Key Takeaways
- TeraWulf is launching a new 2-megawatt Bitcoin mining facility in September.
- The company is in talks with major tech firms for potential partnerships.
- TeraWulf claims to mine Bitcoin at an average cost of $40,000.
TeraWulf, the sixth-largest Bitcoin mining company globally, is preparing to launch a new mining facility at the end of September 2024.
The 2-megawatt facility, named WULF Den, is a liquid-cooled design constructed within an existing structure, allowing for rapid deployment.
This facility will precede TeraWulf’s larger 20-megawatt facility, slated to go live by the end of 2024.
Major tech firms engaged
Nazar Khan, TeraWulf’s co-founder and COO, mentioned that the company is actively engaging with major tech firms, including members of the “Magnificent Seven,” a group of leading tech companies such as Alphabet, Amazon, and Tesla.
Khan emphasized the importance of finding a partner that can handle significant capacity, potentially in the range of 100MW to 200MW, which could include data centers or AI firms.
Claims to be most profitable miner
TeraWulf also claims to be the most profitable Bitcoin miner on a per-share basis, with an average production cost of $40,000 per Bitcoin.
This low production cost allows the company to profitably sell Bitcoin daily, a strategy that contrasts with other large miners like Marathon Digital Holdings, which prefers to hold Bitcoin as a reserve asset.
