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Dec 31, 2022
Terawulf Q4 2022 Earnings Report
Announced financial results for the fourth quarter and year ended December 31, 2022.
Key Takeaways
TeraWulf reported a 146% increase in revenue for the fourth quarter of 2022, reaching $9.6 million compared to the third quarter of 2022. The increase is attributed to the expansion of mining operations at the Lake Mariner facility.
Built 110 MW of mining infrastructure, with another 50 MW targeted in Q2 2023.
Exited 2022 with 18,000 deployed miners with 2.0 EH/s of hash rate capacity.
Self-mined 524 Bitcoin in 2022.
Expects to nearly triple hash rate to 5.5 EH/s and 160 MW at existing sites in Q2 2023.
Terawulf
Terawulf
Forward Guidance
TeraWulf expects to nearly triple hash rate to 5.5 EH/s and 160 MW at existing sites in Q2 2023 and reiterates targeted blended cost of power of $0.035 per kilowatt hour across its two sites.
Positive Outlook
- Expanding mining operations at its wholly owned Lake Mariner facility in New York with the addition of Building 2, which is expected to increase the facility’s operational capacity from 60 MW currently to 110 MW in Q2 2023.
- 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.
- Company expects its full share in phase one of the Nautilus facility – 50 MW and 1.9 EH/s – to also be online in Q2 2023.
- TeraWulf has the option to add an additional 50 MW of bitcoin mining capacity at the Nautilus facility, for a total of 100 MW, which TeraWulf plans to deploy in future phases.
- Across its two sites, the Company expects to have a total operational capacity of 50,000 miners (5.5 EH/s) in Q2 2023, representing approximately 160 MW of net mining infrastructure.