TeraWulf Announces December 2022 Production and Operations Updates
TeraWulf Inc. (WULF) reported a significant increase in Bitcoin production, self-mining 125 Bitcoin in December 2022, totaling 378 Bitcoin in Q4 2022, a 223% rise from Q3 2022. The deployed miner fleet reached 18,000, achieving over 2.0 EH/s in hash rate. The company plans to bring an additional 15,000 miners online in Q1 2023, while maintaining low power costs at approximately $0.035/kWh. Despite operational challenges during Winter Storm Elliot, TeraWulf expects to expand to 5.5 EH/s capacity by early Q2 2023.
- 223% increase in Bitcoin production Q4 2022 compared to Q3 2022.
- Current deployment of 18,000 miners with 2.0 EH/s hash rate.
- Plans to add 15,000 miners in Q1 2023, increasing operational capacity.
- Increased power costs during extreme weather affected operations.
Proprietary mining produced 125 Bitcoin in December ‘22, pushing Q4 ‘22 total to 378 Bitcoin, reflecting a more than
Total fleet of deployed miners reached 18,000 with over 2.0 EH/s of hash rate as of
On track to bring additional 15,000 miners online at Nautilus Cryptomine in Q1 2023
-
Self-mined 125 Bitcoin in
December 2022 for a total of 378 Bitcoin produced in Q4 2022, a223% increase as compared to 117 Bitcoin produced in Q3 2022. - Fleet of deployed miners reached approximately 18,000 with a hash rate capacity over 2.0 EH/s.
- Successfully navigated extreme operating conditions during Winter Storm Elliot (the “Storm”), quickly returning to full output at the Storm’s close.
-
Despite weather-related price volatility in December, the Company projects an average cost of power of approximately
/kWh across its two sites.$0.03 5
Key Metrics |
Q3
|
October
|
November
|
December
|
Bitcoin (Self-Mined) |
117 |
119 |
134 |
125 |
Self-Mining Revenue ($M) |
|
|
|
|
Hosting Revenue ($M) |
|
|
|
|
Power Cost ($M) |
|
|
|
|
Avg. Operating |
0.7 |
1.6 |
1.9 |
1.5 |
Revenue per Bitcoin |
|
|
|
|
Power Cost per Bitcoin |
|
|
|
|
Production and Operations Update
The Company operates approximately 18,000 Bitcoin miners with a hash rate capacity over 2.0 EH/s at its
During
Power prices increased dramatically during the severe weather event that crossed most of
“December represented another month of robust growth for
Infrastructure Update
The Company is nearing final stages of construction at its two mining sites and expects to have a total operational capacity of 49,000 miners (5.5 EH/s) in early Q2 2023, representing about 160 MW of power demand. Today, the Company’s wholly-owned
About
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; (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) 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); (8) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of
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harrison@terawulf.com
(410) 770-9500
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FAQ
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