TeraWulf Inc. (Nasdaq: WULF), a leading institutional crypto investor, has announced impressive achievements in its Bitcoin mining operations. The company has successfully achieved 5.5 EH/s and 160 MW of operating capacity following the completion of Building 2 at its Lake Mariner facility in New York.
Since starting mining operations at the Lake Mariner facility in March 2022, TeraWulf has expanded its operational capacity to 110 MW and 3.6 EH/s. The facility sources grid power in Western New York, where over 91% of market energy comes from zero-carbon resources, such as hydro and nuclear.
In addition to the Lake Mariner facility, TeraWulf also operates the Nautilus facility in Pennsylvania, a joint venture with Cumulus Coin, LLC. The Nautilus facility is a unique behind-the-meter Bitcoin mining facility that sources reliable, carbon-free baseload power from the Susquehanna nuclear generation station.
TeraWulf has organic expansion capability at both its sites. The Lake Mariner facility can expand by another 100 MW in the near term and up to 500 MW in total. The Nautilus facility has the option to expand its mining capacity by 50 MW.
The company’s strong partnership with mining equipment manufacturer BITMAIN also contributes to its success. BITMAIN supports TeraWulf with preferred access and cost structures for ASIC miners. Bozhao Yu, Antminer Sales Director of NCSA Region at BITMAIN, praises TeraWulf’s achievement of 5.5 EH/s and highlights the energy efficiency of its mining fleet.
TeraWulf’s vertically integrated business model focuses on environmentally clean Bitcoin mining powered by zero-carbon energy sources. With its core focus on ESG, TeraWulf aims to offer attractive mining economics at an industrial scale.
Forward-looking statements in this press release outline the potential risks and uncertainties associated with TeraWulf’s operations and the cryptocurrency mining industry. TeraWulf does not assume any obligation to update forward-looking statements, and potential investors should consider the factors outlined in the company’s filings with the Securities and Exchange Commission.
Overall, TeraWulf’s continued expansion, strong partnerships, and commitment to sustainable mining make it an attractive choice for institutional crypto investors.