"Wow, this development is pretty great, right investor?'
TeraWulf Company (WULF) has begun operations at the Nautilus Cryptomine facility, the first nuclear-powered Bitcoin (BTC) mining facility in the United States (US) with 8,000 online mining rigs* representing computing power or hash rate.
*Specialized computer, adapted for crypto mining
WULF expects energized rigs may have another 8,000 in the coming weeks, where it puts capacity at its Pennsylvania-based Nautilus facility at 1.8 EH/s by May.
Nautilus which will significantly lower WULF's energy costs has resulted in WULF obtaining a power agreement for 2 cents per kilowatt hour (kWh) for five years and reducing its average energy costs at 4 cents/kWh.
It is significantly lower than the US industry average of 9 cents/kWh reported by the Energy Information Administration in December 2022.
It is well known that WULF was also affected during the crypto market's drastic fall when it implemented several cost-cutting initiatives in November and raised $10 million in December to repay its debt.
Even so, mining companies are showing signs of recovery after both crypto markets including energy rose slightly in early 2023.
According to WULF, Nautilus is the first BTC mining facility behind the meter just like Texas power producer Talen Energy.
Meanwhile, WULF expects to achieve 5.5 EH/s of computing power by the start of the second quarter even though its shares were recently down 2.5% at 64 sen.
