TeraWulf reaches 8 EH/s in bitcoin mining capacity By Investing.com

EASTON, Md. – TeraWulf Inc. (NASDAQ:WULF), an owner and operator of bitcoin mining facilities, has reported an increase in its self-mining capacity, reaching an installed hash rate of 8 exahashes per second (EH/s) as of the end of March, the company announced today. The growth in capacity is primarily due to the replacement of approximately 1,000 older generation miners with new S19k Pro miners.

During March, TeraWulf self-mined 379 bitcoins, averaging 12.2 bitcoins per day. The power cost for mining each bitcoin averaged $13,798, or about $0.035 per kilowatt-hour, which does not account for potential proceeds from demand response or ancillary services.

The company’s operational infrastructure includes 160 megawatts (MW) at the Lake Mariner facility in New York and 50 MW at the Nautilus Cryptomine in Pennsylvania. Together, these facilities operated at 95% of their installed capacity, which TeraWulf attributes to proactive participation in demand response programs, optimization efforts, and systematic maintenance.

Sean Farrell, SVP of Operations at TeraWulf, highlighted the implementation of third-party firmware that has led to a potential 10% efficiency improvement in their mining fleet. Farrell also mentioned the company’s active engagement in demand response programs, reflecting their commitment to operational efficiency and resource management.

Construction of a new 35 MW building at Lake Mariner is on track to be completed by mid-2024, potentially increasing TeraWulf’s total operational capacity to approximately 10 EH/s. Additionally, TeraWulf is exploring a large-scale, high-performance computing (HPC) project at the Lake Mariner site, having already committed an initial 2 MW block of power for thousands of the latest generation graphics processing units (GPUs).

TeraWulf operates with a focus on environmental sustainability, producing domestically mined using over 95% zero-carbon energy, including nuclear, hydro, and solar, aiming for 100% zero-carbon energy utilization.

The information provided is based on a press release statement from TeraWulf Inc. and reflects the company’s operational status and future projections as of today.

InvestingPro Insights

TeraWulf Inc. (NASDAQ:WULF), amidst its operational advancements in Bitcoin mining, presents a compelling case for investors looking for growth potential in the cryptocurrency sector. According to real-time data from InvestingPro, the company boasts a remarkable revenue growth of 360.51% over the last twelve months as of Q4 2023. This is complemented by a significant quarterly revenue growth of 143.39% in Q4 2023, underscoring TeraWulf’s rapid expansion in the highly dynamic and competitive crypto-mining industry.

Despite the company’s aggressive growth trajectory, investors should be aware of the high price volatility associated with TeraWulf’s stock, as indicated by the InvestingPro Tips. This characteristic could be attributed to the inherent fluctuations in the cryptocurrency market and investor sentiment towards crypto-related assets. Moreover, TeraWulf’s short-term obligations exceeding its liquid assets may suggest a need for careful financial management in the near future.

Investors considering TeraWulf should note that while the company has delivered a strong return over the last year, with a 159.12% price total return, analysts do not anticipate profitability for this year. This may be a factor for risk-averse investors to consider. Nevertheless, for those looking to potentially capitalize on TeraWulf’s growth, the InvestingPro platform offers an array of additional insights, including PRONEWS24 for an extra 10% off a yearly or biyearly Pro and Pro+ subscription, providing a deeper dive into the company’s financial health and market position.

With the company’s commitment to environmental sustainability and its strategic investments in operational efficiency, TeraWulf’s future in the Bitcoin mining landscape appears promising. For a more comprehensive analysis, investors can explore 11 more InvestingPro Tips available at https://www.investing.com/pro/WULF, which could further inform investment decisions in this evolving sector.

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