The first Bitcoin mining facility in the US has officially begun operations after TeraWulf declared that it has successfully powered up its entire 50-MW stake in the Nautilus Cryptomine facility.
The Nautilus plant is a true innovator in its industry, powered by over 91% zero-carbon energy. Early on, TeraWulf was able to complete the deployment of its whole portion of the first phase of the nuclear-powered Bitcoin mining plant, which has a 50 MW and 1.9 EH/s capacity. At the Nautilus site, the business intends to increase its capacity further, with the potential to add 50 MW in subsequent phases.
Currently, TeraWulf runs an amazing fleet of over 34,500 most recent-generation miners. This comprises 16,000 self-miners in the ground-breaking, nuclear-powered Bitcoin Nautilus plant in Pennsylvania and 18,500 miners at its fully-owned Lake Mariner facility in New York. The chairman and chief executive officer of TeraWulf, Paul Prager, said, “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.”
He continues, “Deploying 50 MW of mining capacity at the Nautilus site is a significant accomplishment for the Company. Not only does it represent the first nuclear-powered Bitcoin mining operation in the United States, but TeraWulf now has the chance to realize the financial benefit 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.”
In addition to being the first nuclear-powered Bitcoin mining facility in the United States, the Nautilus facility deployment, according to Prager, “allows TeraWulf 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.”
At Lake Mariner, TeraWulf now has 60 MW operational, and Building 2 is almost finished construction, which will soon raise the facility’s operational capacity to over 110 MW. In Q2 2023, the business estimates that these resources will work together to provide a total operational capacity of 50,000 miners (5.5 EH/s), which equates to a need for electricity of about 160 MW.