TeraWulf Announces December 2024 Production and Operations Update
TeraWulf (WULF) has announced significant developments in December 2024, securing high-performance computing data center leases with Core42 for over 70 MW, representing potential revenue exceeding $1 billion over a 10-year term. The company mined 158 bitcoin in December at an average power cost of $62,805 per bitcoin ($0.078/kWh).
The company achieved 9.7 EH/s of installed self-mining capacity, marking a 94% year-over-year increase. Construction of miner building 5 (MB-5, 50 MW) is progressing on schedule for completion in mid-Q1 2025. TeraWulf's operational bitcoin mining capacity stands at 195 MW, with December's average hash rate at 8.4 EH/s. Core42 maintains an option for an additional 135 MW capacity for early 2026.
TeraWulf (WULF) ha annunciato sviluppi significativi a dicembre 2024, ottenendo contratti per centri di calcolo ad alte prestazioni con Core42 per oltre 70 MW, rappresentando un potenziale ricavo superiore a 1 miliardo di dollari su un periodo di 10 anni. L'azienda ha estratto 158 bitcoin a dicembre con un costo medio dell'energia di $62,805 per bitcoin ($0.078/kWh).
L'azienda ha registrato una capacità di auto-mining installata di 9.7 EH/s, segnando un aumento del 94% rispetto all'anno precedente. La costruzione dell'edificio minerario 5 (MB-5, 50 MW) sta procedendo secondo il programma per essere completata a metà del primo trimestre del 2025. La capacità di mining di bitcoin operativa di TeraWulf è di 195 MW, con un hash rate medio di dicembre di 8.4 EH/s. Core42 mantiene un'opzione per una capacità aggiuntiva di 135 MW per l'inizio del 2026.
TeraWulf (WULF) ha anunciado desarrollos significativos en diciembre de 2024, asegurando contratos de arrendamiento de centros de datos de computación de alto rendimiento con Core42 por más de 70 MW, representando ingresos potenciales que superan los 1 mil millones de dólares durante un periodo de 10 años. La compañía minó 158 bitcoin en diciembre a un costo promedio de energía de $62,805 por bitcoin ($0.078/kWh).
La compañía logró 9.7 EH/s de capacidad de auto-minado instalada, marcando un aumento del 94% interanual. La construcción del edificio del minero 5 (MB-5, 50 MW) avanza según lo programado para completarse a mediados del primer trimestre de 2025. La capacidad operativa de minado de bitcoin de TeraWulf se sitúa en 195 MW, con una tasa de hash promedio de diciembre de 8.4 EH/s. Core42 mantiene una opción para una capacidad adicional de 135 MW para principios de 2026.
TeraWulf (WULF)는 2024년 12월 고성능 컴퓨팅 데이터 센터 임대 계약을 Core42와 체결하여 70MW 이상의 계약을 확보했다고 발표했습니다. 이는 10년 동안 10억 달러 이상의 잠재적 수익을 의미합니다. 이 회사는 12월에 158 비트코인을 채굴했으며, 비트코인당 평균 전력 비용은 $62,805 ($0.078/kWh)입니다.
이 회사는 9.7 EH/s의 자가 채굴 설치 용량을 달성했으며, 이는 전년 대비 94% 증가한 수치입니다. 광부 건물 5 (MB-5, 50 MW)의 건설은 2025년 1분기 중순 완료를 목표로 순조롭게 진행되고 있습니다. TeraWulf의 운영 비트코인 채굴 용량은 195 MW이며, 12월 평균 해시 속도는 8.4 EH/s입니다. Core42는 2026년 초에 추가로 135 MW의 용량을 선택할 수 있는 옵션을 보유하고 있습니다.
TeraWulf (WULF) a annoncé des développements significatifs en décembre 2024, sécurisant des baux de centres de données de calcul haute performance avec Core42 pour plus de 70 MW, représentant des revenus potentiels dépassant 1 milliard de dollars sur une période de 10 ans. L'entreprise a extrait 158 bitcoin en décembre à un coût moyen de l'énergie de 62 805 $ par bitcoin (0,078 $/kWh).
L'entreprise a atteint une capacité de minage autonome installée de 9.7 EH/s, marquant une augmentation de 94 % par rapport à l'année précédente. La construction du bâtiment des mineurs 5 (MB-5, 50 MW) progresse selon le calendrier pour être achevée d'ici le milieu du premier trimestre 2025. La capacité opérationnelle de minage de bitcoin de TeraWulf s'élève à 195 MW, avec un taux de hachage moyen en décembre de 8.4 EH/s. Core42 maintient une option pour une capacité supplémentaire de 135 MW début 2026.
TeraWulf (WULF) hat im Dezember 2024 bedeutende Entwicklungen bekanntgegeben und Mietverträge für Hochleistungsrechenzentren mit Core42 über mehr als 70 MW gesichert, was potenzielle Einnahmen von über 1 Milliarde US-Dollar über einen Zeitraum von 10 Jahren darstellt. Das Unternehmen hat im Dezember 158 Bitcoin mit einem durchschnittlichen Energiekosten von $62,805 pro Bitcoin ($0.078/kWh) abgebaut.
Das Unternehmen erreichte eine installierte Selbstabbaukapazität von 9.7 EH/s, was einem Anstieg von 94% im Jahresvergleich entspricht. Der Bau des Miner-Gebäudes 5 (MB-5, 50 MW) verläuft planmäßig und soll bis Mitte des ersten Quartals 2025 fertiggestellt werden. Die betriebliche Bitcoin-Abbaukapazität von TeraWulf beträgt 195 MW, und die durchschnittliche Hashrate im Dezember lag bei 8.4 EH/s. Core42 hat die Option auf eine zusätzliche Kapazität von 135 MW für Anfang 2026.
