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 U.S. miner TeraWulf expanded its Bitcoin mining capacity in 2023, resulting in 70% more BTC mined in Q2. 
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 Bitcoin (BTC) mining firm TeraWulf has seen a drastic increase in BTC rewards since increasing its mining capacity in the first half of 2023. 
 According to the company’s latest quarterly filing&nbsp;with the United States Securities and Exchange Commission, TeraWulf mined a total of 1,441 BTC through the first half of the year. 508 BTC was mined in Q1, while the firm added another 375 self-mined BTC to its balance sheet in Q2. 
 The <a rel="noopener noreferrer nofollow" title="increase" href="https://thebittimes.com/tag/increase.html">increase</a> in hash rate and <a rel="noopener noreferrer nofollow" title="mined" href="https://thebittimes.com/tag/mined.html">mined</a> BTC also led to an uptick in quarterly revenue for the company, up from $11.5 million to $15.5 million in Q2. The company pointed to its <a rel="noopener noreferrer nofollow" title="increase" href="https://thebittimes.com/tag/increase.html">increase</a>d hash rate and the recovering market value of Bitcoin as primary reasons for its improved quarterly financials. 
 Related:&nbsp;TeraWulf goes nuclear: 8,000 rigs spool up in Nautilus mining facility 
 The firm now has over 50,000 new-generation Bitcoin miners, which it operates across its Lake Mariner site in New York and its Pennsylvania nuclear-powered Nautilus operation. TeraWulf’s operational hash rate sits at 5.5 exahashes per second (EH/s), while it has 160 megawatts (MW) of capacity for miners at the two sites. 
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 <img src="https://cdn.thebittimes.com/images/2023/08/14/df07b6607ed4d83b803bdc145bd065fe.webp" alt="" title=""> 
 <figcaption style="text-align: center;"> TeraWulf's nuclear-powered Nautilus mining location. 
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 The company also confirmed that it plans to expand its operation at Lake Mariner by another 43 MW by the end of 2023. The new building in New York is set to host 18,500 new generation S19j XP miners from Chinese manufacturer Bitmain. 
 TeraWulf estimated that its additional capacity at Lake Mariner will increase its self-mining hash rate by a further 58%, from 5.0 EH/s to 7.9 EH/s. 
 Meanwhile, Hut8 announced that it had seen a decrease in hash rate and self-<a rel="noopener noreferrer nofollow" title="mined" href="https://thebittimes.com/tag/mined.html">mined</a> Bitcoin in Q2 of 2023, as reflected in its mid-year results. The company <a rel="noopener noreferrer nofollow" title="mined" href="https://thebittimes.com/tag/mined.html">mined</a> 399 BTC in Q2, noting a 58% decrease compared with Q2 2022. 
 Hut8 attributed the drop in mined BTC to three factors: the overall increase in Bitcoin mining difficulty, the suspension of operations at the firm’s North Bay Facility and ongoing electrical issues at its Drumheller site. 
 Related:&nbsp;Bitcoin hash rate spikes as analysts say miners coming back online 
 Hut8 is also diversifying the use of its infrastructure away from solely mining Bitcoin. Its high-performance computing operation continues to generate an average of $4 million per quarter, with this number expected to grow once its five-year deal as a computing infrastructure provider to Interior Health begins toward the end of 2023. 
 Hut8 added that its Drumheller site had been hamstrung by high energy input levels that had led some of its mining equipment to fail. The firm said 20% of its installed hash rate had been affected as a result. 
 The firm’s self-<a rel="noopener noreferrer nofollow" title="mined" href="https://thebittimes.com/tag/mined.html">mined</a> Bitcoin balance sits at 9,136 BTC, currently valued at $368.7 million. The company sold 396 of the 399 BTC it <a rel="noopener noreferrer nofollow" title="mined" href="https://thebittimes.com/tag/mined.html">mined</a> through Q2, resulting in $14.7 million in revenue. Hut8 expects to <a rel="noopener noreferrer nofollow" title="increase" href="https://thebittimes.com/tag/increase.html">increase</a> its hash rate capacity once a planned <a rel="noopener noreferrer nofollow" title="merger" href="https://thebittimes.com/tag/merger.html">merger</a> with US Bitcoin is complete. 
 Magazine:&nbsp;Deposit risk: What do crypto exchanges really do with your money? 
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TeraWulf increases self-mined BTC in Q2, while Hut8 looks to USBTC merger

TheBitTimes

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