TeraWulf (NASDAQ: WULF) stock surged during intraday trading Thursday following the release of its unaudited May 2024 production and operations update.
TeraWulf reported that it self-mined 186 Bitcoins in May, marking the first month of reduced block rewards following the April Halving event. The company achieved an average production rate of approximately 6 bitcoin per day.
The power cost for mining operations averaged $31,239 per Bitcoin self-mined in May. This cost reflects an approximate rate of $0.039 per kilowatt-hour (kWh) and excludes the benefit of anticipated demand response or ancillary services proceeds.
TeraWulf also highlighted a significant year-over-year increase in its installed and operational self-mining capacity, which reached around 8.0 exahashes per second (EH/s), marking an impressive 82% surge.
Sean Farrell, Senior Vice President of Operations at TeraWulf, provided insights into the company’s mining activities, stating,
“During May, the Company mined 186 Bitcoin, equivalent to approximately 6 Bitcoin/day.”
He further emphasized the progress of the Lake Mariner team in constructing Building 4, scheduled for completion in June. Building 4 will accommodate about 10,000 Bitmain’s latest generations of S21 and S21 Pro miners. Once operational, the company expects to boost its total operating capacity to over 10.0 EH/s.
Moreover, Farrell mentioned a 50-megawatt modular building optimization with local key contractors for Building 5. The company expects this facility to come online in the first quarter of 2025.
TeraWulf (NASDAQ: WULF) Stock Reaction
On Thursday, WULF stock soared 15.05%, closing at $3.21, marking a 40.79% increase for the week. The trading volume was 53,507,572 shares, significantly higher than the average daily volume of 17.29 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
