Benzinga - TeraWulf (Nasdaq: WULF) a Bitcoin (CRYPTO: BTC) mining company based in the U.S., announced on Wednesday the full deployment of 50 MW at its Nautilus Cryptomine facility ahead of schedule. The facility represents the first behind-the-meter Bitcoin mining plant of its kind in the United States, powered by 100% nuclear energy.
TeraWulf has now deployed its full share in phase one of the Nautilus facility, which is a joint venture with Cumulus Coin, LLC. The 50 MW deployment represents an important milestone for the company, reflecting a nearly 100% increase year to date, and boosting its operating hashrate to 4 EH/s.
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According to Paul Prager, Chairman and CEO of TeraWulf, deploying 50 MW of mining capacity at the Nautilus facility is significant. "Not only does it represent the first nuclear-powered Bitcoin mining facility in the U.S., but TeraWulf now has the opportunity to realize the economic advantage of 50 MW of zero-carbon mining at what is arguably the lowest contracted power cost in the sector – just $0.02/kWh for a term of five years," Prager said.
TeraWulf's Nautilus facility is directly sourcing reliable, carbon-free, 24x7 baseload power from the 2.5 GW Susquehanna nuclear generation station in Pennsylvania. The facility is a first-of-its-kind Bitcoin mining plant in the United States, which is a significant achievement for TeraWulf.
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In addition to the Nautilus facility, TeraWulf currently has 60 MW operational at its wholly owned Lake Mariner facility in New York and is in the final stages of constructing Building 2, which will increase Lake Mariner’s operational capacity to over 110 MW in the coming weeks. Combined, the Company expects to have a total operational capacity of 50,000 miners (5.5 EH/s) in Q2 2023, representing approximately 160 MW of power demand.
"Our team has been working swiftly and diligently to achieve our stated goal of reaching 5.5 EH/s of operational mining capacity in Q2 2023," said Prager.
This illustration was generated using artificial intelligence via MidJourney, content was partially edited with the help of AI tools and was reviewed and published by Benzinga editors.
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