TeraWulf Inc. (NASDAQ: WULF) experienced a significant rise in stock price today following the release of its May 2024 production and operations update. As of the most recent current-market check, WULF shares were trading up 19.49% at $2.45.
The update revealed that TeraWulf (WULF) mined 186 bitcoin in May, representing the first full month impacted by the April Halving event that reduced block rewards. Despite this, the company maintained an average production rate of approximately 6.0 bitcoin per day.
Furthermore, the average selling price of self-mined bitcoin reached $31,239, reflecting an efficient operational cost of approximately $0.039/kWh, excluding potential future revenue streams from demand response or ancillary services.
Expansion And Infrastructure Development
TeraWulf’s commitment to growth was highlighted by their progress on several key initiatives. The company’s installed and operational self-mining capacity reached approximately 8.0 EH/s, signifying an impressive 82% year-over-year increase.
Additionally, they advanced a 2.0 MW AI pilot at their Lake Mariner facility, designed to accommodate cutting-edge GPU technology and adhere to stringent SOC 2 security standards. Construction of Building 4 at the Lake Mariner facility is nearing completion, scheduled for June 2024.
This new building will house approximately 10,000 of Bitmain’s latest generation S21 and S21 Pro miners, significantly boosting TeraWulf’s total operating capacity to above 10.0 EH/s. Planning for further expansion is also underway, with a 50 MW modular building optimized in collaboration with local key contractors for Building 5, currently anticipated to be operational in Q1 2025.
Operational Efficiency And Future Outlook
TeraWulf’s miners continue to demonstrate exceptional performance, consistently operating at 95% of installed capacity. The company addressed a temporary setback at their Nautilus facility in early May, caused by intermittent breaker trips and low-noise fan blade installations.
Additionally, the Lake Mariner team successfully optimized the performance of Building 3 by leveraging data gathered during high-temperature operations. Looking ahead, TeraWulf remains committed to increasing its operational capacity and production efficiency.
The completion of Building 4 in June 2024 and the planned addition of Building 5 in Q1 2025 position the company for significant growth in the coming months and years.
