Bitcoin mining firm TeraWulf Inc. (Nasdaq: WULF) has released its financial results for the fourth quarter and year ended December 31, 2022.
As per the report, TeraWulf generated revenue of $15.0 million and self-mined 524 Bitcoin in 2022. The firm expects to nearly triple its hash rate to 5.5 EH/s and 160 MW at existing sites in Q2 2023.
TeraWulf has built 110 MW of mining infrastructure and plans to add another 50 MW in Q2 2023. The company exited 2022 with 18,000 deployed miners and 2.0 EH/s of hash rate capacity.
“Despite the challenging macro backdrop, 2022 was a transformational year for TeraWulf and we made significant progress on our strategic plan to build the preeminent low-cost, zero-carbon bitcoin miner,” stated Paul Prager, Founder and Chief Executive Officer of TeraWulf. “We commenced mining in March 2022, completed the construction and commissioning of 110 MW of world-class mining facilities in NY and PA, restructured our debt, and raised the last amount of external capital needed to achieve 160 MW and 5.5 EH/s of sustainable, low-cost bitcoin mining capacity.”
Full Year 2022 and Recent Operational and Financial Highlights
- Generated revenue of $15.0 million and self-mined 524 Bitcoin in 2022.
- Commenced mining at the Company’s wholly owned Lake Mariner facility in March 2022, with operational capacity of 60 MW and a fleet of 18,000 miners, comprised of 13,000 self-miners and 5,000 hosted miners, as of February 28, 2023.
- Commenced mining at the Nautilus Cryptomine facility in February 2023, a joint venture with Cumulus Coin, LLC and the first behind the meter bitcoin mining facility powered by 100% nuclear power in the U.S., with operational capacity of 25 MW and a fleet of 8,000 self-miners as of February 28, 2023.
- Achieved a total self-mining hash rate of 1.4 EH/s as of December 31, 2022 and 2.6 EH/s as of February 28, 2023, representing an increase of 86% in just two months.
- Restructured miner purchase agreements with Bitmain, unlocking substantial deposits and completing the procurement of miners needed to fully utilize 160 MW of mining capacity.
- Entered into a beneficial debt restructuring with existing lenders to eliminate principal payments and defer amortization to April 2024 with ability to extend cash flow sweep mechanism to maturity.
- Raised the final amount of growth capital needed to achieve 160 MW and 5.5 EH/s of bitcoin mining capacity across its two facilities, which the Company expects to be fully energized in Q2 2023.
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