TeraWulf, a US-based cryptocurrency miner, produced 157 BTC in January, up 25.6% over the previous month.
A blizzard hampered its operations in late 2022, which also raised electricity costs. In January, the weather got back to normal, which improved productivity.
Future plans for this year
Last month, TeraWulf expanded its mining operations by adding more equipment. It now has 18,000 miners after receiving 6,100 from Bitmain. By the end of Q1 2023, an additional 15,900 machines are anticipated to arrive.
At its Lake Mariner site, by the end of January, the institution had a hash rate capacity of roughly 2.0 EH/s.
Due to the better weather in January, electricity costs, another major factor in the improved output levels, decreased from $0.060/kWh to $0.052/kWh.
According to the CEO Paul Prager, the company aims to reach a hash rate capacity of 5.5 EH/s; he also said, “In 2023, our plan is to aggressively expand & efficiently operate our deployed hash rate as we install the remaining miners and ramp our facilities with the aim of reaching 5.5 EH/s of sustainable, low-cost operating capacity in early Q2 2023.”
The news greatly impacted TeraWulf‘s shares, which increased 8% in a day. WULF’s stock, however, took a significant hit at the beginning of February when the company restructured its debt commitments to prevent future issues and a potential bankruptcy filing.
Numerous bitcoin mining companies have suffered significant losses as a result of the bear market; Core Scientific is one of them. A few days before Christmas 2022, it filed for Chapter 11 bankruptcy protection.