• TeraWulf Inc. announced that it has energized half of its 50-MW stake in the Nautilus Cryptomine facility, a joint venture with Cumulus Coin LLC.
• The Nautilus facility is the first behind-the-meter bitcoin mining facility of its kind, directly sourcing reliable and carbon free 24×7 baseload power from the 2.5 GW Susquehanna nuclear generation station in Pennsylvania.
• Currently, the Company has brought nearly 8,000 miners online, representing a hash rate capacity of approximately 1.0 EH/s and the full share of phase one of the facility – 50 MW and 1.9 EH/s – is expected to be online by May.
TeraWulf Announces Energization and Rapid Deployment of Mining Operations
TeraWulf Inc (Nasdaq: WULF) (“TeraWulf” or the “Company”) announced that it has now energized roughly half of its 50-MW stake in the Nautilus Cryptomine facility, a joint venture with Cumulus Coin LLC. The Nautilus facility represents the first behind-the-meter bitcoin mining facility powered by 100% zero-carbon energy at scale in the U.S., and benefits from a fixed power cost at Nautilus of only $0.02 per kilowatt hour for five years. Currently, TeraWulf has brought nearly 8,000 miners online, representing a hash rate capacity of approximately 1.0 EH/s and anticipates total online capacity across two sites to reach 5.5 EH/s (50,000 miners, 160 MW) by Q2 ’23..
Nuclear Power Facility
The Nautilus Cryptomine Facility has been developed as an behind-the-meter bitcoin mining operation which directly sources reliable carbon free 24×7 baseload power from the 2.5 GW Susquehanna nuclear generation station in Pennsylvania for maximum efficiency and minimal environmental impact on local communities..
TeraWulf is currently expanding bitcoin mining operations at its wholly owned Lake Mariner facility in New York with the addition of Building 2 which will increase operational capacity from 60 MW to 110 MW while they also have options to add an additional 50 MW into their current share at Nautilus over future phases..
Lowest Cost Power In The Sector
The Company’s benefit from this project comes primarily in terms of electricity cost savings as they are able to source reliable zero carbon energy for only $0.02/kWh for five years which is considered low even compared to other projects within their sector..
Expected Online Capacity By Q2 ’23
As energization continues over coming weeks TeraWulf expects full share in phase one of all 50 MW with 1.9 EH/s being online by May 2021 with total online capacity across two sites reaching 5.5 EH/s (50,000 miners, 160 MW) by Q2 ‘23