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TeraWulf Inc. (Nasdaq: WULF) is a leading digital asset technology company committed to sustainable bitcoin mining operations. As the world's first ESG-dedicated crypto mining company, TeraWulf combines innovative technology and green energy to produce bitcoin with over 90% zero-carbon energy. The company operates its mining facilities within the United States, leveraging clean, affordable, and reliable energy sources.
TeraWulf's core business revolves around the mining of bitcoin, which it conducts at two primary sites: the Lake Mariner facility in New York and the Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin, LLC. The company's facilities utilize nuclear, hydro, and solar energy, with a goal of achieving 100% zero-carbon energy utilization. This environmentally friendly approach not only reduces carbon emissions but also offers significant economic benefits.
In 2023, TeraWulf made remarkable strides in its financial and operational milestones. The company achieved a self-mining operating capacity of 7.9 EH/s by the end of 2023, a substantial increase from the 1.4 EH/s recorded at the end of 2022. As of February 29, 2024, the company had a self-mining hash rate of 7.5 EH/s with approximately 64,500 miners deployed across its facilities.
Noteworthy financial achievements include a significant reduction in debt by $40 million as of February 29, 2024, and a robust liquidity position with $49 million in cash and cash equivalents. TeraWulf's strategic plan aims to expand its operational capacity to 300 MW by the end of 2024 and 550 MW by the end of 2025, positioning itself as a leader in the digital infrastructure and sustainable energy sector.
In addition to its core bitcoin mining operations, TeraWulf is actively exploring opportunities in High-Performance Computing (HPC) and Artificial Intelligence (AI). These advanced applications are expected to optimize the utilization of the company's proprietary infrastructure, unlocking additional value.
Recent developments in March 2024 include a 10% efficiency improvement in the mining fleet at the Lake Mariner facility, attributed to third-party firmware implementation. The company also continues to engage in demand response programs, reflecting its commitment to operational efficiency and resource management.
As TeraWulf moves forward, it remains dedicated to perfecting green energy crypto mining and maintaining industry-leading economics. The company's ongoing projects include the construction of Building 4 at the Lake Mariner facility, expected to increase total operational mining capacity to approximately 10 EH/s by mid-2024. Moreover, TeraWulf is finalizing the design for a large-scale HPC/AI project at the Lake Mariner site.
For the latest updates and detailed financial information, investors are encouraged to visit TeraWulf's official website and investor relations section.
TeraWulf Inc. (Nasdaq: WULF) has announced a new long-term ground lease agreement at its Lake Mariner facility. This New Ground Lease replaces the original lease from May 2021 and supports the company's expansion into high-performance computing (HPC) and AI data centers. Key points include:
- Lease term extended to 35 years, with an option for an additional 45 years
- Land area increased by nearly 50%, from 107 to 157 acres
- Infrastructure capacity expanded to 750 MW
- No escalation in annual lease payments per acre compared to the original lease
The consideration for the new lease includes 20 million shares of TeraWulf's common stock and $12 million in cash. This primarily equity-based structure aims to align the interests of TeraWulf's CEO with the company's long-term goals.
TeraWulf Inc. (Nasdaq: WULF) released its September 2024 production and operations update, highlighting significant advancements in HPC/AI digital infrastructure. Key points include:
- Mined 176 bitcoin in September, averaging 5.9 bitcoin per day
- Operational self-mining capacity at 10.0 EH/s, a 100% year-over-year increase
- Average power cost per bitcoin mined: $35,109 ($0.042/kWh)
- Closed sale of 25% equity interest in Nautilus facility for $92 million
- Reinvesting capital into 20 MW CB-1 facility at Lake Mariner
- Completed 2 MW 'WULF Den' proof-of-concept for high-density GPU workloads
- CB-1 construction on track for Q1 2025 completion
- Secured long-lead items for 50 MW CB-2 AI/HPC facility
TeraWulf continues to advance its HPC/AI projects, including a 2.5 MW proof-of-concept and the 20 MW CB-1 facility designed to support 16 MW of critical IT load with Tier 3 data center features.
TeraWulf Inc. (Nasdaq: WULF) has sold its 25% equity stake in the Nautilus Cryptomine joint venture to Talen Energy for approximately $92 million, achieving a 3.4x return on investment. The deal includes $85 million in cash and about 30,000 miners valued at $7 million. TeraWulf plans to reinvest this capital into expanding its HPC/AI and bitcoin mining operations at its Lake Mariner facility.
Key points:
- Targeting operations for 20 MW CB-1 in Q1 2025 and 50 MW CB-2 in Q2 2025
- Maintains Q1 2025 target of ~13 EH/s operating capacity
- Upgrading fleet efficiency to 18.2 J/TH
- Recently completed a 2 MW AI/HPC proof-of-concept project
- Schedules Q3 2024 earnings call for November 12, 2024
TeraWulf Inc. (Nasdaq: WULF) released its August 2024 production and operations update, highlighting significant growth in its bitcoin mining capacity. The company's self-mining capacity doubled year-over-year, reaching 10.0 EH/s. In August, TeraWulf mined 184 bitcoin, averaging 5.9 bitcoin per day. The average cost per bitcoin mined was $35,407, with a power rate of $0.044/kWh.
