Bitcoin Mining Firms Terawulf and Cleanspark Ramp up Hashrates, Boost Financial Footing

This week witnessed significant expansions in the bitcoin mining sector, with two leading firms unveiling substantial increases in their operational hashrate. Terawulf disclosed that its self-mining business has escalated to 7.6 exahash per second (EH/s) this month. Concurrently, Cleanspark announced an enhancement in its fleet-wide operating hashrate, surpassing 14 EH/s.

Terawulf Hashrate Reaches 7.6 EH/s

On Thursday, Terawulf (Nasdaq: WULF) announced the repayment of a $22 million term loan, enhancing the company’s cash flow. Up to now, Terawulf has settled $40 million in loans and anticipates another debt clearance in April, leveraging the profits from the first quarter. Additionally, Terawulf reported an increase in its total computational power to 7.6 EH/s, with expectations to reach 8 EH/s by the end of Q1.

The company also shared progress on its Lake Mariner facility, projecting an uplift in its hashrate to 10 EH/s by mid-2024. “Over the past year, we have remained resolute in fulfilling our commitment to deleveraging, marking a significant financial milestone for the company,” Terawulf’s CFO Patrick Fleury said in a statement. “With our industry-leading cost to mine bitcoin, we are poised to achieve another substantial debt repayment in the first week of April from the cash generated in the first quarter.”

Cleanspark Hashrate Surpasses 14 EH/s

On the same day, Cleanspark (Nasdaq: CLSK) disclosed that the company completed energizing the first 100 MW of its expansion at it’s Sandersville, Georgia facility. This achievement has pushed Cleanspark’s computational power beyond 14 EH/s. The company’s CEO Zach Bradford further revealed that the team has been deployed to Mississippi to work on the sites in that state.

“I believe we have likely set an industry record for speed of machine deployment, thanks to the extraordinary grit and resolve exhibited by our teams and partners in Sandersville,” Bradford said on Thursday. “Not only are we bringing economic development to the community, but we also provide an important grid service because our load is interruptible and can be returned to the community at a moment’s notice as we work in partnership with the utilities and power providers to help continue Georgia’s legacy of abundant and resilient energy.”

What do you think about the two bitcoin mining operations expanding their operations? Share your thoughts and opinions about this subject in the comments section below.

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