TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which
owns and operates vertically integrated, domestic Bitcoin mining
facilities powered by more than 91% zero-carbon energy, today
provided a business update.
Key Highlights
- Fully funded 7.9 EH/s expansion, increasing self-mining
capacity by 58%.
- Building 3 at the Lake Mariner facility is operational and
ready for delivery, installation and energization of new
miners.
- Estimated deployment date of February 1, 2024, for all 18,500
BITMAIN Antminer S19j XP bitcoin miners.
- Additional growth underway at the Lake Mariner facility with
the foundation of Building 4 poured and construction ongoing,
which, upon completion in mid-2024, will bring TeraWulf’s total
operational capacity to ~10 EH/s.
- Expansion of existing high-performance computing (“HPC”)
project supporting generative AI and large language model
applications at the Lake Mariner facility, planned for 2024.
7.9 EH/s Expansion Update
With Building 3 at Lake Mariner now fully operational, the
facility’s bitcoin mining infrastructure capacity has increased to
approximately 160 MW. The addition of 18,500 Antminer S19j XP
bitcoin mining machines from BITMAIN, which have a power-efficiency
rating of 21.5 joules per terahash (J/TH) and a bitcoin mining
hashrate of 151 terahash per second (TH/s) each, will create one of
the most efficient and profitable mining fleets in the sector with
a fleet efficiency of 25.7 J/TH.
(For a closer look at Building 3, you can watch TeraWulf’s
recently released construction update video HERE.)
While the Company previously planned to convert prior deposits
towards the S19j XP purchase order into 5,500 miners and
host-to-own the remaining 13,000 miners for BITMAIN until the
fourth quarter of 2024, the Company now plans to utilize its entire
fleet for self-mining operations.
“Opportunistic market conditions have caused us to reassess our
original conservative strategy and opt for a more near-term growth
strategy,” stated Paul Prager, Co-founder and CEO of TeraWulf.
“With Building 3 completed ahead of schedule and construction for
Building 4 already underway, now is the time to charge hard into
the upcoming halving and beyond.”
High-Performance Compute Update
In an effort to expand its operational scope beyond bitcoin
mining, since September 2023, TeraWulf has been successfully
operating a compact (NVIDIA A100) GPU system at the Lake Mariner
Facility to support generative AI & large language model
applications. Following on this success, TeraWulf has initially
committed a block of power at the Lake Mariner facility, capable of
deploying thousands of latest generation GPUs, to support a larger
HPC project expected to commence in 2024. This project is aimed at
diversifying the Company’s revenue streams by capitalizing on its
infrastructure expertise to address the rapidly growing demand for
GPU compute in the generative AI market. TeraWulf intends to
continue leveraging its existing infrastructure to further push
into the HPC and AI markets on a larger scale with compelling
returns on capital.
Future Growth Plans
Planning is underway for additional growth at Lake Mariner with
the construction of Building 4 having already begun. In addition to
Lake Mariner’s growth, TeraWulf also has the option to add an
additional 50 MW of bitcoin mining capacity at the nuclear-powered
Nautilus Cryptomine facility, bringing the Company’s capacity at
the site to a total of 100 MW.
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 facility in New York, and Nautilus Cryptomine
facility in Pennsylvania, a joint venture with Cumulus Coin, LLC.
TeraWulf generates domestically produced Bitcoin powered by
nuclear, hydro, and solar energy 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 offer attractive 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
TeraWulf (NASDAQ:WULF)
Historical Stock Chart
From Apr 2024 to May 2024
TeraWulf (NASDAQ:WULF)
Historical Stock Chart
From May 2023 to May 2024