2024

Bitcoin

<a href="https://ultramining.com/news/en/terawulfs-game-changing-move-75m-investment-in-next-gen-bitcoin-miners/" rel="noopener noreferrer nofollow">TeraWulf</a> Inc. (Nasdaq: WULF), a leader in bitcoin mining with a focus on zero-carbon energy, has released its December 2023 <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">production</a> and operations update, revealing significant progress and ambitious plans for the future, according to <a href="https://investors.terawulf.com/news-events/press-releases/detail/63/terawulf-announces-december-2023-production-and-operations" rel="noopener noreferrer nofollow">Terawulf</a>.
In December 2023, TeraWulf achieved a remarkable feat by <a href="https://ultramining.com/news/en/riot-battles-texas-heat-to-produce-410-btc-and-stabilize-energy-grid/" rel="noopener noreferrer nofollow">self-mining</a> 334 bitcoins, averaging over 10 bitcoins per day. The company managed to keep its power cost low at approximately $0.038/kWh, translating to an average of $11,212 per bitcoin mined. This efficiency is part of TeraWulf's commitment to sustainable mining practices.
A key highlight of the update is the operational readiness of Building 3 at the Lake Mariner facility. The company expects to energize an additional 18,500 S19j XP miners in February 2024, significantly boosting its mining capacity. Furthermore, construction of Building 4 at Lake Mariner has commenced, marking another step in TeraWulf's expansion strategy.
In an exciting development for the technology sector, TeraWulf plans to expand its existing high-performance computing (HPC) project in 2024. This project focuses on supporting generative AI and large language model applications, reflecting the company's diversification into the AI market. The initiative will utilize the Lake Mariner facility's infrastructure, emphasizing TeraWulf's adaptability and innovation in emerging tech fields.
Financially, TeraWulf demonstrated strong performance in the fourth quarter of 2023, generating significant free cash flow. The company plans to use this to repay approximately $14 million of its debt, with an additional $11 million repayment expected in January 2024. This strategic financial management will reduce the company's future interest payments, solidifying its fiscal stability.
The completion of Building 3 and the ongoing construction of Building 4 at the Lake Mariner facility are poised to substantially increase TeraWulf's operational infrastructure capacity. The anticipated deployment of the new S19j XP bitcoin mining machines in February 2024 is expected to elevate the company's self-mining <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> by around 58%, from 5.0 EH/s to 7.9 EH/s.
Additionally, TeraWulf's Nautilus Cryptomine facility, powered by nuclear energy, holds the potential for further expansion, with the option to add an additional 50 MW of bitcoin mining capacity. This would bring the total capacity at Nautilus to 100 MW, underscoring the company's commitment to environmentally sustainable mining practices.

TeraWulf’s Strategic Expansion: Mining Bitcoin and Pioneering AI in 2023

Ultramining_Eng

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