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Mar 31, 2023
Terawulf Q1 2023 Earnings Report
TeraWulf reported an increase in revenue and hashrate capacity, achieving significant growth in Bitcoin mining operations.
Key Takeaways
TeraWulf Inc. announced its Q1 2023 financial results, with revenue of $11.5 million and 533 Bitcoin self-mined. The company increased its hashrate capacity by 65% to 3.3 EH/s as of March 31, 2023, and commenced mining at the Nautilus Cryptomine. TeraWulf is expanding mining operations at its Lake Mariner facility and expects to have a total operational capacity of 5.5 EH/s in Q2 2023.
Increased hashrate capacity by 65% in Q1 2023, reaching 3.3 EH/s as of March 31, 2023.
Self-mined 533 Bitcoin in Q1 2023, a 38% increase compared to Q4 2022.
Revenue per Bitcoin produced increased by 28% in Q1 2023.
Power cost per Bitcoin declined by 21% in Q1 2023.
Forward Guidance
TeraWulf expects to have a total operational capacity of 5.5 EH/s in Q2 2023, across its two sites, representing approximately 160 MW of net mining infrastructure.
Positive Outlook
- Building 2 at Lake Mariner is expected to increase the facility's operational capacity from 60 MW to 110 MW in Q2 2023.
- The Company has the ability to expand mining capacity at Lake Mariner by an additional 80 MW, for a total of 190 MW, in the near term.
- TeraWulf's stake in phase one of the Nautilus facility – 50 MW and 1.9 EH/s – was fully energized as of April 20, 2023.
- TeraWulf has the option to add an additional 50 MW of Bitcoin mining capacity at Nautilus, for a total of 100 MW.
- The Company expects to have a total operational capacity of 50,000 miners (5.5 EH/s) in Q2 2023.
Challenges Ahead
- The Company plans to deploy the additional 50 MW at Nautilus in future phases pending capital availability.
- Forward-looking statements are subject to risks and uncertainties, including conditions in the cryptocurrency mining industry.
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