US-based cryptocurrency miner TeraWulf produced 157 BTC in January, a 25.6% increase from December.
Snowstorms towards the end of 2022 crippled its operations and increased electricity bills. The weather normalized in January, leading to better production results.
Expansion plans for 2023
TeraWulf boosted its mining activities with an increased number of machines last month. It received 6,100 miners from Bitmain, bringing the total to 18,000. Another 15,900 machines are expected to arrive by the end of Q1 2023.
At the end of January, the organization had hash rate capacity of approximately 2.0 PE/s at its Lake Mariner facility.
Electricity costs, another main reason for higher 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 achieve 5.5 PE/s hash rate capacity by early this spring:
“In 2023, our plan is to aggressively expand and efficiently leverage our deployed hash rate as we install the remaining miners and grow our installs with the goal of reaching 5.5 PE/s of capacity. sustainable, low-cost operating plan at the start of the second quarter of 2023.”
TeraWulf shares reacted positively to the news, rising 8% in 24 hours. However, WULF dropped significantly in early February when the company restructured its debts to avoid further problems and a possible application for bankruptcy protection.
The bear market has seriously hurt several bitcoin mining companies, with Core Scientific among the examples. He deposit for Chapter 11 bankruptcy protection just days before Christmas 2022.
Marathon and Riot also performed well
January was a good month for two of the top BTC miners – Marathon Digital and Riot Blockchain. the old product 687 BTC, 45% more than in December. Nonetheless, it sold some of its holdings for the first time since October 2020 to cover operational expenses.
Despite this, Marathon remains one of the biggest bitcoin holders with 11,418 BTC. The only entity with greater exposure is MicroStrategy which has over 130,000 BTC.
Riot Blockchain mine 740 BTC in January, marking its monthly high. He also used the major cryptocurrency’s price surge in the first weeks of the year to sell 700 BTC for around $13.7 million. At the end of January, the company held 6,978 BTC (nearly $162 million at current valuations).
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