TeraWulf, a publicly traded Bitcoin mining company focused on accelerating the transition to a zero-carbon future infrastructure, has announced the debut of Nautilus Cryptomine. The first facility to promote cryptocurrency mining is completely powered by nuclear power. It is the first of its kind in the United States.
The project is an idea of the firm Cumulus Coin. It comes with around 8000 online mining rigs, which represents a computing power or hashrate of about 1.0 exahash per second (EH/s). It is a given company, by constitution.
“The Nautilus facility represents the first dedicated post-meter bitcoin mining facility of its kind, a highly reliable, carbon-free, 24/7 power base drawing directly from the 2.5 GW Susquehanna nuclear power plant in Pennsylvania. Currently, the company has deployed nearly 8,000 of its miners, which has a hashrate capacity of approx. It represents 1.0 EH/s.
The company said it expects to start another 8,000 mining machines at its Pennsylvania-based facility. Something that TeraWulf on the Bitcoin network will reduce the total share to 1.9 EH/s by May.
“Activation of the company’s remaining miners (about 8,000) will continue for several weeks, and TeraWulf’s full participation in phase one capacity (50 MW and 1.9 EH/s) is expected to be completed in May. TeraWulf has been given an option to add 50 MW of bitcoin mining capacity at the Nautilus facility , which the company plans to implement in the future.
Paul Prager, President and CEO of TeraWulf, evaluated the benefits of implementing the system;
“Since the facility’s recent energy launch earlier this month, approximately 16,000 TeraWulf-owned miners, exhibiting 1.9 EH/s of their mining capacity, have been on-site and coming online daily. Nautilus provides a nuclear power mining facility with what is arguably the lowest energy cost, as low as 0.02/kWh for five years. We look forward to continued work together with Cumulus Coin to increase the Nautilus installation’s hashrate performance in the coming weeks.”
TeraWulf has other plans
In addition to expanding its 50 MW stake at the Nautilus facility, TeraWulf said it will expand its Bitcoin mining operations. Work has been completed at the wholly-owned Mariner Lake site in New York, which will increase the facility’s operating capacity from 60 MW to 110 MW.
Taken together, the company expects to have a total operating capacity of 50,000 mines (5.5 EH/s) by early Q2 2023. This is about 160 MW of power demand.
As in previous months, the company intends to provide unprecedented monthly production and renewal operations in the coming days of February 2023.
TeraWulf owns and operates vertically integrated, environmentally clean Bitcoin mining facilities in the United States. Led by energy expert Lake, the company is currently operating and/or completing the construction of two mining facilities: Lake Mariner in New York and Nautilus Cryptomine in Pennsylvania.
TeraWulf Bitcoin generates nuclear, hydroelectric, and solar power with the goal of using 100% carbon-free energy. With a core focus on ESG that directly ties the success of its business, TeraWulf hopes to deliver profitable mining at the scale of the industry.
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