Bitcoin (BTC) miner TeraWulf has seen a significant increase in BTC rewards since increasing its mining capacity in the first half of 2023.
According to the company’s most recent quarterly filing with the US Securities and Exchange Commission, TeraWulf mind Total 1,441 BTC during the first half of the year. 508 BTC was mined in the first quarter, while the company added another 375 self-mined BTC to its balance sheet in the second quarter.
The increase in hash rate and BTC mined also boosted the company’s quarterly revenue, from $11.5 million to $15.5 million in the second quarter. The company cited the increased hash rate and recovery of the Bitcoin market cap as the main reasons for improving its quarterly financial statements.
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The company now owns more than 50,000 new-generation Bitcoin miners, which it operates through its Lake Mariner site in New York and its nuclear-powered Nautilus operation in Pennsylvania. TeraWulf has an operational hash rate of 5.5 exahashes per second (EH/s), while it has 160 megawatts of capacity for miners at the two sites.
The company also confirmed that it plans to expand its operations in Mariner Lake by another 43 megawatts by the end of 2023. The new building in New York is scheduled to host 18,500 new-generation S19j XP miners from Chinese manufacturer Bitmain.
TeraWulf estimates that its additional capacity at Lake Mariner will increase the self-mining hash rate by another 58%, from 5.0 EH/s to 7.9 EH/s.
Meanwhile, Hut8 announced that it saw hash rate and self-mined bitcoin declining in the second quarter of 2023, as evidenced by its mid-year results. company mind 399 BTC in the second quarter, indicating a 58% decrease compared to the second quarter of 2022.
Hut8 attributed the decline in mined BTC to three factors: the overall increase in Bitcoin mining difficulty, the suspension of operations at the company’s North Bay facility and ongoing electrical issues at its Drumheller site.
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Hut8 is also diversifying the use of its infrastructure away from just bitcoin mining. The high-performance computing operation continues to generate an average of $4 million per quarter, and that number is expected to grow once the five-year deal as computing infrastructure provider for Interior Health begins at the end of 2023.
Hut8 added that its Drumheller site has been hampered by high power input levels that have caused some of its mining equipment to fail. The company said 20% of its installed hash rate was affected as a result.
The company’s self-mined Bitcoin balance is 9,136 BTC and is currently valued at $368.7 million. The company sold 396 of the 399 BTC mined during the second quarter, which resulted in $14.7 million in revenue. Hut8 expects to increase hash rate capacity once the planned merger with US Bitcoin is complete.
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