TeraWulf Announces April 2024 Production And Operations Update; Self-Mined 348 Bitcoin In April

Author: Benzinga Newsdesk | May 02, 2024 08:20am

8.0 EH/s of installed and operational self-mining capacity

 

Mining fleet achieved a Company record of 98% utilization

Building 4 (35 MW) at Lake Mariner nearing final construction, providing path to 10.0 EH/s by mid-2024

EASTON, Md., May 02, 2024 (GLOBE NEWSWIRE) -- 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 April 2024.

April 2024 Production and Operations Highlights        

• Self-mined 348 bitcoin in April with an average production rate of 11.6 bitcoin per day.
• Power cost averaged $16,058 per bitcoin self-mined, or approximately $0.038/kWh in April, which excludes the benefit of expected demand response or ancillary services proceeds.
• Remaining older generation miners at Lake Mariner were replaced with approximately 3,000 S19k Pro miners in April bringing Lake Mariner's total S19k Pro miner count to approximately 4,100.
  
   

Key Metrics 1	April 2024	March 2024
Bitcoin Self-Mined Lake Mariner	269	290
Bitcoin Self-Mined Nautilus2	79	89
Value per Bitcoin Self-Mined 3	$66,245	$67,354
Power Cost per Bitcoin Self-Mined	$16,058	$13,798
Avg. Operating Hash Rate (EH/s) 4	7.8	7.6

Management Commentary

"During April, the Company mined 348 bitcoin or 11.6 BTC per day, a 5.0% decrease from March's rate of bitcoin production. Bitcoin mined in April before the halving, which took place on April 19th, was 236 bitcoin or 68% of April's total bitcoin production. A spike in transaction fees made up for most of the lost block subsidy in the week following the halving. We saw transaction fees fall to typical levels towards the end of April" said Sean Farrell, SVP of Operations at TeraWulf.

"Lake Mariner completed installation of the remaining Bitmain S19K Pro miners to increase fleet efficiency and improve performance. Elsewhere at Lake Mariner, construction on building 4 continues to progress on schedule with the completion of framing work on the building" continued Farrell.

Production and Operations Update

Operational infrastructure capacity at the Lake Mariner facility was 160 MW plus 50 MW at Nautilus with TeraWulf's total self-mining hash rate at 8.0 EH/s. On average our miners operated at 98% of installed nameplate capacity.

Construction of Building 4 (35 MW) at the Lake Mariner facility remains on track to be completed by mid-2024, which is expected to further increase TeraWulf's total operational capacity to approximately 10.0 EH/s.

As previously announced, the Company is finalizing the design for a large-scale, high-performance computing (HPC) / AI project at the Lake Mariner site and has committed an initial 2 MW block of power, capable of deploying thousands of the latest generation graphics processing units (GPUs). Lake Mariner has upgraded its internet interconnection to align with bandwidth requirements of AI, designed closed loop liquid cooling, and power supply for 100% redundancy in support of the project.

Posted In: WULF