- Secured 70+ MW data center leases worth over $1B in potential revenue over 10 years
- 94% YoY increase in installed self-mining capacity to 9.7 EH/s
- Mined 158 bitcoin in December 2024
- Core42 has option for additional 135 MW capacity
- Increased power cost per Bitcoin from $41,190 in November to $62,805 in December
- Average operating hash rate reduced to 8.4 EH/s due to winter power price environment
Insights
The $1 billion revenue opportunity from the HPC data center leases marks a transformative shift in TeraWulf's business model. The 10-year lease agreements provide stable, predictable cash flows that significantly de-risk the company's revenue stream from bitcoin mining's volatility. The 70 MW infrastructure commitment represents just 28% of their near-term hosting capacity (248 MW), indicating substantial growth potential with 178 MW still available for additional tenants.
The company's 94% YoY increase in mining capacity to 9.7 EH/s demonstrates strong execution capabilities. However, the power cost per bitcoin mined increased to $62,805 in December from $41,190 in November, impacting mining margins despite higher bitcoin prices. This cost increase was strategically managed through performance tuning, showing operational flexibility to optimize profitability.
The strategic pivot into HPC hosting leverages TeraWulf's core infrastructure advantages - predominantly zero-carbon energy and scalable facilities. The Lake Mariner facility's 750 MW potential represents a significant competitive advantage in the HPC market, where sustainable, large-scale power access is critical. Core42's additional 135 MW option for early 2026 validates the infrastructure's attractiveness to enterprise clients.
The concurrent construction of MB-5 (50 MW) and progress on HPC infrastructure demonstrates TeraWulf's ability to execute multiple large-scale projects simultaneously. The modular approach with separate buildings (WULF Den, CB-1, CB-2) enables phased deployment and risk management while maintaining operational flexibility.
Secured high-performance computing (HPC) data center leases with Core42 for more than 70 MW of digital infrastructure, representing total revenue of more than
Earned 158 self-mined bitcoin in December for a total of 2,728 bitcoin year-to-date and 423 in Q4 2024
Achieved 9.7 EH/s of installed self-mining capacity, a
EASTON, Md., Jan. 03, 2025 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today provided its unaudited monthly production and operations update for December 2024.
December 2024 Production and Operations Highlights
- Bitcoin Production: Self-mined 158 bitcoin, with an average daily production rate of approximately 5.1 bitcoin.
- Operating Capacity: Achieved 9.7 EH/s of installed self-mining capacity, a
94.0% year-over-year increase. - Power Costs: Achieved an average power cost of
$62,805 per bitcoin mined, equivalent to approximately$0.07 8/kWh, excluding proceeds from demand response and ancillary services.
| Key Metrics1 | December 2024 | November 2024 | ||||
| Bitcoin Self-Mined | 158 | 115 | ||||
| Value per Bitcoin Self-Mined2 | $ | 98,326 | $ | 83,947 | ||
| Power Cost per Bitcoin Self-Mined | $ | 62,805 | $ | 41,190 | ||
| Avg. Operating Hash Rate (EH/s)3 | 8.4 | 5.9 | ||||
| Nameplate Miner Efficiency (J/TH)4 | 19.2 | 19.2 | ||||
Management Commentary
“In December, we finalized data center lease agreements totaling over 70 MW of our infrastructure, representing a potential revenue opportunity exceeding
Prager added, “We are in active discussions with additional tenants to utilize the remaining 178 MW of near-term HPC hosting capacity at Lake Mariner, including our inaugural partner, Core42. Core42 retains a time-limited option for an additional 135 MW of capacity to be delivered in early 2026, further emphasizing the growing demand for our low-cost, predominantly zero-carbon infrastructure. In parallel, we are evaluating strategic site acquisition opportunities to extend our footprint beyond the 750 MW potential at Lake Mariner, solidifying our leadership in the next generation of digital infrastructure.”
Production and Operations Update
TeraWulf’s commitment to operational excellence and sustainability continues to drive its growth across the Company’s bitcoin mining and HPC hosting businesses.
As of December 31, 2024, TeraWulf's operational bitcoin mining capacity was 195 MW with an installed self-mining hash rate of approximately 9.7 EH/s. December’s average hash rate was 8.4 EH/s, reflecting performance tuning to optimize margins in a higher winter power price environment. Construction of miner building 5 (MB-5, 50 MW) is proceeding on schedule, with foundation pours completed and building framing underway, with target completion in mid Q1 2025.
On the WULF Compute front, under the recently announced data center lease agreements, TeraWulf will deliver more than 70 MW of turn-key data center infrastructure to host Core42’s HPC operations at the Lake Mariner facility in Upstate New York. The infrastructure will include the WULF Den (2.5 MW), CB-1 (20 MW), and CB-2 (50 MW), which have all been fully funded.
About TeraWulf
TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations 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.
Investors:
Investors@terawulf.com
Media:
media@terawulf.com
1 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 mining inventory as of December 31, 2024 for Lake Mariner is estimated at 9.7 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. Performance in November was impacted by planned outage for electrical upgrades and miner fleet upgrade work.
4 Nameplate miner efficiency excludes auxiliary load.
FAQ
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