Key facts:
- The energy provided by the nuclear plant has allowed reducing operating costs.
- For the mining farm, producing 1 BTC costs just a fraction of the market price
The TeraWulf mining farm, the first to operate on 100% nuclear energy, located in the United States, has presented its first report highlighting a 400% profitability in Bitcoin mining.
In the report, submitted one month after go-live, the TeraWulf farm showed that its mining capacity has increased to 3.3EH/s. This meant an increase in the capacity of its hashrate of 63% since the launch on March 7.
As we reported from the Market Times, TeraWulf would maintain a contract with the power plant that would allow it to maintain a payment per kWh of USD 0.02. These low prices have allowed the company to maintain a production cost per bitcoin (BTC) above USD 7,000.
With the increase above USD 28,000 bitcoin, and the low operating cost of the mining farm, the company was able to quadruple profitability.
Thanks to this, the company communicated in the report that its objective is to raise the hashrate above 5.5 EH/s and total consumption of 160 MW. If this is carried out, and maintain an electricity cost above USD 0.02, the company could reduce the production cost above USD 5,000 for each BTC.
We continue to execute as promised, delivering strong results in Q1 2023. We believe the continued hard work and commitment of our people has positioned us to achieve our goal of 5.5 EH/s capacity in Q2
Kerri Langlais, Chief Strategy Officer at TeraWulf
It is worth noting that, in the report, they indicate that the energy cost has fluctuated up to USD 0.032. Although it is an increase of almost 70% the cost, the profitability has been maintained. The reason for this fluctuation is the construction of new facilities that have increased the farm’s consumption by more than 50 MW.
