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TeraWulf, the sixth-largest Bitcoin mining firm globally, is poised to enhance its operations with the upcoming launch of a new {Bitcoin} (BTC) mining facility at the end of September. This facility, named Wulf Den, is scheduled to commence operations at the beginning of September. Additionally, TeraWulf is preparing to unveil a significant 20-megawatt mining facility by the end of 2024.
TeraWulf's co-founder and Chief Operating Officer, Nazar Khan, has indicated that the firm is also exploring partnerships with leading technology companies, including those in the "Magnificent Seven" group—Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla. These discussions are not limited to these tech giants but also include broader engagements with data centers and major artificial intelligence (AI) firms that might leverage TeraWulf's computing resources.
The company claims to be the most profitable miner on a per-share basis, with an average production cost of approximately $40,000 per Bitcoin. TeraWulf’s strategy involves selling Bitcoin on a daily basis to capitalize on favorable spreads. This approach contrasts with that of Marathon Digital Holdings, the largest Bitcoin mining firm, which follows a “full hodl” strategy, meaning it retains its Bitcoin holdings. Marathon Digital recently raised $250 million in August to further acquire Bitcoin, continuing its practice of building a strategic reserve of the cryptocurrency.
TeraWulf's efficient cost management and daily Bitcoin sales strategy highlight its distinct operational approach in the competitive mining industry. Meanwhile, Marathon Digital’s strategy reflects a long-term view on Bitcoin, with significant investments aimed at expanding its cryptocurrency holdings. The contrasting approaches of these major mining firms illustrate differing perspectives on managing and profiting from Bitcoin mining operations.
