TeraWulf launched its second quarter earnings Monday morning, exhibiting a continued development of upward momentum for the American bitcoin miner.
TeraWulf’s income got here in at $15.5 million for the three months ending on June 30, representing a rise of 34% quarter over quarter, based on the report. This was buoyed by the corporate’s income per bitcoin rising 21%.
The corporate’s complete self mining hash charge jumped 67% to five.5 exahashes per second (EH/s). Equally, it additionally self-mined 70% extra bitcoin within the second quarter.
These sturdy numbers have been telegraphed by TeraWulf greater than doubling its working mining energy for the reason that starting of the yr. July’s working hash charge clocked in at 4.7 EH/s, whereas January’s was 2 EH/s, based on knowledge offered by TeraWulf.
TeraWulf CEO Paul Prager cited its Lake Mariner knowledge heart in New York as a serious driver of future development. It’s a website that TeraWulf touts as 91% zero-carbon (largely hydropower and nuclear).
“As we transfer into the third quarter, we’re actively increasing our Lake Mariner facility by 60% with the addition of 43 MW of infrastructure and 18,500 of the most recent era S19j XPs,” Prager mentioned in an announcement. “This close to time period enlargement will additional set up TeraWulf as probably the most environment friendly mining fleets within the sector.”
The information heart there accomplished development on its second constructing in June 2023. With constructing 1 and a pair of now up and operating, the Lake Mariner website has 110 MW of working capability, with a aim of 153MW by the top of the yr.
With all of that added energy, TeraWulf expects to extend its complete self mining hash charge to 7.9EH/s, based on the earnings launch.
The Lake Mariner website can also be getting a 3rd constructing to deal with the brand new mining machines which were ordered. That may very well be completed by the top of 2023.
TeraWulf’s different location, the absolutely nuclear-powered Nautilus facility in Pennsylvania, has now reached a completely operational 50MW and 1.9EH/s. The plan is to broaden that to 100MW, pending capital availability.
TeraWulf’s curiosity in nuclear energy goes again at the least to January 2023, when an government advised Blockworks that the corporate is in talks with nuclear operators all through the nation to energy mining rigs.
Additionally again in January, TeraWulf was at occasions buying and selling under $1, attaining the label of a penny inventory. Its shares, underneath ticker image WULF, have since charged into the inexperienced by over 250% yr to this point.
