TeraWulf Inc. recently provided an unaudited monthly production and operations update for March 2024, showcasing some key highlights. The company self-mined 379 bitcoin in March with an average production rate of 12.2 bitcoin per day. This is a significant achievement, but there is room for improvement in terms of production efficiency.
One area that TeraWulf needs to focus on is reducing power costs. In March, the power cost averaged $13,798 per bitcoin self-mined, which equates to approximately $0.035/kWh. While this is a decent cost, there is potential to further optimize energy consumption and reduce costs even more.
TeraWulf has been actively working on enhancing its infrastructure to improve operational efficiency. The company installed hash rate increased month-over-month to 8 EH/s exiting March, primarily due to the replacement of older generation miners with S19k Pro miners. This upgrade is a step in the right direction, but there are still areas where improvements can be made.
According to Sean Farrell, the SVP of Operations at TeraWulf, the company has been implementing third-party firmware across a significant portion of the mining fleet. Initial results show a potential 10% efficiency improvement, highlighting the importance of such management initiatives. Additionally, TeraWulf continues to actively engage in demand response programs to further enhance operational efficiency and resource management.
Looking ahead, TeraWulf is focused on expanding its operational capacity. The company is on track to complete the construction of Building 4 (35 MW) at the Lake Mariner facility by mid-2024. This new building is expected to increase TeraWulf’s total operational capacity to approximately 10 EH/s. Furthermore, TeraWulf is exploring the possibility of a large-scale, high-performance computing (HPC) project at the Lake Mariner site, showcasing a commitment to innovation and growth.
While TeraWulf Inc. has made significant strides in improving its operational efficiency, there are still areas that require attention. By focusing on reducing power costs, enhancing infrastructure, implementing management initiatives, and planning for future expansion, TeraWulf can continue to increase its efficiency and solidify its position in the market.