TeraWulf Unveils October 2023 Production and Operational Updates

Introduction: TeraWulf has achieved significant milestones in the past October, with a continuous increase in self-mined Bitcoin and a pioneering role in environmentally friendly energy mining through active participation in demand response programs.

Body:

On November 2, 2023, TeraWulf Inc. (Nasdaq: WULF) released its production and operational updates for October 2023. The company self-mined 314 Bitcoins, bringing the year-to-date total to an impressive 2,744 Bitcoins. This underscores TeraWulf’s ongoing strides in the Bitcoin mining domain.

Key Highlights:

• Self-mined Bitcoins: 314, with an average daily production rate exceeding 10 Bitcoins.
• Self-mining operational hash rate: Achieved over 95% of the targeted hash rate after a planned outage in early October.
• Power cost: Average cost of $10,813 per Bitcoin, equivalent to approximately $0.034/kWh in October.

In a statement, Sean Farrell, SVP of Operations at TeraWulf, mentioned, “Due to an increase in network difficulty, October saw a slight decrease in Bitcoin production. However, we are continually enhancing operational excellence, particularly at the Lake Mariner facility, solidifying our position as an asset to the grid through active participation in demand response programs.”

About TeraWulf:

TeraWulf, listed on Nasdaq under WULF, owns and operates environmentally clean Bitcoin mining facilities in the United States. With a focus on ESG (Environmental, Social, and Governance) principles, the company utilizes over 91% zero-carbon energy resources, including nuclear, hydro, and solar. TeraWulf currently operates two Bitcoin mining facilities: the wholly-owned Lake Mariner Data facility in New York and the Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin, LLC.

Future Outlook:

Despite challenges posed by network difficulty, TeraWulf remains committed to advancing its mining operations. The ongoing construction at Lake Mariner’s Building 3 is on track for completion by year-end, with the installation of the first pod of Hydra racks completed earlier this week.

Risk Advisory:

Investors are cautioned to consider risks outlined in forward-looking statements, including Bitcoin market fluctuations, regulatory changes, and potential equipment malfunctions affecting business operations.

Conclusion:

TeraWulf’s October 2023 report reaffirms its leading position in environmentally conscious Bitcoin mining. Through the use of zero-carbon energy, operational efficiency improvements, and active participation in community and grid demand response initiatives, the company sets a commendable example for sustainable mining.