Improved Cryptocurrency Mining Performance of TeraWulf
A US-based bitcoin miner named TeraWulf produced 157 coins in total in January, a 25.6% increase in production. The increased production outcomes were influenced by the good weather.
Current Expansion Efforts
The addition of 6,100 additional Bitmain miners increased TeraWulf’s mining capability, increasing the total number of miners to 18,000. An further 15,900 machines are anticipated to arrive by the end of Q1 2023.
Growing Hash Rate Capacity
At its Lake Mariner plant, TeraWulf could hash by a rate of about 2.0 EH/s at the end of January. This can be ascribed to the decrease in electricity prices from $0.060/kWh to $0.052/kWh as a result of better weather.
Positive reaction from shares, but restructuring causes a drop
Shares of TeraWulf increased 8% in just 24 hours as a result of the better performance. However, the firm’s debt obligations were modified in early February in order to prevent more financial problems and the potential for filing for bankruptcy, which hurt the company’s stock price.
Other Mining Firms Experience Growth
Marathon had a prosperous month as well, generating 687 coins, or 45% more Bitcoin than in December. Marathon continues to be one of the biggest bitcoin holders with 11,418 coins, despite selling part of its holdings to pay for operating costs.
With 740 BTC generated in January, Riot Blockchain had its greatest month to date. By selling 700 coins for around $13.7 million in the first few weeks of the year, the corporation profited from the rise in bitcoin’s price. Riot controlled 6,978 BTC at the end of January, which was worth little under $162 million.