EASTON, Md. - TeraWulf Inc. (NASDAQ:WULF), a company specializing in environmentally clean bitcoin mining, has exercised an option to expand its operations at the Nautilus facility in Pennsylvania, doubling its bitcoin mining capacity to 100 megawatts (MW). This move, expected to come online in 2025, could potentially accommodate up to 2.5 exahashes per second (EH/s) of operational mining capacity.
Paul Prager, CEO of TeraWulf, congratulated their partner, Talen, on the sale of the Cumulus data center campus to Amazon (NASDAQ:AMZN) Web Services, highlighting the value of scalable infrastructure with sustainable power. The Nautilus facility, a joint venture with Cumulus Coin, LLC, is notable for being the first of its kind to directly source carbon-free power from the 2.5 GW Susquehanna nuclear generation station.
TeraWulf began mining at Nautilus in February 2023, deploying its initial 50 MW share in April 2023. The company boasts one of the industry's lowest costs of power at two cents per kilowatt-hour, contracted for five years with renewal options. This competitive edge is particularly significant in light of the upcoming bitcoin halving event, which is expected to affect mining profitability.
Nazar Khan, Chief Operating Officer of TeraWulf, expressed enthusiasm about the expansion and its timing with the halving event. He emphasized the importance of power costs in determining the success of miners post-halving, positioning TeraWulf favorably with an average cost of around 3.5 cents across their two sites.
TeraWulf owns and operates the Lake Mariner facility in New York and the Nautilus Cryptomine facility in Pennsylvania. The company is committed to environmentally sustainable operations, with a focus on zero-carbon energy resources, including nuclear, hydro, and solar, aiming to utilize 100% zero-carbon energy.
This expansion reflects TeraWulf's strategic growth in the cryptocurrency mining industry, leveraging its access to low-cost, sustainable power. The information for this article is based on a press release statement from TeraWulf Inc.
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