A joint venture with Cumulus Coin, LLC. has brought the first nuclear-powered Bitcoin mine in Pennsylvania online.
Terawulf has announced that about half of its nuclear-powered Nautilus Cryptomine is online. The mining facility, a joint venture with Cumulus Coin, LLC., derives its power entirely from the 2.5 GW Susquehanna Nuclear Generating Station in Pennsylvania.
The full operation will amount to 50 MW and 1.9 EH/s, with the option for Terawulf to add an additional 50 MW of bitcoin mining capacity, “which the Company plans to implement in future phases,” according to a report. Press release.
Paul Prager, President and CEO of TeraWulf, said, “Recent energization of the Nautilus facility earlier this month, approximately 16,000 of the TeraWulf-owned miners, representing 1.9 EH/s of self- mining, they are on the site and they are put online daily”.
“The Nautilus nuclear power mining facility benefits from what is arguably the lowest cost power in the industry, just $0.02/kWh over a five-year period,” Prager said.
Mining consultant and Citadel 256 co-founder Magdalena Gronowska previously outlined in an article for Bitcoin Magazine how nuclear power can revolutionize Bitcoin mining.
“Nuclear power is a cheap, reliable, carbon-free source of energy,” he told the magazine. “It’s not perfect in the sense that it emits nuclear waste, but each power source has trade-offs between environmental footprint, reliability, and capital and operating costs… We need a diverse mix of power generation, to serve both baseload and peakload, as we transition to a low-carbon economy.”
