TeraWulf Mines Bitcoin “Cleanly” Using Nuclear Energy
Bitcoin mining firm TeraWulf has launched a new facility with 8,000 mining rigs powered entirely by nuclear energy.
TeraWulf Mines Bitcoin “Cleanly” Using Nuclear Energy
On March 6, TeraWulf announced that its new facility, "Nautilus Cryptomine," will be the first in the U.S. to utilize nuclear energy for cryptocurrency mining operations.
According to TeraWulf, the electricity for Bitcoin mining will come from renewable sources such as steam and solar, with a goal of using “100% carbon-free energy.” The Nautilus facility will source its energy directly from the Susquehanna 2.5GW nuclear power plant in Pennsylvania, a joint venture with Texas energy producer Talen Energy, in which TeraWulf holds a 25% stake.
It's official...
— TeraWulf (@TeraWulfInc) March 6, 2023
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 CEO Paul Prager stated:
“Nautilus will have the lowest energy costs in the industry, at just $0.02 per kWh over the next five years.”
This $0.02 per kWh rate is significantly lower than the U.S. industry average of $0.09 per kWh, according to the Energy Information Administration’s December 2022 report, and is also substantially below the $0.05 per kWh rate TeraWulf currently pays at its New York headquarters.
Looking ahead, the company plans to increase its hashing rate from 1.0 exahash per second (EH/s) to 1.9 EH/s by May. Additionally, TeraWulf aims to reach 5.5 EH/s across two facilities by early Q2 this year. If achieved, TeraWulf will become one of the largest Bitcoin mining operations in North America.
Mining BTC from environmentally friendly energy sources has been rapidly advancing and gaining significant traction in recent years, partly driven by regulatory pressures. Last year, New York imposed a ban on the sale of mining equipment within the state. In October 2022, Europe also took legal action against the environmental impact of cryptocurrencies.
With the cryptocurrency market continuously declining throughout 2022, many U.S. crypto mining companies have faced severe financial difficulties and bankruptcy risks, including Riot Blockchain, Core Scientific, Marathon Digital, and Argo Blockchain.
