TeraWulf doubles mining power since the start of 2023

Mining company TeraWulf published its report for the second quarter of 2023, with revenue up 34% to $15.5 million.

The company’s total hashrate jumped 67%, to 5.5 EH/s. During the reporting period, TeraWulf mined 70% more Bitcoin than in the previous quarter.

At the same time, revenue per mined first cryptocurrency rose by 21%, and electricity costs fell by 15%.

Gross profit for the miner also rose to $10.3 million from $6.5 million in the quarter earlier.

According to the report, as of the end of July the operating hashrate stood at 4.7 EH/s, and in January at 2 EH/s.

CEO Paul Prager called the Lake Mariner data center in New York the primary driver of future growth. The company positions the facility as environmentally clean with virtually zero carbon emissions.

“As we approach the third quarter, we are actively expanding our Lake Mariner facility by 60%, adding 43 MW of infrastructure and 18 500 [miners] S19j XP of the latest generation,” said the head of TeraWulf.

With the new devices, the organization plans to increase the hashrate to 7.9 EH/s.

Another facility — at the Nautilus nuclear plant in Pennsylvania — reached a capacity of 50 MW at 1.9 EH/s by the end of the quarter. The company plans to raise the figure to 100 MW.

According to Investing, at the time of writing the company’s shares were trading at $2.15, down 13.7% over the past 24 hours.

In February, the miner raised $32 million through a stock offering to restructure debt.