TeraWulf’s stock price soared 22% after mining 186 bitcoins last month.
TeraWulf’s shares jumped in Tuesday’s session after the mining company released its monthly production update for May, its first month since the latest. Bitcoin Halving Event.
The company mined 186 bitcoins in May, with an average production rate of about 6.0 bitcoins per day.
Terrawolf said Installed and operated self-mining capacity reached approximately 8.0 EH/s, an 82% increase compared to the previous year. The company averaged $31,239 per Bitcoin mined in May, roughly reflecting a rate of $0.039/kWh.
bitcoin halving It is programmed to occur automatically approximately every four years. After the halving event, miners will receive 50% less Bitcoin as a subsidy reward for every block of transactions they mine and add to the blockchain. They continue to earn additional transaction fee rewards for each block mined.
TeraWulf’s 25% month-on-month decline (from 249 BTC to 186 BTC) after the halving compares favorably with mining companies like Bitfarms. Bitcoin mining volume decreases by 42% During the same period.
TeraWulf owns and operates a vertically integrated and environmentally clean Bitcoin mining facility in the United States. The company currently has two Bitcoin mining facilities. the wholly-owned Lake Mariner facility in New York and the Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin.
“The Lake Mariner team is making incredible progress on Building 4, which is scheduled to be completed in June and will house approximately 10,000 of Bitmain’s newest S21 and S21 Pro miners,” said Sean Farrell, SVP of Operations at TeraWulf. “Once online, Building 4’s total operating capacity is expected to increase to more than 10.0 EH/s.”
Traders liked what they read, sending shares of TeraWulf up 22.4% and ending today’s trading session at $2.51 per share. The stock is now up 9.1% year-to-date, giving the company a market capitalization of just under $840 million.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
