Last Updated on September 21, 2022 by Bitfinsider
Terawulf has revealed that its recent miner deployments are on track to meet the company’s year-end targets. Terawulf made headlines last year when it was revealed that Gwyneth Paltrow, an American actress and businesswoman, had invested in the company. On September 9, Paul Prager, the CEO of the bitcoin mining firm, announced that the company’s Lake Mariner, New York-based facility was operational and was managing 1 EH/s of hashpower with a capacity of 30 MW.
According to Terawulf’s announcement on September 19, the publicly traded mining company now has “over 1.3 EH/s operational at Lake Mariner.” The increased hashrate is due to the nearly 12,000 bitcoin miners deployed at the New York site. According to Terawulf’s announcement, approximately 3,000 Antminer S19 XP units were obtained through a previous agreement with mining rig manufacturer Bitmain Technologies.
According to Terawulf, Lake Mariner has two buildings, with the first batch of Antminer S19 XPs installed in building one, which has a capacity of 50 MW. Building two is expected to add 50 MW of capacity by the fourth quarter of 2022. Terawulf co-founder and COO Nazar Khan explained that the company was called upon several times for demand response efforts.
Bitcoin mining combined with demand response events has been an intriguing recent development. Bitcoin miners in Texas demonstrated a significant demand response effort on the ERCOT grid in mid-July. Lancium, a bitcoin mining infrastructure provider, signed a deal in July to bolster a battery power demand response system, and Duke Energy Corporation, the second-largest U.S. energy corporation, is researching bitcoin mining applied to demand response efforts.
“Along with Lake Mariner’s strong hash rate growth, we’ve seen an increase in our grid support capabilities,” Khan said in a statement on Monday. During a particularly hot summer in the energy markets, our Lake Mariner facility was called upon for nearly a dozen demand response events, demonstrating our ability to provide immediate, precise assistance when the grid is most in need. And we are constantly expanding the range of ancillary services that Lake Mariner can provide to the electric market.”
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.