Why Bitcoin Mining Company TeraWulf Shares Are Rising Today

TeraWulf Inc Ordinary Shares -4.67%

TeraWulf Inc Ordinary Shares




TeraWulf Inc. (NASDAQ:WULF), which owns and operates vertically integrated, domestic Bitcoin mining facilities, provided a business update on Thursday.

The company reported a fully funded 7.9 EH/s expansion, increasing self-mining capacity by 58%.

With Building 3 at Lake Mariner fully operational, the facility's bitcoin mining infrastructure capacity has increased to approximately 160 MW, the company said in a press release.

The company also announced the expansion of the existing high-performance computing project supporting generative AI and large language model applications at the Lake Mariner facility, planned for 2024.

"Opportunistic market conditions have caused us to reassess our original conservative strategy and opt for a more near-term growth strategy," stated Paul Prager, Co-founder and CEO of TeraWulf. 

"With Building 3 completed ahead of schedule and construction for Building 4 already underway, now is the time to charge hard into the upcoming halving and beyond."

The company said that planning is underway for additional growth at Lake Mariner, with the construction of Building 4 having already begun. 

In addition to Lake Mariner's growth, TeraWulf also has the option to add an additional 50 MW of bitcoin mining capacity at the nuclear-powered Nautilus Cryptomine facility, bringing the company's capacity at the site to a total of 100 MW.

The company also announced expansion of existing HPC project supporting generative AI planned for 2024.

Price Action: WULF shares are trading higher by 10.07% to $3.1699 on the last check Thursday.

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