The annual report of bitcoin (BTC) mining firm TeraWulf revealed that the corporate recorded a 146% progress in income in the course of the fourth quarter of 2022 in comparison with the third.
TeraWulf elevated its income from $3.9 million recorded within the third quarter of 2022 to $9.6 million within the fourth quarter of the 12 months, in line with the report.
The corporate stated it has invested in increasing its mining operations by including a further 110 megawatts (MW) of mining infrastructure. TeraWulf additionally famous that it plans so as to add a further 50 MW over the subsequent three months to extend its whole capability to 150 MW by the tip of the second quarter of 2023.
The 12 months 2022
TeraWulf started operations in February 2021. In keeping with figures, the corporate has generated $15 million in income because the begin of operations and has self-mined 542 BTC.
As of February, the corporate had 18,000 miners, 13,000 self-miners, 5,000 hosted miners and an operational capability of 60 MW. From December 2022 to February, TeraWulf elevated its mining hash charge to 2.6 PE/s from 1.4 PE/s, representing an 86% progress.
For all of 2022, TeraWulf recorded a internet lack of $91.6 million – reflecting optimistic sentiment in comparison with a internet lack of $95.7 million between February 2021 and December 2021.
TeraWulf
In early March, the corporate launched its nuclear-powered mining facility, which diminished vitality prices by 50%. In TeraWulf’s annual report, the corporate’s CEO, Paul Prager, famous that the corporate has made vital efforts to be “the main low-cost, zero-carbon bitcoin miner” all through 2022.
Earlier in March, the corporate additionally introduced the completion of an underwritten public providing that it raised slightly below $18 million. In keeping with one other announcement in February, the corporate additionally stated it had restructured its debt with present lenders by way of April 2024.
