TeraWulf announces 7.9 EH/s expansion plan, purchase of miners from BITMAIN

TeraWulf announced plans to expand its self-mining capacity to 7.9 EH/s by year end with the associated purchase of 18,500 of the next generation Antminer S19j XP bitcoin mining machines for a total price of $75 million. After coupons and credits, the Company currently expects to pay $53.4 million, or $19.10 per terahash, for the miners. The new S19j XP machines will be deployed at the Company’s Lake Mariner facility in New York where construction of Building 3, which will house 43 MW of capacity, is underway and targeted for completion by year-end 2023. The infrastructure expansion and additional miners are expected to increase the Company’s total self-mining hashrate by approximately 58%. The BITMAIN purchase order represents the first large-scale order of S19j XPs, which are the next generation unit offered by BITMAIN with a power-efficiency rating of 21.5 joules per terahash and a bitcoin mining hashrate of 151 terahash per second each, for a combined total hashrate of 2.8 exahashes per second for the 18,500 units.