TeraWulf's Lake Mariner facility participated in demand response activities, curtailing over 1,200 MWh, which is expected to reduce power costs by $0.007/kWh for the month. The company is making progress on its AI/HPC projects, including a 2 MW 'WULF Den' proof-of-concept and a 20 MW colocation pilot project at Lake Mariner, both on track for completion in the near future.
TeraWulf Inc. (WULF) reported strong Q2 2024 financial results, with revenue increasing 130.2% year-over-year to $35.6 million. The company's gross profit (exclusive of depreciation) rose 109.4% to $21.7 million, while Adjusted EBITDA grew 156.4% to $19.5 million. TeraWulf's operational self-mining capacity increased 80% year-over-year to 8.8 EH/s. The company self-mined 699 bitcoin across its facilities, valued at $46.1 million. Notably, TeraWulf paid down approximately $30.2 million of debt in Q2, followed by a significant repayment of $75.8 million in July, fully eliminating its debt ahead of maturity. The company is also advancing its AI and high-performance computing initiatives at the Lake Mariner Facility, positioning itself for growth in the data center market.
TeraWulf Inc. (Nasdaq: WULF) released its July 2024 production and operations update, highlighting significant growth and operational advancements. The company achieved a 100% year-over-year increase in installed and operational self-mining capacity, reaching 10 EH/s. In July, TeraWulf mined 195 bitcoin, averaging 6.3 bitcoin per day. The company's power cost averaged $36,346 per bitcoin self-mined, with an approximate rate of $0.047/kWh.
TeraWulf's Lake Mariner facility completed Building 4, installing approximately 10,000 Bitmain S21 and S21 Pro miners. The company also participated in demand response activities, curtailing over 3,400 MWh, which is expected to reduce power costs by $0.013/kWh. TeraWulf is advancing its AI/HPC projects, including a 2 MW 'WULF Den' proof-of-concept and a 16 MW 'CB-1' colocation building, showcasing its high-density computing capabilities.
TeraWulf Inc. (Nasdaq: WULF), a U.S.-based bitcoin mining company powered by over 91% zero-carbon energy, has scheduled its second quarter 2024 earnings conference call for Monday, August 12 at 5:00 p.m. ET. The company will release its financial results press release prior to the call on the same day. Investors can participate via webcast or dial-in, with access details provided. A replay of the call will be available until August 26, 2024. This announcement highlights TeraWulf's commitment to transparency and shareholder communication, allowing investors to gain insights into the company's performance and future outlook.
TeraWulf (Nasdaq: WULF) has announced the early repayment of its $77.5 million term loan, eliminating all outstanding debt. This move underscores the company's commitment to financial prudence, allowing it to maximize financial flexibility for scaling its energy infrastructure. CFO Patrick Fleury highlighted that the company's strong cash generation facilitated this early payoff, strengthening its financial position. CEO Paul Prager emphasized the company's focus on deploying its substantial energy capacity for Bitcoin mining and HPC/AI applications. TeraWulf plans to expand its operational infrastructure from 210 MW to 295 MW, with the potential to further increase by 300 MW in the near term.
TeraWulf announced its June 2024 production and operations update, highlighting substantial progress and growth. The company reported mining 177 bitcoins in June, averaging 5.9 BTC per day, with an operating capacity increase to 8.8 EH/s, marking a 76% year-over-year growth.
Notable accomplishments include the near completion of Building 4 at Lake Mariner, set to elevate capacity to over 10.0 EH/s by July. Additionally, TeraWulf curtailed over 2,300 MWh through demand response, lowering power costs by $0.010/kWh and creating an equivalent value of approximately 21 BTC.
Significant construction activities are ongoing, including the commencement of Building 5 and the 'WULF Den,' targeting completion by Q3 2024, alongside a 20 MW co-location pilot project expected by year-end.
The average power cost per bitcoin mined in June was $32,373, at a rate of $0.042/kWh. The Lake Mariner and Nautilus facilities reached operational capacities of 195 MW and 50 MW, respectively, despite temporary performance reductions due to high temperatures.
TeraWulf, a bitcoin mining company, announced its May 2024 production update.
The company mined 186 bitcoin, averaging 6 bitcoin per day. May marked the first full month after the April halving event, which reduced block rewards.
TeraWulf's self-mining capacity reached 8.0 EH/s, an 82% year-over-year increase.
The average power cost per bitcoin mined was $31,239, based on a $0.039/kWh rate.
Construction of Building 4 at Lake Mariner, which will house 10,000 S21 and S21 Pro miners, is set for completion in June 2024, expected to boost capacity to over 10.0 EH/s in the second half of 2024.
The company is also advancing a 2.0 MW AI/HPC pilot at Lake Mariner with next-gen GPU technology and SOC 2 standards.
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