Terawulf Changes Bitcoin Mining Strategy as Market Turns ‘Opportunistic’
Terawulf aims to take advantage of the "opportunistic market conditions."
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New York-based power generation and bitcoin mining company Terawulf plans to convert the hashrate capacity previously reserved for hosting into fully proprietary mining amid “opportunistic market conditions.”
The company said in an announcement on Thursday that its previous preorder of 18,500 units of Bitmain’s S19j XP is expected to be deployed in February ahead of the halving. The order totals 2.8 EH/s with an efficiency of 21.5 J/TH.
Terawulf initially adopted a “conservative” strategy by planning to add 5,500 units to its existing proprietary mining fleet while host-to-own the remaining 13,000 units for Bitmain until the end of 2024.
However, with the recent bitcoin and mining stock market rally, Terawulf now plans to utilize the full order for proprietary mining.
“Opportunistic market conditions have caused us to reassess our original conservative strategy and opt for a more near-term growth strategy,” said Terawulf co-founder and CEO Paul Prager.
The company added that Building 3 of its Lake Mariner facility has been completed and operational, which has available power to plug in the new S19j XPs arriving next year.
Terawulf had an operating hashrate of 5.2 EH/s in November. A small portion of that was hosted for a third party but the agreement expires this month. With the planned 2.8 EH/s, Terawulf expects to have close to 8 EH/s before bitcoin’s halving in April.
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