TeraWulf Launches Bitcoin Mining Powered by Nuclear Energy

American mining company TeraWulf has tapped 50 MW of capacity from the Susquehanna Nuclear Power Plant in Pennsylvania to mine Bitcoin.

.@TeraWulfInc‘s Innovative Nuclear-Powered #Bitcoin Mining Facility Hits Major Milestone, Bringing Online Nearly 8,000 Miners with 50 MW and 1.9 EH/s Capacity Expected by May. https://t.co/40vBQHppRE pic.twitter.com/E1wHSJa4mC

— Blockchain Daily (@blckchaindaily) March 6, 2023

At the joint venture with Cumulus Coin Nautilus facility, the company connected about 8,000 miners to the network with a total hashrate of around 1 EH/s. The company plans to deploy a similar number of devices by May 2023.

“The company benefits from what may be the cheapest electricity in the sector — just $0.02 per kWh for five years,” noted Paul Prager, CEO of TeraWulf.

After using the contracted 50 MW, the company can deploy a further equivalent amount of power for mining.

At the same time the firm expanded its Lake Mariner data centre in New York. After commissioning the second building, the site’s operating capacity rose from 60 MW to 110 MW.

TeraWulf expects that by the start of the second quarter the number of active ASIC miners will reach 50,000 with a total hashrate of 5.5 EH/s.

Earlier in February, the company raised $32 million through a stock offering. The funds were used to restructure debt.