EASTON, Md. - TeraWulf Inc. (NASDAQ:WULF), a company specializing in environmentally clean bitcoin mining, has reported operational updates for April 2024, including the installation of new mining equipment and progress in facility construction. The company announced it mined 348 bitcoin in April at an average cost of $16,058 per bitcoin, with power costs averaging approximately $0.038/kWh.
The Lake Mariner facility replaced older miners with approximately 3,000 new S19k Pro miners, bringing the total count to about 4,100. This upgrade is part of TeraWulf's effort to enhance efficiency and performance. Additionally, the company's operational self-mining hash rate reached 8.0 EH/s with a 98% utilization rate of the mining fleet.
Construction of Building 4 at Lake Mariner, which will add 35 MW of capacity, is on schedule and expected to be completed by mid-2024, potentially increasing TeraWulf's total operational capacity to approximately 10.0 EH/s. The company also continues to develop a high-performance computing (HPC) / AI project at the Lake Mariner site, having committed an initial 2 MW block of power for deploying thousands of the latest generation GPUs.
TeraWulf's bitcoin mining operations are powered by 95% zero-carbon energy, sourced from nuclear, hydro, and solar, aligning with the company's commitment to environmentally responsible practices. The company operates two bitcoin mining facilities in the United States: Lake Mariner in New York and Nautilus Cryptomine in Pennsylvania, a joint venture with Cumulus Coin, LLC.
The company's April production experienced a slight decrease of 5.0% from March's bitcoin production rate. This was attributed to the bitcoin halving event on April 19th, which initially resulted in a spike in transaction fees that compensated for the reduced block subsidy.
This press release statement indicates TeraWulf's ongoing efforts to expand and optimize its bitcoin mining operations while maintaining a focus on sustainability and ESG principles. However, as with any forward-looking statements, there are inherent risks and uncertainties in the cryptocurrency industry that could impact future operations and results.
InvestingPro Insights
In light of TeraWulf Inc.'s (NASDAQ:WULF) recent operational updates, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, TeraWulf boasts a substantial revenue growth, with a 360.51% increase in the last twelve months as of Q1 2023. This impressive surge signals the company's expanding scale in the bitcoin mining industry.
The company's market capitalization currently stands at $640.74 million, reflecting the market's valuation of the firm amidst its growth trajectory. Despite this, TeraWulf's P/E ratio is -6.31, and it further adjusted to -8.74 for the last twelve months as of Q1 2023, indicating that the company is not profitable as of the latest financial data.
InvestingPro Tips suggest that analysts are optimistic about TeraWulf's sales growth in the current year, which could be a response to the company's operational expansions and the installation of new mining equipment. However, the stock has experienced significant volatility, with a price decrease of 14.86% in the last week, which aligns with the company's high price volatility trait. For investors looking for more in-depth analysis, there are 11 additional InvestingPro Tips available for TeraWulf on InvestingPro. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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