TeraWulf reports doubling mining power since start of 2023

TeraWulf released its second quarter earnings Monday morning, showing a continued trend of upward momentum for the American bitcoin miner. 

TeraWulf’s revenue came in at $15.5 million for the three months ending on June 30, representing an increase of 34% quarter over quarter, according to the report. This was buoyed by the company’s revenue per bitcoin rising 21%.

The company’s total self mining hash rate jumped 67% to 5.5 exahashes per second (EH/s). Similarly, it also self-mined 70% more bitcoin in the second quarter. 

These strong numbers were telegraphed by TeraWulf more than doubling its operating mining power since the beginning of the year. July’s operating hash rate clocked in at 4.7 EH/s, while January’s was 2 EH/s, according to data provided by TeraWulf.

TeraWulf CEO Paul Prager cited its Lake Mariner data center in New York as a major driver of future growth. It’s a site that TeraWulf touts as 91% zero-carbon (mostly hydropower and nuclear). 

“As we move into the third quarter, we are actively expanding our Lake Mariner facility by 60% with the addition of 43 MW of infrastructure and 18,500 of the latest generation S19j XPs,” Prager said in a statement. “This near term expansion will further establish TeraWulf as one of the most efficient mining fleets in the sector.”

The data center there completed construction on its second building in June 2023. With building 1 and 2 now up and running, the Lake Mariner site has 110 MW of operating capacity, with a goal of 153MW by the end of the year. 

With all of that added power, TeraWulf expects to increase its total self mining hash rate to 7.9EH/s, according to the earnings release.

The Lake Mariner site is also getting a third building to house the new mining machines that have been ordered. That could be finished by the end of 2023. 

TeraWulf’s other location, the fully nuclear-powered Nautilus facility in Pennsylvania, has now reached a fully operational 50MW and 1.9EH/s. The plan is to expand that to 100MW, pending capital availability.

TeraWulf’s interest in nuclear power goes back at least to January 2023, when an executive told Blockworks that the company is in talks with nuclear operators throughout the country to power mining rigs. 

Also back in January, TeraWulf was at times trading below $1, attaining the label of a penny stock. Its shares, under ticker symbol WULF, have since charged into the green by over 250% year to date.

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