TeraWulf has doubled its mining power since early 2023


Mining company TeraWulf published a report for the second quarter of 2023, according to which its revenue grew by 34% to $15.5 million.

The firm’s total hash rate jumped 67% to 5.5 EH/s. During the reporting period, TeraWulf mined 70% more bitcoins than in the previous quarter.

At the same time, income based on the first cryptocurrency received increased by 21%, and the cost of electricity decreased by 15%.

The miner’s gross profit also increased to $10.3 million from $6.5 million a quarter earlier.

According to the report, the operational hash rate was 4.7 EH/s at the end of July, and 2 EH/s in January.

TeraWulf CEO Paul Prager cited the Lake Mariner data center in New York as a key driver for future growth. The company positions the enterprise as environmentally friendly with almost 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 [майнеров] S19j XP latest generation,” said the head of TeraWulf.

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

Another TeraWulf facility, at the Nautilus nuclear plant in Pennsylvania, reached 50 MW at 1.9 EH/s at the end of the quarter. The company plans to bring the figure up to 100 MW.

Shares are trading at $2.15 as of this writing, down 13.7% in the past 24 hours, according to Investing.

NASDAQ WULF hourly chart. Data: Investing.

Recall that in February, the miner raised $32 million through a share offering to restructure debt.

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