WULF Hits Target 5.5 EH/s with over 150 MW of Capacity 🐺

PLUS: Cathedra deploys their first Rover, CLSK GA Acquisitions, HUT8 Expansion, and a word from JP Morgan..

Kim Sandin
June 23, 2023

CleanSpark continues their opportunistic expansion with site acquisitions in Georgia
Cathedra Bitcoin launched their first Rovers focused on off-grid partnerships in Texas
HUT8 Increases installed Hash Rate by 600 PH/s, reaching a total of 3.2 EH/s with larger exposure in Texas.
JP Morgan releases their first Mining Research Report: says the cost of Bitcoin Production is $13,000.

TeraWulf, is an owner and operator of vertically-integrated, US domestic Bitcoin mining facilities energized by more than 91% zero-carbon energy, today announced the Company has successfully achieved 5.5 EH/s and 160 MW of operating capacity following the completion of Building 2 at its wholly-owned Lake Mariner facility in NY state.
Bozhao Yu, Antminer Sales Director of NCSA Region, BITMAIN commented, “The achievement of 5.5 EH/s of mining capacity marks a key milestone for TeraWulf.”
A combination of BITMAIN Antminers, including S19 XP Pro miners, which have an energy efficiency of 21.5 J/TH, and S19jPro and S19 Pro’s, which have an efficiency of 29.5 J/TH, gives the Company has one of the most efficient mining fleets in the industry.

The machines will initially capitalize on off-grid mining in Texas and increase their mining capacity by 54 PH/s.
The company recently released their operational update.
~385 PH/s currently hashing and offered more transparency on their recently deployed machines fleet and general operations.
Their operational excellence and negotiated agreements with their hosting partners allows Cathedra to under clock their machines opportunistically and reduce their break-even to ~$40/PH/s/day.

The deal size is $9.3M USD and will host over 6k latest generation Bitmain Antminers.
CLSK now has more than sufficient infrastructure to reach, and possible surpass their 16 EH/s target by the end of this year.
Zach Bradford, CEO of CleanSpark. “These two additional sites are testament to our deepening ties with rural communities in Georgia and the regional expertise we are developing there as a large, flexible load. Importantly, our efforts are generating economic growth for the suburban and rural areas where our operations are located.”

According to JPM Bitcoin cost of production has come down from 24k to 13k due to a perceived drop in power consumption which was bearish for power prices
“While clearly helping miners’ profitability and potentially reducing pressures on miners to sell Bitcoin holdings to raise liquidity or for deleveraging, the decline in the production cost might be perceived as negative for the Bitcoin price outlook going forward,” the strategists wrote.
“The production cost is perceived by some market participants as the lower bound of the Bitcoin’s price range in a bear market.”
Link to Bloomberg Article here

Probably nothing….Check out the video here