The chief obstacle for bitcoin mining has shifted from solely procuring top-of-the-line mining equipment due to the closure of Chinese miners amidst regulatory restrictions, leading to a surplus of available equipment. Instead, the current dilemma is centered around resolving apprehensions related to environmental, social, and governance (ESG) issues concerning energy consumption and its impact on climate change. To solve the problems of energy consumption and climate change, Bitcoin miner, TeraWulf, recently launched its fully nuclear-powered Bitcoin mining facility in Pennsylvania.
TeraWulf Aims To Eliminate Concerns Related To Mining
According to a recent press release, TeraWulf Inc., the owner, and operator of domestically-based bitcoin mining facilities that are vertically integrated and powered by over 91% zero-carbon energy, disclosed today that it has activated approximately half of its 50-MW share in the Nautilus Cryptomine facility. This particular facility is a joint venture in collaboration with Cumulus Coin, LLC.
In various parts of the United States, nuclear power capacity is expanding, and many bitcoin mining companies are shifting towards this carbon-free energy source, which is expected to address environmental concerns. Today, TeraWulf has taken this step forward as it becomes the first to launch a fully nuclear power-backed Bitcoin mining facility in the US.
The Nautilus facility is a ground-breaking bitcoin mining establishment that sources its power directly from the Susquehanna nuclear generation station in Pennsylvania, providing dependable, carbon-free, and continuous baseload power.
In addition, it is the first Bitcoin mining facility to operate behind the meter. The Company has successfully deployed almost 8,000 miners, equating to a hash rate capacity of about 1.0 EH/s.
Bitcoin Mining’s Future Lies In Going Nuclear
Previously, TeraWulf disclosed that it has entered into a partnership with Talen Energy and is in the process of establishing operations at a data center in Susquehanna, Pennsylvania, which is powered by nuclear energy.
Paul Prager, Chairman and CEO of TeraWulf, said,
“With the recent energization of the Nautilus facility earlier this month, approximately 16,000 of TeraWulf’s owned miners, representing 1.9 EH/s of self-mining capacity, are onsite and being brought online daily. The Nautilus nuclear-powered mining facility benefits from what is arguably the lowest cost power in the sector, just $0.02/kWh for a term of five years. We look forward to continuing to work alongside Cumulus Coin as the Nautilus facility increases operational hash rate in the coming weeks.”
Apart from accelerating its 50-MW stake at the Nautilus facility, TeraWulf is also expanding its bitcoin mining operations at the wholly owned Lake Mariner facility in New York. The addition of Building 2 will augment the facility’s operational capacity from 60 MW to 110 MW.
As a result, by the beginning of Q2 2023, the company anticipates having a total operating ability of 50,000 miners (5.5 EH/s), which will require around 160 MW of power demand.