Tags in this story
Bitcoin Mining, BTC Miners, BTC Mining, Cumulus Coin, Financial Advantage, Hashpower, Nautilus Cryptomine, Nuclear Power, Operational Mining Capacity, Terawulf, Zero Carbon
Terawulf Energizes 50 MW at Nuclear-Powered Bitcoin Mining Facility Nautilus – Mining Bitcoin News
Bitcoin mining company Terawulf has announced the full deployment of its 50-megawatt (MW) stake in the nuclear-powered Nautilus Cryptomine facility. The behind-the-meter bitcoin mining facility is powered by 100% nuclear power and benefits from a fixed power cost of $0.02 per kilowatt-hour (kWh), according to the company.
Terawulf Fires Up 50 MW Zero-Carbon Bitcoin Mining; Aims to reach 5.5 EH/s with capacity by the 2nd quarter of 2023
Just over 45 days ago, bitcoin mining company Terawulf announced that it had energized the Nautilus Cryptomine facility, a carbon-free data center with 24/7 baseload power derived from the Susquehanna Nuclear Power Plant in Pennsylvania. On April 20, 2023, the company revealed that it has deployed 50 MW or 1.9 exahash per second (EH/s) hash rate. Terawulf is partnering with Cumulus Coin, LLC, as Nautilus Cryptomine is referred to as a “joint venture” between the two companies.
Terawulf has the ability to add another 50 MW, and it plans to do so in “future phases,” the firm’s press release explains. The company currently has 4 EH/s of hashpower with its 34,500 bitcoin mining units. Eighteen thousand five hundred machines are located on the company’s premises in Lake Mariner, New York, and 16,000 application-specific integrated circuits (ASIC) miners live at the Nautilus facility. In addition to the nuclear power from the Pennsylvania plant, Terawulf says that bitcoin mining production also utilizes hydropower and solar energy in other locations.
“Our team has been working quickly and diligently to achieve our stated goal of reaching 5.5 EH/s of operational mining capacity in Q2 2023,” Paul Prager, Chairman and CEO of Terawulf, said Thursday. “Deploying 50 MW of mining capacity at the Nautilus plant is an important milestone for the company. Not only does it represent the first nuclear-powered bitcoin mining facility in the US, but Terawulf now has the opportunity to realize the financial benefit of 50 MW of zero-carbon mining at what is arguably the lowest contracted power cost in the sector – just $0.02/kWh for a period in five years.”
Terawulf energizing its 50-megawatt Nautilus stake comes at a time when bitcoin prices have fallen below $29K per unit zone, down 5.7% over the past seven days. The drop has made BTC’s average mining cost higher than the current spot market value, according to macromicro.me statistics. BTC miners are also struggling with network issues increasing to 48.71 trillion on April 20 at block height 786,240. In less than two months, the network difficulty has increased by more than 22% higher, putting another strain on mining operations.
What do you think about the potential benefits of nuclear powered bitcoin mining? Share your thoughts in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
