TeraWulf, the world’s sixth-largest Bitcoin mining firm, is set to launch a new Bitcoin mining facility at the end of September, along with a potential partnership with a Magnificent Seven company.
The new Bitcoin (BTC) mining facility is set to go live at the beginning of September, according to Nazar Khan, co-founder and chief operating officer of TeraWulf.
Khan told Cointelegraph in an exclusive interview:
“Our WULF Den facility is a 2-megawatt facility that will come online next month. It’s a liquid-cooled design. What allowed us to expedite the timing was that we were building it inside an existing structure.”
TeraWulf logo. Source: TeraWulf
The launch of Wulf Den precedes the launch of TeraWulf’s milestone 20-megawatt facility, set to go live before the end of 2024.
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Magnificent Seven partnership ahead for WULF?
TeraWulf is “actively engaging” with some of the biggest names in tech, including members of the Magnificent Seven, a moniker for the top-performing tech stocks: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla.
When asked about a potential partnership, Khan told Cointelegraph that the discussions aren’t exclusively with the member companies of the Magnificent Seven but also companies in the wider tech sector. He explained:
“Our goal is to find a customer and partner that we want to grow with at the site… For a customer to credibly be able to take down 100MW or 200MW of capacity is a very significant sum of capital.”
Nazar Khan, TeraWulf, Interview with Cointelegraph’s Zoltan Vardai. Source: YouTube
Likely partners could include data centers or large artificial intelligence (AI) firms looking to tap into TeraWulf’s spare computing power.
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TeraWulf is the most profitable miner on a per-share basis
On average, TeraWulf spends approximately $40,000 in production costs to mine an entire Bitcoin.
This is partly what makes TeraWulf one of the most profitable Bitcoin miners on a per-share basis, explained Khan:
“We believe our job is to produce Bitcoin at the lowest possible price, capture a spread, then move on in the second quarter. Our all-in fully loaded production costs, including every single cost in the company, is around $40,000 per Bitcoin.”
Nazar Khan, TeraWulf, Interview with Cointelegraph’s Zoltan Vardai. Source: YouTube
Khan added that TeraWulf sells Bitcoin daily due to the profitable spread.
This approach contrasts with the strategy of the world’s largest Bitcoin miner, Marathon Digital Holdings, which adopted a “full hodl” approach, which is crypto slang for “hold on for dear life.”
Marathon raised $250 million in August, aiming to buy more Bitcoin. It purchased $100 million worth of BTC in July, aiming to make it a strategic reserve asset.
Mining Bitcoin at home — Is it time to start? Source: YouTube
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