Your cross section area is off by two orders of magnitude. They currently are drilling a 0.008 m² hole at one meter per hour with 1 MW of power. They hope to scale that up to a 0.032 m² hole while maintaining the same rate of depth penetration and energy use per meter [0].

0. https://m.youtube.com/watch?v=b_EoZzE7KJ0&t=500s