Bitcoin (BTC) mining agency TeraWulf has seen a drastic enhance in BTC rewards since rising its mining capability within the first half of 2023.
Based on the corporate’s newest quarterly submitting with the US Securities and Trade Fee, TeraWulf mined a complete of 1,441 BTC by way of the primary half of the yr. 508 BTC was mined in Q1, whereas the agency added one other 375 self-mined BTC to its steadiness sheet in Q2.
The rise in hash charge and mined BTC additionally led to an uptick in quarterly income for the corporate, up from $11.5 million to $15.5 million in Q2. The corporate pointed to its elevated hash charge and the recovering market worth of Bitcoin as main causes for its improved quarterly financials.
The agency now has over 50,000 new-generation Bitcoin miners, which it operates throughout its Lake Mariner website in New York and its Pennsylvania nuclear-powered Nautilus operation. TeraWulf’s operational hash charge sits at 5.5 exahashes per second (EH/s), whereas it has 160 megawatts (MW) of capability for miners on the two websites.
The corporate additionally confirmed that it plans to increase its operation at Lake Mariner by one other 43 MW by the tip of 2023. The brand new constructing in New York is ready to host 18,500 new technology S19j XP miners from Chinese language producer Bitmain.
TeraWulf estimated that its further capability at Lake Mariner will enhance its self-mining hash charge by an extra 58%, from 5.0 EH/s to 7.9 EH/s.
In the meantime, Hut8 introduced that it had seen a lower in hash charge and self-mined Bitcoin in Q2 of 2023, as mirrored in its mid-year outcomes. The corporate mined 399 BTC in Q2, noting a 58% lower in contrast with Q2 2022.
Hut8 attributed the drop in mined BTC to a few components: the general enhance in Bitcoin mining problem, the suspension of operations on the agency’s North Bay Facility and ongoing electrical points at its Drumheller website.
Hut8 can be diversifying the usage of its infrastructure away from solely mining Bitcoin. Its high-performance computing operation continues to generate a median of $4 million per quarter, with this quantity anticipated to develop as soon as its five-year deal as a computing infrastructure supplier to Inside Well being begins towards the tip of 2023.
Hut8 added that its Drumheller website had been hamstrung by excessive vitality enter ranges that had led a few of its mining gear to fail. The agency mentioned 20% of its put in hash charge had been affected because of this.
The agency’s self-mined Bitcoin steadiness sits at 9,136 BTC, presently valued at $368.7 million. The corporate bought 396 of the 399 BTC it mined by way of Q2, leading to $14.7 million in income. Hut8 expects to extend its hash charge capability as soon as a deliberate merger with US Bitcoin is complete.