Bitcoin mining company Terawulf has announced the full deployment of its 50 megawatt (MW) interest in the nuclear-powered Nautilus Cryptomine facility The company has also announced the development of a new The Behind the Meter bitcoin mining facility is 100% nuclear-powered and benefits from a fixed power cost of $0.02 per kilowatt-hour (kWh), according to the company.
Terawulf launches 50 MW of zero-carbon bitcoin mining, aiming to reach 5.5 EH/s capacity by Q2 2023
A little over 45 days ago, bitcoin mining company Terawulf announced that it has energized its Nautilus Cryptomine facility, a carbon-free data center, with 24/7 base load power originating from the Susquehanna Nuclear Power Plant in Pennsylvania. On April 20, 2023, the company announced the successful deployment of 50 MW or 1.9 exahash/s (EH/s) hash rate. Teraulf is working with Cumulus Coin, LLC, as Nautilus Cryptomine is referred to as a “joint venture” between the two companies.
Terawulfhas the option to add another 50 MW and will do so in “future phases,” the company’s press statement explains. The company currently has 34,500 bitcoin mining devices with 4EH/s hash power; 18,500 machines are located at the company’s site in Lake Mariner, NY, and 16,000 application-specific integrated circuit (ASIC) miners reside at the Nautilus facility. The Nautilus facility is located in Nautilus, Pennsylvania. In addition to nuclear power at its Pennsylvania facility, Terawulf details that it also utilizes hydroelectric and solar power for bitcoin mining production.
“Our team has worked quickly and diligently to achieve our commitment to bring 5.5 EH/s of mining capacity online in the second quarter of 2023,” Terawulf Chairman and CEO Paul Prager said on Thursday. The introduction of 50 MW of mining capacity at the Nautilus facility is a significant milestone for our company.” In addition to being the first nuclear bitcoin mining facility in the U.S., Terawulf now has the opportunity to realize the economic benefits of 50 MW of zero-carbon mining at arguably the lowest contracted power cost in the field, just $0.02/kWh over a five-year period.”
Terawulf’s energization of the 50MW Nautilus stake comes at a time when the bitcoin price has fallen below the $29K per unit zone, down 5.7% over the past 7 days. This drop has resulted in a. average mining cost of BTChigher than the current spot market value, according tomacromicro.me statistics. BTCminers are also suffering from an increase in network difficulty to 48.71 trillion with a block high of 786,240 on April 20; in less than two months, network difficulty has increased by over 22%, placing a new strain on mining operations.
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