TeraWulf (NASDAQ: WULF) released its November 2024 operations update, highlighting the completion of critical electrical upgrades at Lake Mariner facility. The company self-mined 115 bitcoin with an average daily production rate of 3.8 bitcoin, maintaining 8.4 EH/s of operational self-mining capacity, representing a 68% year-over-year increase.
Key achievements include installing approximately 7,400 S21 Pro miners, achieving an average power cost of $41,190 per bitcoin mined ($0.051/kWh), and completing planned outages for high-voltage redundant power feeds. The company remains on schedule to deliver 72.5 MW of HPC hosting capacity by Q2 2025, with construction of MB-5 proceeding as planned.
TeraWulf (NASDAQ: WULF) ha rilasciato il suo aggiornamento sulle operazioni di novembre 2024, evidenziando il completamento di importanti aggiornamenti elettrici presso l’impianto di Lake Mariner. L’azienda ha estratto 115 bitcoin con una media di produzione giornaliera di 3,8 bitcoin, mantenendo una capacità operativa di auto-mining di 8,4 EH/s, il che rappresenta un 68% di aumento anno su anno.
I risultati chiave includono l’installazione di circa 7.400 miner S21 Pro, raggiungendo un costo medio di energia di $41.190 per bitcoin estratto ($0.051/kWh), e il completamento dei lavori programmati per i feed di potenza ridondante ad alta tensione. L’azienda rimane in linea con il programma per fornire 72,5 MW di capacità di hosting HPC entro il secondo trimestre del 2025, con la costruzione di MB-5 che procede come pianificato.
TeraWulf (NASDAQ: WULF) lanzó su actualización de operaciones de noviembre de 2024, destacando la finalización de importantes mejoras eléctricas en la instalación de Lake Mariner. La empresa extrajo 115 bitcoin con una tasa de producción diaria promedio de 3,8 bitcoin, manteniendo una capacidad de auto-minado operativa de 8,4 EH/s, lo que representa un aumento del 68% en comparación con el año anterior.
Entre los logros clave se incluye la instalación de aproximadamente 7,400 mineros S21 Pro, alcanzando un costo medio de energía de $41,190 por bitcoin extraído ($0.051/kWh), y la finalización de cortes planeados para las alimentaciones eléctricas redundantes de alta tensión. La empresa sigue en agenda para entregar 72.5 MW de capacidad de alojamiento HPC para el segundo trimestre de 2025, con la construcción de MB-5 avanzando según lo planeado.
TeraWulf (NASDAQ: WULF)는 2024년 11월 운영 업데이트를 발표하며 Lake Mariner 시설에서 중요한 전기 업그레이드가 완료되었음을 강조했습니다. 회사는 115 비트코인을 자체 채굴했습니다, 평균 일일 생산 속도는 3.8 비트코인으로, 8.4 EH/s의 운영 자가 채굴 능력을 유지하고 있으며 이는 전년 대비 68% 증가한 수치입니다.
주요 성과로는 약 7,400개의 S21 Pro 마이너 설치, 채굴된 비트코인당 평균 전력 비용이 $41,190($0.051/kWh)에 달하는 점, 고전압 중복 전력 공급을 위한 계획된 정전 작업 완료가 포함됩니다. 회사는 2025년 2분기까지 72.5 MW의 HPC 호스팅 용량을 제공할 계획이며, MB-5 건설이 계획대로 진행되고 있습니다.
TeraWulf (NASDAQ: WULF) a publié sa mise à jour des opérations pour novembre 2024, mettant en évidence l’achèvement de mises à niveau électriques critiques sur l’installation de Lake Mariner. L’entreprise a miné 115 bitcoin elle-même, avec un taux de production quotidien moyen de 3,8 bitcoin, maintenant une capacité opérationnelle de minage autonome de 8,4 EH/s, représentant une augmentation de 68 % par rapport à l’année précédente.
Parmi les réalisations clés, on note l’installation d’environ 7 400 mineurs S21 Pro, atteignant un coût moyen de l’énergie de 41 190 $ par bitcoin extrait (0,051 $/kWh), et la réalisation des coupures prévues pour les alimentations électriques redondantes haute tension. L’entreprise reste dans les délais pour fournir 72,5 MW de capacité d’hébergement HPC d’ici le deuxième trimestre 2025, la construction de MB-5 progressant comme prévu.
TeraWulf (NASDAQ: WULF) veröffentlichte sein Betriebsupdate für November 2024 und hob den Abschluss wichtiger elektrischer Upgrades in der Lake Mariner-Anlage hervor. Das Unternehmen mine 115 Bitcoin selbst mit einer durchschnittlichen täglichen Produktionsrate von 3,8 Bitcoin und einer operativen Selbstminen-Kapazität von 8,4 EH/s, was eine Steigerung von 68 % im Vergleich zum Vorjahr darstellt.
Zu den wichtigsten Erfolgen zählt die Installation von etwa 7.400 S21 Pro-Minern, die Erreichung eines durchschnittlichen Strompreises von 41.190 USD pro mined Bitcoin (0,051 USD/kWh) und der Abschluss geplanter Stromausfälle für redundante Hochspannungssysteme. Das Unternehmen bleibt im Zeitplan, um bis zum 2. Quartal 2025 72,5 MW HPC-Hosting-Kapazität bereitzustellen, während der Bau von MB-5 planmäßig voranschreitet.
