The United States’ first nuclear Bitcoin mining plant, the Nautilus Cryptomine, is now home to TeraWulf (WULF) cryptocurrency mining operations.
It currently has 8,000 functioning mining rigs operating at 1.0 exahashes per second (EH/s), it said in a press release on Monday.
TeraWulf hopes to have a further 8,000 machines over the next few weeks to boost capacity to 1.9 EH/s, it added.
The company added it had energised around half of its 50-megawatt stake in the Cryptomine facility in a joint venture with Cumulus Coin LLC.
The Nautilus Cryptomine is set to slash TeraWulf energy costs. According to the statement, the latter secured a 2 cents per kilowatt hour (kWh) deal with the facility for five years.
This aims to cut energy consumption costs to around 4 cents per kWh at its two locations. TeraWulf typically pays 5 cents per kWh at its New York site.
Nuclear-Backed Bitcoin?
The news comes as the mining enterprise faced several issues in recent months such as plummeting crypto prices and higher energy costs.
TeraWulf chairman and chief executive Paul Prager said that roughly 16,000 company miners representing 1.9 EH/s of self-mining capacity were “onsite and being brought online daily.
He concluded,
“The Nautilus nuclear-powered mining facility benefits from what is arguably the lowest cost power in the sector, just $0.02/kWh for a term of five years […] We look forward to continuing to work alongside Cumulus Coin as the Nautilus facility increases operational hash rate in the coming weeks.”
