TeraWulf announced that it has successfully energized its entire 50-MW stake in the Nautilus Cryptomine facility, marking the launch of the first-ever US nuclear-powered Bitcoin mining plant.
With over 91% zero-carbon energy powering the facility, the Nautilus plant is truly a pioneer in its field. TeraWulf has managed to deploy its full share in phase one of the nuclear-powered Bitcoin mining facility, boasting 50 MW and 1.9 EH/s, ahead of schedule. The company plans to further expand its capacity at the Nautilus facility, with the option to add an additional 50 MW in future phases.
Rapid expansion of mining operations
TeraWulf currently operates an impressive fleet of approximately 34,500 latest-generation miners. This includes 18,500 miners at its wholly-owned Lake Mariner facility in New York and 16,000 self-miners at the trailblazing nuclear-powered Bitcoin Nautilus facility in Pennsylvania. Paul Prager, Chairman and CEO of TeraWulf, stated, “Our team has been working swiftly and diligently to achieve our stated goal of reaching 5.5 EH/s of operational mining capacity in Q2 2023.”
Prager further highlighted the significance of the Nautilus facility deployment, saying, “Not only does it represent the first nuclear-powered Bitcoin mining facility in the U.S., but TeraWulf now has the opportunity to realize the economic advantage of 50 MW of zero-carbon mining at what is arguably the lowest contracted power cost in the sector – just $0.02/kWh for a term of five years.”
TeraWulf currently has 60 MW operational at Lake Mariner and is nearing the completion of construction on Building 2, which will increase the facility’s operational capacity to over 110 MW in the coming weeks. Combining these assets, the company anticipates a total operational capacity of 50,000 miners (5.5 EH/s) in Q2 2023, corresponding to approximately 160 MW of power demand.