Terawulf announced to power Nautilus Facility with 50 MW of Nuclear Energy for Bitcoin mining
A bitcoin mining Facility called Terawulf has recently announced that the company has deployed another 50 MW of power to the Nautilus Cryptomine facility. What makes this facility different from the rest is that it operates entirely on a reliable and clean energy source, which is nuclear energy.
KEY TAKEAWAYS
- Terawulf deployed 50 MW of power to the Nautilus Cryptomine facility.
- The company Terawulf aims to reach 5.5 EH/s of mining capacity by Q2 2023
One of the major advantages of this behind-the-meter mining facility is that it provides fixed electricity costs. For this facility, the cost is $0.02 per kilowatt-hour (kWh), which is certainly lower than the average cost of electricity in many regions. This makes Bitcoin mining even more profitable.
After achieving 50 MW Bitcoin mining, Terawulf targets 5.5 EH/s
Terawulf announced that they were energizing the Nautilus Cryptomine facility with 50 MW. That was powered by the Carbon-free energy from the Susquehanna Nuclear generation station in Pennsylvania. They successfully deployed 1.9 exahash per second (EH/s) for mining Bitcoin. Terawulf made this possible by collaborating with Cumulus Coin, LLC, at the Nautilus Cryptomine. The announcement demonstrates the company’s commitment to using sustainable and efficient energy sources.
Currently, the company has a total of 4EH/s of Haspower powering the 34,500 Bitcoin mining. Out of which 18,500 machines are in Lake Mariner, New York, and 16,000 ASIC miners are in Nautilus Facility. Not only that Terawulf also uses Hydro and Solar power to support Bitcoin mining,
There has been a recent price drop in Bitcoin in the last seven days. This has made the mining of Bitcoin more expensive. As the average cost, the average costs are higher than the current spot market value. Ultimately elevating the risk of Bitcoin mining becoming less profitable with such high costs.
Furthermore, Bitcoin miners are also facing network difficulties. In less than two months the network difficulty has risen by 22%, thus reaching a level of 48.71 trillion at block height 786,240 on 20th April. This raises concerns regarding increased costs and reduced profitability in Bitcoin mining. Nevertheless, Terawulf has been focusing on addressing these issues and trying ways to solve them, to remain competitive in the Bitcoin mining industry.
The Chairman and CEO of Terawulf Paul Prager applauded his team. He said that the team of Terawulf has been working ‘swiftly and diligently’ to achieve the company’s goal of reaching 5.5 EH/s of mining capacity in Q2 2023. He also added, “Deploying 50 MW of mining capacity at the Nautilus facility is an important milestone for the Company. Not only does it represent the first nuclear-powered Bitcoin mining facility in the U.S. But Terawulf now has the opportunity 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.”