TeraWulf, a company that specializes in environmentally conscious mining operations, has announced the commencement of operations at Nautilus Cryptomine – the first nuclear-powered Bitcoin mining facility in the United States.
The facility is said to be sourcing carbon-free, 24-hour baseload power from the 2.5 GW Susquehanna Nuclear Generation Station situated in Pennsylvania. This state-of-the-art facility provides a reliable and sustainable energy source.
The first nuclear-powered mining facility in the U.S. is hashing!!! $WULF https://t.co/tLndh2bKOz@BitcoinMagazine @BTCTN @keremkaradagcom @crypto @decryptmedia @benzingacrypto @BTC_Archive
— TeraWulf (@TeraWulfInc) March 6, 2023
All about the TeraWulf’s Nuclear Bitcoin Plant
TeraWulf has acquired approximately 8,000 mining rigs online, resulting in a hash rate of 1.0 exahash per second (EH/s). An additional 8,000 mining rigs are anticipated to be energized in the coming weeks, pushing the capacity of the Nautilus facility to 50 MW and 1.9 EH/s by May. This is according to an official press release.
The Company is strengthening its presence in nuclear-powered Bitcoin mining, boosting its capacity from 50 MW to 100 MW, with the addition of a new facility at Lake Mariner, New York. Building 2 is expected to expand the facility’s capacity from 60 MW to 110 MW, furthering the Company’s overall Bitcoin mining operations Based on TeraWulf’s predictions, operations are expected to reach a maximum of 50,000 miners (5.5 EH/s) during the start of the second quarter in 2021, representing an approximate 160 MW power requirement.
TeraWulf looking for an Expansion
The prolonged crypto winter caused several high-profile bankruptcies and fire sales. TeraWulf likewise experienced difficult times in the same period, enacting cost-cutting measures in November as Bitcoin’s price dropped and energy expenses increased. Recently, the company restructured its debt liabilities with the aim of averting the need for bankruptcy protection.
Since the start of the year, TeraWulf has significantly increased its mining operations with the addition of 6,100 miners from Bitmain. This takes their total number of machines to 18,000, with 15,900 more expected to arrive before the end of the first quarter. Paul Prager, Chairman and CEO of TeraWulf, further highlighted plans to actively grow and operate effectively, striving to maintain a low-cost, sustainable operating capacity.