The United States has launched its first-ever nuclear-powered Bitcoin (BTC) mining facility. According to TeraWulf, a U.S.-based infrastructure-focused Bitcoin mining company, its 50-MW stake in the Nautilus Cryptomine facility has been fully deployed and energized, and notably, this is the first of its kind. TeraWulf BTC mining facilities were already powered by about 91% zero-carbon energy.
Also, the 50-MW share in phase one has a hash rate of 1.9 EH/s and they are looking at getting better by the end of the second quarter. As per a statement by Paul Prager, the Chairman and Chief Executive Officer (CEO) of TeraWulf, the “team has been working swiftly and diligently to achieve our stated goal of reaching 5.5 EH/s of operational mining capacity in Q2 2023.”
This would mean that TeraWulf may eventually add another 50-MW of operational mining capacity to the Nautilus facility. For now, with the 50-MW capacity, TeraWulf already has a hash rate of 4 EH/s. Markedly, this figure could be equated to a 100% increase year to date for the company.
“Deploying 50 MW of mining capacity at the Nautilus facility is an important milestone for the Company. Not only does it represent the first nuclear-powered Bitcoin mining facility in the U.S., but TeraWulf now has the opportunity to realize the economic advantage 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 term of five years,” the CEO added.
TeraWulf Targets Higher Mining Capacity With New Facility
Noteworthy, the company also has a 60-MW mining capacity which is fully operational in Lake Mariner.
At the same time, there is an ongoing construction of Building 2 to increase the total operational mining capacity in the area to 110 MW in a few weeks. Ultimately, TeraWulf is looking at increasing its operational mining capacity to meet power demand.
Earlier this year, BTC infrastructure company Blockstream secured $125 million from Kingsway Capital, Fulgur Ventures, Cohen & Company Capital Markets and others in a fundraiser to increase its mining capacity to accommodate large-scale miners. These large-scale miners or institutional miners are known to have a high demand for hosting services.
