A joint venture with Cumulus Coin, LLC. has brought the first nuclear-powered Bitcoin mine online in Pennsylvania.
Terawulf has announced roughly half of its nuclear-powered Nautilus Cryptomine has come online. The mining facility, a joint venture with Cumulus Coin, LLC., derives its energy wholly from the 2.5 GW Susquehanna nuclear generation station in Pennsylvania.
The full operation will amount to 50 MW and 1.9 EH/s, with an option for Terawulf to add an additional 50 MW of bitcoin mining capacity, “which the Company plans to deploy in future phases,” according to a press release.
Paul Prager, chairman and CEO of TeraWulf, said that “the recent energization of the Nautilus facility earlier this month, approximately 16,000 of TeraWulf’s owned miners, representing 1.9 EH/s of self-mining capacity, are onsite and being brought online daily.”
“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,” Prager commented.
Mining consultant and cofounder of Citadel 256, Magdalena Gronowska, previously described in an article for Bitcoin Magazine how nuclear power can revolutionize Bitcoin mining.
“Nuclear is a carbon free, reliable and cheap energy source,” she told the magazine. “It’s not perfect in that it emits nuclear waste, but every energy source has tradeoffs between environmental footprint, reliability and capital and operating costs… We need a diverse mix of energy generation, to serve both baseload and peak load, as we transition to a low carbon economy.”