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TeraWulf launched its second quarter earnings Monday morning, displaying 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, in line with the report. This was buoyed by the corporate’s income per bitcoin rising 21%.
The corporate’s complete self mining hash price 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 12 months. July’s working hash price clocked in at 4.7 EH/s, whereas January’s was 2 EH/s, in line with information supplied by TeraWulf.
TeraWulf CEO Paul Prager cited its Lake Mariner information heart in New York as a serious driver of future progress. 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 stated in an announcement. “This close to time period enlargement will additional set up TeraWulf as one of the crucial environment friendly mining fleets within the sector.”
The information heart there accomplished building on its second constructing in June 2023. With constructing 1 and a pair of now up and working, the Lake Mariner website has 110 MW of working capability, with a purpose of 153MW by the top of the 12 months.
With all of that added energy, TeraWulf expects to extend its complete self mining hash price to 7.9EH/s, in line with the earnings launch.
The Lake Mariner website can be getting a 3rd constructing to deal with the brand new mining machines which have been ordered. That may very well be completed by the top of 2023.
TeraWulf’s different location, the totally nuclear-powered Nautilus facility in Pennsylvania, has now reached a totally operational 50MW and 1.9EH/s. The plan is to increase that to 100MW, pending capital availability.
TeraWulf’s curiosity in nuclear energy goes again at the very least to January 2023, when an government advised Blockworks that the company is in talks with nuclear operators throughout the country to energy mining rigs.
Additionally again in January, TeraWulf was at occasions buying and selling beneath $1, attaining the label of a penny inventory. Its shares, below ticker image WULF, have since charged into the inexperienced by over 250% 12 months thus far.
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