TeraWulf's Hash Rate Soars Amid Zero-Carbon Energy Claims and Suspicious Sale

TeraWulf has significantly expanded its hash rate capacity to 10.0 EH/s, doubling from last year's numbers.

In September 2024, the company mined 176 Bitcoin, with 140 coming from Lake Mariner and 36 from Nautilus, achieving an average daily rate of 5.9 BTC.

However, TeraWulf's claim of using 91% zero-carbon energy has been disputed by both the New York Power Authority and the New York State Energy Research and Development Authority, which states that the company needs to purchase renewable energy credits to substantiate its claims.

The company sold its 25% equity interest in Nautilus for approximately $92 million, yielding a 3.4x return on investment, but this sale has raised suspicions due to its timing following Talen Energy's sale of the larger data center campus to Amazon Web Services.