TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owners
and operators of vertically integrated, domestic bitcoin mining
facilities powered by more than 91% zero-carbon energy, today
provided an unaudited monthly production and operations update for
November 2023.
November 2023
Highlights
- Self-mined 323 bitcoin in November
with an average production rate of over 10.8 bitcoin per day.
- Power cost averaged $11.3k per
bitcoin produced, or approximately $0.037/kWh in November.
Key Metrics 1 |
November 2023 |
Bitcoin Self-Mined 2 |
323 |
Value per Bitcoin Self-Mined 3 |
$36,500 |
Power Cost per Bitcoin Self-Mined |
$11,277 |
Avg. Operating Hash Rate (EH/s) 4 |
5.2 |
Management Commentary
“During November, the Company mined 323 bitcoin,
a 3% increase from October’s bitcoin production, due to higher
network transaction fees and over 95% availability from our 5 EH/s
of self-mining capacity,” said Sean Farrell, SVP of Operations at
TeraWulf.
“Both of our facilities, Lake Mariner in New
York and Nautilus Cryptomine in Pennsylvania, demonstrated strong
operating performance during November,” added Farrell.
“Additionally, the Lake Mariner facility exceeded requirements for
the facility’s participation in an operating reserve program with
NYISO, nearly doubling the capacity qualified to participate and
providing further revenue offsets to the already below-average
industry cost of power sourced at the site.”
Production and Operations Update
As of November 30, 2023, the Company had an
operational miner fleet of approximately 50,000 of the latest
generation miners, comprised of 34,000 miners at its wholly owned
Lake Mariner facility in New York (5,000 of which are hosted
pursuant to an agreement expiring in December 2023) and 16,000
self-miners at the nuclear-powered Nautilus facility in
Pennsylvania.
About TeraWulf
TeraWulf (Nasdaq: WULF) owns and operates vertically integrated,
environmentally clean bitcoin mining facilities in the United
States. Led by an experienced group of energy entrepreneurs, the
Company currently has two Bitcoin mining facilities: the wholly
owned Lake Mariner Data facility in New York, and Nautilus
Cryptomine facility in Pennsylvania, a joint venture with Cumulus
Coin, LLC. TeraWulf generates domestically produced Bitcoin powered
by 91% zero carbon energy resources including nuclear, hydro, and
solar with a goal of utilizing 100% zero-carbon energy. With a core
focus on ESG that ties directly to its business success, TeraWulf
expects to provide industry leading mining economics 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, RM 101 f/k/a IKONICS
Corporation and/or the business combination; 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.
Company Contact:Jason AssadDirector of
Corporate Communicationsassad@terawulf.com(678) 570-6791
1 Unaudited monthly results are based on estimates, which remain
subject to standard month end adjustments. The Company’s share of
the earnings or losses of the Nautilus facility is reflected in the
caption “Equity in net loss of investee, net of tax” in the
consolidated statements of operations. Accordingly, operating
results of the Nautilus facility are not reflected in the revenue,
cost of revenue or cost of operations lines in TeraWulf’s
consolidated statements of operations. 2 Includes BTC earned from
profit sharing associated with a short-term hosting agreement at
the Lake Mariner facility and TeraWulf’s net share of BTC produced
at the Nautilus facility.3 Computed as the weighted-average opening
price of BTC on each respective day the Self-Mined Bitcoin is
earned.4 While nameplate inventory for WULF’s two facilities is 5.5
EH/s, inclusive of gross total hosted miners, 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.
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