Nautilus Cryptomine capacity target Q2 2023
Company: TeraWulf
What the later record shows
Delivered; the record does not say when
By December 31, 2023, TeraWulf had its allotted 50 MW at Nautilus, using about 15,800 miners. A mid-2023 filing says the received miners were enough to fully use capacity in service and construction was substantially complete by June 30, 2023. No passage says 50 MW was reached by then, so on-time delivery cannot be confirmed.
“(5) the received miners are sufficient to fully utilize mining capacity in service at the Lake Mariner Facility and the Nautilus Cryptomine Facility”
2023-08-13 · TeraWulf 10-Q filed 2023-08-14 View cached copy (2026-09-13)Live source ↗
“as of December 31, 2023, had an allotted 50 MW of bitcoin mining capacity at the Nautilus Cryptomine Facility”
2024-03-21 · TeraWulf S-3/A filed 2024-03-22 View cached copy (2026-09-13)Live source ↗
“Approximately 15,800 of the deployed miners are attributed to TeraWulf's contributions to Nautilus in order to utilize TeraWulf's allotted 50 MW of bitcoin mining capacity.”
2024-03-21 · TeraWulf S-3/A filed 2024-03-22 View cached copy (2026-09-13)Live source ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Nautilus Cryptomine expected to reach full 50 MW capacity with approximately 16,000 miners in Q2 2023
Source (primary)
TeraWulf 10-K filed 2023-03-31 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “TeraWulf expects to reach its full 50 MW capacity at the facility, representing approximately 16,000 miners, in the second quarter of 2023”
How we checked this
Checked on October 11, 2026. The cited source supports part of this claim, but not all of it.
The 50 MW and 16,000-miner target refers to TeraWulf's share of Nautilus, not to the facility as a whole. The filing says the facility itself has 200 MW of capacity.
Confirmed in the source:
- TeraWulf expected to reach its full 50 MW capacity at the Nautilus Cryptomine Facility in the second quarter of 2023
- That 50 MW represents approximately 16,000 miners
We could not confirm this from the cited source:
- That 50 MW is the full capacity of the Nautilus Cryptomine Facility itself; the filing describes the facility as having 200 MW of capacity, with 50 MW being TeraWulf's 25% share
That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1083301/000155837023005301/wulf-20221231x10k.htm) in full (569,235 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms TeraWulf 10-K filed 2023-03-31
Quote: “TeraWulf expects to reach its full 50 MW capacity at the facility, representing approximately 16,000 miners, in the second quarter of 2023”
confirms TeraWulf S-3/A filed 2024-03-22
Quote: “as of December 31, 2023, had an allotted 50 MW of bitcoin mining capacity at the Nautilus Cryptomine Facility”
confirms TeraWulf 10-Q filed 2023-08-14
Quote: “(5) the received miners are sufficient to fully utilize mining capacity in service at the Lake Mariner Facility and the Nautilus Cryptomine Facility”