Positive
68% year-over-year increase in operational self-mining capacity to 8.4 EH/s
Improved mining efficiency to 19.2 J/TH through miner upgrades
Low power costs at $0.051/kWh
On track to restore 1.3 EH/s of mining equipment under warranty by year-end
Negative
Monthly bitcoin production decreased from 150 to 115 BTC (October vs November)
Power cost per Bitcoin increased from $36,789 to $41,190 month-over-month
Average operating hash rate declined from 6.8 EH/s to 5.9 EH/s due to planned outages
Insights
TeraWulf’s November operational update reveals mixed results with some notable developments. The company mined 115 bitcoin at an average power cost of $41,190 per BTC, showing a 23.3% decrease from October’s 150 BTC production. However, this decline was primarily due to planned infrastructure upgrades, which temporarily affected 5.3 EH/s of mining capacity.
The completion of electrical infrastructure upgrades and installation of 7,400 S21 Pro miners positions WULF for improved efficiency, with nameplate miner efficiency improving to 19.2 J/TH from 22.0 J/TH. The company’s self-mining capacity increased 68% year-over-year to 8.4 EH/s, demonstrating significant growth. The development of HPC hosting infrastructure progressing on schedule for Q2 2025 completion adds a promising revenue diversification stream.
The strategic upgrade to S21 Pro miners represents a significant technological advancement. These newer generation miners offer superior efficiency compared to the legacy S19 Pro/J-Pro and M30s+ models they’re replacing. The improved J/TH ratio of 19.2 translates to better hash rate performance per unit of energy consumed, which is important for maintaining competitive margins in bitcoin mining.
The completion of high-voltage redundant power feeds is a critical infrastructure improvement that enhances facility reliability and sets the foundation for future HPC hosting capabilities. The 72.5 MW HPC hosting expansion represents a forward-thinking approach to infrastructure utilization, potentially opening new revenue streams beyond traditional bitcoin mining.
12/03/2024 – 04:08 PM
Completed critical electrical upgrades to support Lake Mariner HPC hosting and mining buildings
Remain on schedule to deliver 72.5 MW of HPC hosting capacity by the end of Q2 2025
Successfully installed approximately 7,400 state-of-the-art S21 Pro miners
Achieved 8.4 EH/s of operational self-mining capacity, a 68% year-over-year increase
EASTON, Md., Dec. 03, 2024 (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 November 2024.
November 2024 Production and Operations Highlights
Bitcoin Production: Self-mined 115 bitcoin, with an average daily production rate of approximately 3.8 bitcoin.Operating Capacity: Maintained 8.4 EH/s of operational self-mining capacity, a 68.0% year-over-year increase.Power Costs: Achieved an average power cost of $41,190 per bitcoin mined, equivalent to approximately $0.051/kWh, excluding proceeds from demand response and ancillary services.Miner Upgrades: Advanced the miner refresh program at Lake Mariner, replacing legacy S19 Pro/J-Pro and M30s+ models with approximately 7,400 S21 Pro miners.Electrical Upgrades: Completed a planned outage to connect high-voltage redundant power feeds, temporarily affecting approximately 5.3 EH/s of miners. Key Metrics1November 2024
October 2024
Bitcoin Self-Mined 115 150 Value per Bitcoin Self-Mined2$83,947 $65,427 Power Cost per Bitcoin Self-Mined$41,190 $36,789 Avg. Operating Hash Rate (EH/s)3 5.9 6.8 Nameplate Miner Efficiency (J/TH)4 19.2 22.0
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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 November 30, 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. Performance in October was impacted by miner fleet upgrade work.
4 Nameplate miner efficiency excludes auxiliary load.
Management Commentary
Sean Farrell, Chief Operating Officer of TeraWulf remarked, “November marked a pivotal month for Lake Mariner as we completed significant upgrades to our electrical infrastructure. These enhancements will ensure reliable and redundant power delivery to CB-1, CB-2, and future HPC hosting loads, positioning us to meet the increasing demand for Tier 3 HPC infrastructure.”
Farrell added, “Despite a brief planned outage, we mined 115 bitcoin with an average daily production rate of nearly four bitcoin. Our miner refresh program has substantially improved efficiency, achieving a weighted average of approximately 19 J/TH. Additionally, our onsite repair teams are on track to restore 1.3 EH/s of mining equipment under warranty by year-end. Construction of MB-5 is proceeding on schedule, with conduit installation complete and foundation pours and structural steel assembly underway.”
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 November 30, 2024, TeraWulf’s operational bitcoin mining capacity was 195 MW at the Lake Mariner facility. Upon completing miner repairs, fleet upgrades and onboarding new miners, TeraWulf’s self-mining hash rate is expected to reach approximately 9.7 EH/s. November’s average hash rate was 5.9 EH/s, factoring in planned outage for electrical upgrades, demand response events and optimization strategies to maximize profitability.
On the WULF Compute front, progress continues on large-scale HPC hosting infrastructure at Lake Mariner. Dry cooler installation is complete for the 20 MW CB-1 facility, which is on track for Q1 2025 completion. We remain on schedule to deliver 72.5 MW of HPC hosting capacity by the end of Q2 2025.
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
FAQ
How many bitcoin did TeraWulf (WULF) mine in November 2024?
TeraWulf mined 115 bitcoin in November 2024, with an average daily production rate of 3.8 bitcoin.
What was TeraWulf’s (WULF) power cost per bitcoin in November 2024?
TeraWulf’s power cost per bitcoin mined in November 2024 was $41,190, equivalent to approximately $0.051/kWh.
What is TeraWulf’s (WULF) current operational hash rate capacity?
TeraWulf maintained 8.4 EH/s of operational self-mining capacity, representing a 68% increase year-over-year.
When will TeraWulf (WULF) complete its 72.5 MW HPC hosting capacity?
TeraWulf is on schedule to deliver 72.5 MW of HPC hosting capacity by the end of Q2 2025.
