TeraWulf, a Bitcoin Miner, Sets 2022 Hashrate Guidance
TeraWulf (WULF), the environmentally-minded bitcoin miner backed by celebrities such as Gwyneth Paltrow that went public in December, sees itself reaching a hashrate range of 4.7 to 5.1 exahash per second (EH/s) by the end of 2022, according to a statement.
Easton, Md.-based firm also anticipates being able to successfully construct over 400 megawatts for a mining facility by 2023. It will raise its hashrate to 12.1–17.2 EH/s.
The miner also stated that it expects to reach 800 MW and 23 EH/s in terms of its mining capacity by 2025.
The Bitcoin network’s total hashrate was 209.7 EH/s as of March 16, according to Glassnode data. Marathon Digital (MARA), the largest bitcoin miner, claims a hashrate rate of 23.3 EH/s. early 2023.
TeraWulf expects a total of 220MW of power capacity for this year. However, the company notes that it could increase its power capacity to 235MW if capital and macroeconomic markets improve.
“Our focus in 2022 remains on continuing to build out our Lake Mariner facility in New York and Nautilus Cryptomine in Pennsylvania ensuring we are well-positioned to create as many plugs as possible to take advantage of significant Infrastructure and supply chain constraints facing the market,” CEO Paul Prager said in a statement.
The company has raised a total of about $295 million to date and said it continues to take “an opportunistic approach” to raising capital.
The share of the miner has fallen by approximately 47%, while bitcoin’s price fell 15%.