TeraWulf Inc. (Nasdaq: WULF) recently released an update on their production and operations for March 2024, showcasing their efforts to improve efficiency and increase capacity in their mining operations. Self-mining 379 bitcoin in March with an average production rate of 12.2 bitcoin per day, the company has been focusing on optimizing their processes to yield better results.
One of the key highlights of the update was the installation of hash rate increased to 8 EH/s at the end of March, primarily achieved through the replacement of older generation miners with S19k Pro miners. This move not only boosts their mining capabilities but also ensures a more efficient operation in the long run.
In a bid to further enhance efficiency, TeraWulf Inc. implemented third-party firmware across a significant portion of their mining fleet during March. This initiative is already showing promising results, with an initial 10% efficiency improvement noted. This commitment to improving operations reflects the company’s dedication to staying at the forefront of the mining industry.
With the delivery and energization of an additional 3,000 S19k Pro miners expected in early April, TeraWulf Inc. is set to further expand its mining capacity. The company’s operational infrastructure currently consists of 160 MW at the Lake Mariner facility and 50 MW at the Nautilus Cryptomine, resulting in a self-mining hash rate of 8 EH/s as of the end of March.
Looking ahead, TeraWulf Inc. is focused on growing its operational capacity, with the construction of Building 4 (35 MW) at the Lake Mariner facility on track to be completed by mid-2024. This expansion is projected to increase the company’s total operational capacity to approximately 10 EH/s, further solidifying its position in the mining sector.
Furthermore, the company has announced plans for a potential large-scale, high-performance computing (HPC) project at the Lake Mariner site. With an initial 2 MW block of power committed to deploying thousands of the latest generation graphics processing units (GPUs), TeraWulf Inc. is poised to explore new avenues for growth and innovation in the ever-evolving cryptocurrency landscape.
TeraWulf Inc.’s relentless pursuit of efficiency improvements and capacity expansion underscores its position as a key player in the mining industry. By staying at the forefront of technological advancements and strategic initiatives, the company is poised for sustained success in the dynamic world of cryptocurrency mining.