EH/s)³ |
|
7.1 |
|
7.6 |
Nameplate Miner Efficiency (J/TH)⁴ |
|
24.6 |
|
24.6 |
Management Commentary
“During June, the Company mined 177 bitcoin,
equivalent to approximately 5.9 bitcoin per day, in line with May’s
production,” said Sean Farrell, SVP of Operations at TeraWulf.
“The Lake Mariner team also substantially completed
Building 4 ahead of schedule, and is currently installing and
activating approximately 10,000 of Bitmain’s latest generations of
S21 and S21 Pro miners. Once fully deployed, Building 4 is expected
to increase our total operating capacity to over 10.0 EH/s,”
continued Farrell. “For the second half of 2024, significant
activity continues at Lake Mariner. Construction has commenced on
Building 5, which will add an additional 50 MW of infrastructure
capacity. Our team is also finalizing the 2 MW pilot project, known
as the 'WULF Den,' which will house and operate the latest
generation GPUs and is targeted for completion by the third
quarter. Additionally, we are developing a 20 MW co-location pilot
facility, anticipated to be completed by year-end.”
Production and Operations
Update
As of June 30, 2024, TeraWulf's operational
infrastructure capacity comprised 195 MW at the Lake Mariner
facility and 50 MW at the Nautilus facility, with the Company's
total self-mining hash rate at approximately 8.8 EH/s. In June,
TeraWulf's miners operated at an average of 7.1 EH/s. This was due
to several factors: S21 miners were not installed until the end of
the month, frequent demand response events, and performance tuning
aimed at maximizing profit every hour of the day.
Throughout June, the Nautilus facility experienced
temporary performance reductions due to increased temperatures. To
address this, the Nautilus team has modified the filter design to
increase airflow and mitigate temperature-related performance
degradation.
Construction of Building 4 (35 MW) at the Lake
Mariner facility was completed in June. Once all miners are
installed, which is expected in July, TeraWulf’s total operational
capacity will be approximately 10.0 EH/s. For a more in-depth look
at Building 4 and an overview of TeraWulf’s future expansion plans
including Building 5 (50 MW), please refer to the latest
construction update video on the Company’s YouTube channel
here.
Regarding WULF Compute’s pursuit of a large-scale,
AI/HPC project at the Lake Mariner site, progress continues on the
previously announced construction of a 2 MW AI/HPC digital
infrastructure pilot, supporting current and next-generation GPU
technology. TeraWulf is also designing a 20 MW colocation pilot
project at the Lake Mariner site capable of supporting 16 MW of
critical IT load with liquid cooling and redundancy requirements
typical of a Tier 3 data center, with a target completion date in
Q4 2024.
About TeraWulf
TeraWulf owns and operates vertically integrated,
environmentally clean bitcoin mining facilities in the United
States. Led by an experienced group of energy entrepreneurs, the
Company currently has two bitcoin mining facilities: the wholly
owned Lake Mariner facility in New York, and Nautilus Cryptomine
facility in Pennsylvania, a joint venture with Cumulus Coin, LLC.
TeraWulf generates domestically produced bitcoin powered by 95%
zero carbon energy resources including nuclear, hydro, and solar
with a goal of utilizing 100% zero-carbon energy. With a core focus
on ESG that ties directly to its business success, TeraWulf expects
to provide industry leading mining economics at an industrial
scale.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995, as amended.
Such forward-looking statements include statements concerning
anticipated future events and expectations that are not historical
facts. All statements, other than statements of historical fact,
are statements that could be deemed forward-looking statements. In
addition, forward-looking statements are typically identified by
words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,”
“anticipate,” “intend,” “outlook,” “estimate,” “forecast,”
“project,” “continue,” “could,” “may,” “might,” “possible,”
“potential,” “predict,” “should,” “would” and other similar words
and expressions, although the absence of these words or expressions
does not mean that a statement is not forward-looking.
Forward-looking statements are based on the current expectations
and beliefs of TeraWulf’s management and are inherently subject to
a number of factors, risks, uncertainties and assumptions and their
potential effects. There can be no assurance that future
developments will be those that have been anticipated. Actual
results may vary materially from those expressed or implied by
forward-looking statements based on a number of factors, risks,
uncertainties and assumptions, including, among others: (1)
conditions in the cryptocurrency mining industry, including
fluctuation in the market pricing of bitcoin and other
cryptocurrencies, and the economics of cryptocurrency mining,
including as to variables or factors affecting the cost, efficiency
and profitability of cryptocurrency mining; (2) competition among
the various providers of cryptocurrency mining services; (3)
changes in applicable laws, regulations and/or permits affecting
TeraWulf’s operations or the industries in which it operates,
including regulation regarding power generation, cryptocurrency
usage and/or cryptocurrency mining, and/or regulation regarding
safety, health, environmental and other matters, which could
require significant expenditures; (4) the ability to implement
certain business objectives and to timely and cost-effectively
execute integrated projects; (5) failure to obtain adequate
financing on a timely basis and/or on acceptable terms with regard
to growth strategies or operations; (6) loss of public confidence
in bitcoin or other cryptocurrencies and the potential for
cryptocurrency market manipulation; (7) adverse geopolitical or
economic conditions, including a high inflationary environment; (8)
the potential of cybercrime, money-laundering, malware infections
and phishing and/or loss and interference as a result of equipment
malfunction or break-down, physical disaster, data security breach,
computer malfunction or sabotage (and the costs associated with any
of the foregoing); (9) the availability, delivery schedule and cost
of equipment necessary to maintain and grow the business and
operations of TeraWulf, including mining equipment and
infrastructure equipment meeting the technical or other
specifications required to achieve its growth strategy; (10)
employment workforce factors, including the loss of key employees;
(11) litigation relating to TeraWulf and/or its business; and (12)
other risks and uncertainties detailed from time to time in the
Company’s filings with the Securities and Exchange Commission
(“SEC”). Potential investors, stockholders and other readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they were
made. TeraWulf does not assume any obligation to publicly update
any forward-looking statement after it was made, whether as a
result of new information, future events or otherwise, except as
required by law or regulation. Investors are referred to the full
discussion of risks and uncertainties associated with
forward-looking statements and the discussion of risk factors
contained in the Company’s filings with the SEC, which are
available at www.sec.gov.
Company Contact:Jason
AssadDirector of Corporate Communications assad@terawulf.com(678)
570-6791
___________________________________¹ The Company’s
share of the earnings or losses from operations at the Nautilus
Cryptomine facility is reflected within “Equity in net income
(loss) of investee, net of tax” in the consolidated statements of
operations. Accordingly, operating results of the Nautilus
Cryptomine facility are not reflected in revenue, cost of revenue
or cost of operations lines in TeraWulf’s consolidated statements
of operations. The Company uses these metrics as indicators of
operational progress and effectiveness and believes they are useful
to investors for the same purposes and to provide comparisons to
peer companies. All figures except Bitcoin Self-Mined are estimates
and remain subject to standard month-end adjustments.² Computed as
the weighted-average opening price of bitcoin on each respective
day the Bitcoin Self-Mined is earned.³ While nameplate inventory as
of June 30, 2024 for WULF’s two facilities is estimated at 8.8
EH/s, actual monthly hash rate performance depends on a variety of
factors, including (but not limited to) performance tuning to
increase efficiency and maximize margin, scheduled outages (scopes
to improve reliability or performance), unscheduled outages,
curtailment due to participation in various cash generating demand
response programs, derate of ASICS due to adverse weather and ASIC
maintenance and repair.⁴ Nameplate miner efficiency excludes
auxiliary load.
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