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Friday, January 27, 2023

TeraWulf (NASDAQ: WULF) Announces Mining of Sustainable, Low-Cost Bitcoin

TeraWulf Inc. (NASDAQ: WULF), a company founded to own and manage fully integrated environmentally clean bitcoin mining facilities in the United States, confirmed that mining operations at its Lake Mariner plant in upstate New York have begun using more than 90% zero-carbon electricity. Once completed, the Lake Mariner project is expected to have a capacity of more than 500 megawatts.

The company is building two mining sites, Lake Mariner in New York, and Nautilus Cryptomine in Pennsylvania, to deploy 800 megawatts of mining capacity by 2025. It aims is to allow a hash rate of approximately 23 exahash per second. TeraWulf will produce bitcoin in the United States using nuclear, hydro, and solar energy, to use 100 percent zero-carbon energy.

The company has successfully taken its skilled team’s established energy infrastructure approach and launched hashing for ecologically sustainable, domestic bitcoin with the start of bitcoin mining. This is a proud moment for the company and its employees, and they are looking forward to seeing their hard work pay off as they reach this critical milestone on their journey to producing bitcoin safely at an industrial scale.

In addition, the company expects to start mining at its Nautilus Cryptomine facility in Pennsylvania in the third quarter of 2022, to have 300 megawatts of gross mining capacity utilizing 100 percent zero-carbon energy once completed.

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