Bitcoin (BTC) mining firm TeraWulf has seen a significant increase in BTC rewards since adding mining capacity in the first half of 2023.
According to the company’s most recent quarterly filing with the Securities and Exchange Commission, TeraWulf mined As of the first half of this year, it totaled 1,441 BTC. While 508 BTC were mined in the first quarter, the company added another 375 self-mined BTC to its balance sheet in the second quarter.
The increase in hash rate and mined BTC also led to a rise in the company’s quarterly revenue, which rose to $15.5 million from $11.5 million in the second quarter. The company pointed to an increase in hash rate and a recovery in the market value of Bitcoin as the main reasons for its improved quarterly financials.
related: TeraWulf goes nuclear: 8,000 drilling rigs in motion at Nautilus mining facility
The company currently has more than 50,000 next-generation bitcoin mining machines operating at the Mariner Lake mine in New York and the nuclear-powered Nautilus mine in Pennsylvania. TeraWulf operates at a hash rate of 5.5 exahashes per second (EH/s), while the two sites have a miner capacity of 160 megawatts (MW).
The company also confirmed plans to expand its operations at Lake Mariner by a further 43 MW by the end of 2023. The new building in New York will house 18,500 new-generation S19j XP miners from Chinese manufacturer Bitmain.
TeraWulf estimates that Lake Mariner’s new capacity will further increase its self-mining hash rate by 58%, from 5.0 EH/s to 7.9 EH/s.
At the same time, Hut8 announced that its mid-year results reflected a decline in hash rate and self-mined Bitcoin in the second quarter of 2023.company mined 399 BTC in Q2, a drop of 58% compared to Q2 2022.
Hut 8 attributed the decline in the number of BTC mined to three factors: an overall increase in the difficulty of mining Bitcoin, the suspension of operations at the company’s North Bay facility, and ongoing power issues at the Drumheller site.
Related: Bitcoin Hash Rate Soars as Analyst Says Miners Come Back Online
Hut 8 is also diversifying the use of its infrastructure beyond just mining Bitcoin. Its high-performance computing business continues to generate an average of $4 million in revenue per quarter, a figure that is expected to grow once its five-year agreement as an Interior Health computing infrastructure provider begins in late 2023.
Hut 8 added that its Drumheller site was hampered by high energy input levels, causing some mining equipment to fail. The company said 20% of its installed computing power was affected as a result.
The company’s self-mined bitcoin balance is 9,136 BTC, currently worth $368.7 million. The company mined 399 bitcoins in the second quarter, of which 396 were sold, bringing in $14.7 million in revenue. Hut 8 expects its hashrate capacity to increase once its planned merger with Bitcoin of America is complete.
Magazine: Deposit Risk: What Are Crypto Exchanges Really Doing With Your Money?
Svlook
