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TeraWulf Enhances Self-Mined Bitcoin in Q2 as Hut8 Eyes USBTC Merger

US-based Bitcoin mining firm TeraWulf has increased its mining capacity of Bitcoin in the second quarter of 2023 by up to 70 per cent.

ShahZaib Ahmed



crypto mining

TeraWulf, a platform devoted to mining Bitcoin (BTC), has witnessed a huge elevation in token rewards following its spiking mining capacity during the 1st quarter of this year. As per the new quarterly submission of the platform with the United States Securities and Exchange Commission (SEC), TeraWulf mined a cumulative of 1441 Bitcoin during 2023’s initial half.

TeraWulf Expands Self-Mined Bitcoin in 2023’s Q2

In this respect, up to 508 Bitcoin were mined during the earliest quarter of this year. In addition to this, the company incorporated almost three-hundred and seventy-five self-mined Bitcoin to the platform’s balance sheet in this year’s 2nd quarter. The upsurge in the mined Bitcoin and the hashrate additionally paved the way for an uptick in the company’s quarterly revenue.

Also Read: Space Force Head Suggests US Government Should Hold Bitcoin for Increasing Security Protection

As a result of this, it jumped from $11.5M to nearly $15.5M in the 2nd quarter. The platform also referred to its elevated hash rate and Bitcoin’s improving value within the global crypto market as the chief causes for the enhanced quarterly financials of the firm. At present, the platform comprises more than 50,000 latest Bitcoin miners.

Company’s Latest Location in New York Readies to Host 18,500 Exclusive S19j XP Mining Devices

These machines operate in the firm’s nuclear-driven Nautilus operation in Pennsylvania and Lake Mariner-based location in New York. The operational hash rate of TeraWulf now stands at up to 5.5 EH/s. Moreover, the firm has a capacity of approximately 160 MW for mining devices at the above-mentioned 2 sites. Apart from that, the platform validated that it has a strategy to extend its activities by an additional 43 MW at Lake Mariner by this year’s denouement. The latest building situated in New York’s jurisdiction is prepared to host up to 18,500 latest S19j XP mining devices that are developed by a Chinese platform Bitmain.

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