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Seeking Alpha 2023-02-07 21:40:23

TeraWulf bitcoin production rises over 25% sequentially in January

TeraWulf ( NASDAQ: WULF ) said Tuesday it self-mined 157 bitcoin ( BTC-USD ) in January, up 25.6% from the previous month. Shares of TeraWulf ( WULF ), which ended 8% higher, fell 2.6% after hours. As of January 31, the cryptocurrency miner operated ~18K bitcoin miners, with hash rate capacity of ~2.0 EH/s at its Lake Mariner facility. Of these, ~11.5K are wholly owned with a hash rate capacity of ~1.4 EH/s, while the rest are hosted. Power cost in January fell to ~$0.052/kWh vs. ~$0.060/kWh in December as the weather normalized. The company received ~6.1K miners from Bitmain in January and will receive additional 15.9K miners in Q1 2023. TeraWulf ( WULF ) is evaluating options for using ~130 MW of available expansion capacity at its existing sites for further hash rate growth. "In 2023, our plan is to aggressively expand and efficiently operate our deployed hash rate as we install the remaining miners and ramp our facilities with the goal of reaching 5.5 EH/s of sustainable, low-cost operating capacity in early Q2 2023," said TeraWulf ( WULF ) CEO Paul Prager. Earlier, TeraWulf ( WULF ) said it is restructuring its debt obligations to avoid negative free cash flow .

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