TeraWulf Announces November 2024 Production and Operations Update

Core Insights - TeraWulf Inc. has made significant progress in its operations, achieving a 68% year-over-year increase in operational self-mining capacity, reaching 8.4 EH/s [1][2][4] - The company self-mined 115 bitcoin in November 2024, with an average daily production rate of approximately 3.8 bitcoin [2][6] - TeraWulf is on track to deliver 72.5 MW of HPC hosting capacity by the end of Q2 2025, with ongoing construction and upgrades at the Lake Mariner facility [1][9] Production and Operations Highlights - Bitcoin production for November 2024 was 115 bitcoin, down from 150 bitcoin in October 2024 [4] - The average value per bitcoin self-mined increased to $83,947 in November from$65,427 in October [4] - Power costs per bitcoin mined rose to $41,190 in November from$36,789 in October [4] Miner and Electrical Upgrades - Approximately 7,400 state-of-the-art S21 Pro miners were installed, replacing older models [1][3] - A planned outage was completed to connect high-voltage redundant power feeds, temporarily affecting about 5.3 EH/s of miners [3] - The average operating hash rate for November was 5.9 EH/s, impacted by the planned outage and other operational factors [4][8] Management Commentary - The Chief Operating Officer highlighted the completion of significant electrical infrastructure upgrades, ensuring reliable power delivery for future HPC hosting loads [5] - Despite a brief planned outage, the company maintained strong production levels and improved miner efficiency, achieving a weighted average of approximately 19 J/TH [6] Future Outlook - TeraWulf's operational bitcoin mining capacity at the Lake Mariner facility was 195 MW as of November 30, 2024, with expectations to reach approximately 9.7 EH/s after completing miner repairs and upgrades [8] - Progress continues on large-scale HPC hosting infrastructure, with the dry cooler installation for the 20 MW CB-1 facility completed and on track for Q1 2025 [9]