US-based cryptocurrency miner TeraWulf produced 157 BTC in January, an increase of 25.6% compared to December.
Blizzards of snow towards the end of 2022 brought their operations to a standstill and increased electricity bills. The weather normalized in January, hence the better production results.
Expansion plans for 2023
TeraWulf driven its mining activities with a greater number of machinery last month. He received 6,100 miners from Bitmain, bringing the total to 18,000. An additional 15,900 machines are expected to arrive by the end of the first quarter of 2023.
As of the end of January, the organization had a hash rate capacity of approximately 2.0 EH/s at its Lake Mariner facility.
Power costs, another main reason for increased production levels, fell from $0.060/kWh to $0.052/kWh in January due to more favorable weather conditions.
CEO Paul Prager said the company’s goal is to reach a hash rate capacity of 5.5 EH/s early this spring:
“In 2023, our plan is to aggressively expand and efficiently operate our deployed hash rate as we install our remaining miners and scale our facilities with the goal of achieving 5.5 EH/s of low-cost, sustainable operating capacity at beginning of the second quarter of 2023”.
TeraWulf shares reacted positively to the news, rising 8% in 24 hours. However, WULF collapsed significantly in early February when the company restructured your debt obligations to avoid further problems and eventual bankruptcy.
The bear market has severely damaged several bitcoin mining companies, with Core Scientific among the examples. He archived for Chapter 11 bankruptcy protection a few days before Christmas 2022.
Marathon and Riot also performed well
January was a good month for two of the major BTC miners: Marathon Digital and Riot Blockchain. previous produced 687 BTC, 45% more than in December. However, it sold some of its holdings for the first time since October 2020 to cover operating expenses.
Despite that, Marathon remains one of the largest bitcoin holders with 11,418 BTC. The only entity with the most exposure is MicroStrategy which has over 130,000 BTC.
Riot Blockchain mined 740 BTC in January, marking its all-time high for the month. He also used the price surge of the main cryptocurrency during the first weeks of the year to sell 700 BTC for around $13.7 million. At the end of January, the company had 6,978 BTC (almost $162 million at current valuations).
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