TeraWulf increases self-mined BTC in Q2 while Hut8 looks to USBTC merger

Bitcoin (BTC) mining firm TeraWulf has actually seen an extreme boost in BTC rewards after increasing its mining capability in the first half of 2023. According to the businesss most current quarterly filing with the U.S. Securities and Exchange Commission, TeraWulf mined an overall of 1441 BTC through the very first half of the year. 508 BTC were mined in Q1, while the company included another 375 self-mined BTC to its balance sheet in Q2.The increase in hashrate and mined BTC also resulted in an uptick in quarterly profits for the company, up from $11.5 million to $15.5 million in Q2. The company pointed to their increased hashrate and the recovering market worth of Bitcoin as primary factors for its enhanced quarterly financials.Related: TeraWulf goes nuclear: 8,000 rigs spool up in Nautilus mining facilityThe firm now has over 50,000 new generation Bitcoin miners which it runs across its Lake Mariner site in New York and its Pennsylvania nuclear-powered Nautilus operation. TeraWulfs functional hash rate sits at 5.5 EH/s while it has 160 MW of capacity for miners at the 2 sites.TeraWulfs nuclear-powered Nautilus mining location.The business also validated that it plans to expand its operation at Lake Mariner by another 43 MW by the end of 2023. The new building in New York is set to host 18,500 new generation S19j XP miners from Chinese producer Bitmain.TeraWulf approximates that its extra capability at Lake Mariner will increase its self-mining hashrate by an additional 58% from 5.0 EH6 to 7.9 EH/s. Meanwhile Hut8 announced that it had actually seen a decline in hashrate and self-mined Bitcoin in Q2 of 2023 as reflected in its mid-year outcomes. The business mined 399 BTC in Q2, noting a 58% decrease compared to Q2 2022. Hut8 put the drop in mined BTC down to 3 elements, that including the general boost in Bitcoin mining trouble, the suspension of operations at the companys North Bay Facility and electrical concerns that are ongoing at its Drumheller site.Related: Bitcoin hash rate spikes as analysts state miners returning onlineHut8 is also diversifying using its infrastructure far from exclusively mining Bitcoin. Its high efficiency computing operation continues to generate an average of $4 million per quarter, while this number is expected to grow as soon as its 5 year deal as an computing facilities provider to Interior Health starts towards the end of 2023. Hut8 included that its Drumheller website had actually been hamstrung by high energy input levels that had led to some of its mining equipment to fail. The company stated 20% of its installed hash rate had been impacted as a result.Hut8 self-mined Bitcoin balance sits at 9,136 BTC, presently valued at $368.7 million. The company offered 396 of the 399 BTC it mined through Q2, leading to $14.7 million in revenue. Hut8 expects to increase its hash rate capability as soon as a planned merger with USBTC is complete.Magazine: Deposit threat: What do crypto exchanges actually finish with your money?