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Mining started at a nuclear mining facility
US mining company TeraWulf announced on the 6th that it has started mining Bitcoin (BTC) at a crypto asset (virtual currency) mining facility that runs on 100% nuclear energy.
Terrawolf has a mining facility Nautilus Cryptomine in Pennsylvania as a joint venture with Cumulus Coin, and this facility is in operation. The facility will source zero-carbon, 24/7 baseload electricity directly from the Susquehanna Nuclear Power Plant.
TerraWolf Chairman and CEO Paul Prager explained:
In early March, the Nautilus facility was energized, and about 16,000 mining machines owned by Terrawolf were deployed and put into operation. It is expected to have a total self-mining capacity of 1.9 EH/s (exahash per second).
Nautilus’ nuclear-powered mining facility will have the lowest-cost power in the sector at just about 3 yen ($0.02)/kWh (kilowatt hour) for five years.
Note that 1EH/s is the ability to perform 100 quadrillion hash calculations per second.
Currently, about 8,000 miners are already in operation, with a hash rate of about 1 EH/s. Over the next few weeks, the remaining mining machines (approximately 8,000) will be energized, with plans to have a mining capacity of 50 megawatts (MW) and 1.9 EH/s by May.
What is hash rate
Mining mining speed. In Japanese, it is expressed as “mining speed”. The unit is “hash/s”. “s” stands for “second” and represents “how many calculations can be done per second”. It is used as an index to show the processing power of mining equipment and how fast cryptocurrency mining is done.
Cryptocurrency Glossary
There is also a mining facility using hydroelectric power
In addition to its Nautilus facility, TerraWolf is currently expanding its bitcoin mining operations at its New York state facility. The capacity of the New York facility will increase from 60MW to 110MW.
Together, these two facilities are expected to operate a total of 50,000 mining machines in the second quarter (April to June) of 2023, with a hash rate of 5.5 EH/s.
Terrawolf aims to have zero carbon emissions for all electricity it consumes in mining, and aims to use nuclear and hydroelectric power to provide more than 90% of its electricity.
The New York facility is built on the shores of Lake Ontario and is powered by hydroelectric power. Currently, 91% of the electricity is zero-carbon, and the fossil-fuel industry workers are relocated to local employment.
Strategies to keep power costs down
TerraWolf is following a strategy to keep power costs below the industry average. The company’s chief operating officer, Nazar Khan, said in December last year:
We have set our target average electricity cost at approximately ¥5 ($0.035)/kWh, which is 30% lower than the industry average of approximately ¥7 ($0.05)/kWh. We believe that we can become one of the mining companies that can operate sustainably and profitably even when the price of Bitcoin is low.
The post Terrawolf Launches 100% Nuclear Bitcoin Mining Facility appeared first on Our Bitcoin News.
English (US) ·