TeraWulf increases self-mined BTC in Q2, while Hut8 looks to USBTC merger
Bitcoin (BTC) mining firm TeraWulf has seen a drastic increase in BTC rewards since increasing its mining capacity in the first half of 2023.
According to the company’s latest quarterly filing with the United States Securities and Exchange Commission, TeraWulf mined a total of 1,441 BTC through the first half of the year. 508 BTC was mined in Q1, while the firm added another 375 self-mined BTC to its balance sheet in Q2.
The increase in hash rate and mined BTC also led to an uptick in quarterly revenue for the company, up from $11.5 million to $15.5 million in Q2. The company pointed to its increased hash rate and the recovering market value of Bitcoin as primary reasons for its improved quarterly financials.
Related: TeraWulf goes nuclear: 8,000 rigs spool up in Nautilus mining facility
The firm now has over 50,000 new-generation Bitcoin miners, which it operates across its Lake Mariner site in New York and its Pennsylvania nuclear-powered Nautilus operation. TeraWulf’s operational hash rate sits at 5.5 exahashes per second (EH/s), while it has 160 megawatts (MW) of capacity for miners at the two sites.
The company also confirmed that it plans to expand its operation at Lake Mariner by another 43 MW by the end of 2023. The new building in New York is set to host 18,500 new generation S19j XP miners from Chinese manufacturer Bitmain.
TeraWulf estimated that its additional capacity at Lake Mariner will increase its self-mining hash rate by a further 58%, from 5.0 EH/s to 7.9 EH/s.
Meanwhile, Hut8 announced that it had seen a decrease in hash rate and self-mined Bitcoin in Q2 of 2023, as reflected in its mid-year results. The company mined 399 BTC in Q2, noting a 58% decrease compared with Q2 2022.
Hut8 attributed the
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