In May 2024, TeraWulf Inc. announced a significant expansion in its Bitcoin mining activities and capacity. Corresponding to the first full month of reduced block rewards following the April halving, the company mined 186 Bitcoins in the month. As a result, the daily Bitcoin creation rate averaged around six. With an average electricity rate of $0.039/kWh, TeraWulf electricity cost per Bitcoin mined was $31,239, as reported by TeraWulf.
Features of May 2024 Production and Operations
Self-Mined Bitcoin: 186 Bitcoins were mined in May. This was the first full month after the April halving event, which reduced block rewards. The average production rate was about 6.0 Bitcoins per day.
Power cost: In May, self-mining averaged $31,239 per Bitcoin, based on a projected rate of $0.039/kWh and omitting the advantage of predicted demand response and ancillary services revenue.
Operating Capacity: The installed and active self-mining capacity of TeraWulf reached about 8.0 EH/s, an 82% increase from the previous year.
AI/HPC Pilot: The Lake Mariner 2.0 MW Advanced AI Pilot was built to support next-generation GPU technology and complies with SOC 2 requirements.
The company reached a significant milestone with an installed and operational self-mining capacity of 8.0 EH/s. This represents an 82% year-over-year increase. Building 4 at TeraWulf Lake Mariner facility is expected to be completed in June. The structure will house approximately 10,000 of Bitmain’s most recent S21 and S21 Pro miners. In the second half of 2024, this development is estimated to bring the company’s total operating capacity to over 10.0 EH/s.
TeraWulf is also carrying out a digital infrastructure pilot in Lake Mariner. This experiment supports the 2.0 MW capacity for next-generation GPU innovations for AI/HPC. This pilot concentrates on novel characteristics and robust data security protections that fulfill the SOC 2 criteria.
Production and Operations Update
Highlights from May operations included the deployment of 160 MW of capacity at Lake Mariner. At the Nautilus plant, 50 MW of power was used.—Overall self-mining hash rate of around 8.0 EH/s being maintained. The facility’s performance was maximized, even though Nautilus experienced brief performance drops because of fan blade installs and breaker trips.
TeraWulf intends to customize a 50 megawatt modular building for Building 5, which is expected to come online in the first quarter of 2025. The company’s use of zero-carbon energy options, such as nuclear, hydro, and solar, demonstrates its commitment to environmentally friendly Bitcoin mining operations.
