Benzinga - TeraWulf Inc. (NASDAQ:WULF) shares are trading higher Tuesday after the company provided an unaudited monthly production and operations update for May 2024.
The Details:
TeraWulf said it self-mined 186 bitcoin in May, the first full month of reduced block rewards following the April Halving event, with an average production rate of approximately 6 bitcoin per day.
Power cost averaged $31,239 per bitcoin self-mined in May, reflecting an approximate rate of $0.039/kWh and excluding the benefit of expected demand response or ancillary services proceeds.
TeraWulf reported its installed and operational self-mining capacity reached approximately 8.0 EH/s, representing an 82% year-over-year increase.
"During May, the Company mined 186 bitcoin, equivalent to approximately 6 bitcoin per day,” said Sean Farrell, SVP of Operations at TeraWulf.
“The Lake Mariner team is making remarkable progress on Building 4, which is scheduled to complete construction in June and will house approximately 10,000 of Bitmain’s latest generations of S21 and S21 Pro miners. Once online, Building 4 is expected to increase our total operating capacity to above 10.0 EH/s,” continued Farrell. “Looking ahead, we have already optimized a 50 MW modular building with local key contractors for Building 5, which is currently anticipated to be online in Q1 2025,” added Farrell.
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Will WULF Stock Go Up?
When trying to assess whether or not TeraWulf will trade higher from current levels, it's a good idea to take a look at analyst forecasts.Wall Street analysts have an average 12-month price target of $3.78 on TeraWulf. The Street high target is currently at $4.20 and the Street low target is $3. Of all the analysts covering TeraWulf, 6 have positive ratings, no one has a neutral rating and no one has a negative rating.
In the last month, no analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering TeraWulf have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. TeraWulf is 56.71% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
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WULF Price Action: According to Benzinga Pro, TeraWulf shares are up 21% at $2.48 at the time of publication Tuesday.
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