TeraWulf reports 70% growth amid mining expansion in 2024

TeraWulf (WULF) has experienced a 70% rise in stock value year-to-date, with 62.49% of its shares held by institutional investors. 

The company’s growth surpasses Bitcoin’s (CRYPTO:BTC) 42.81% increase, ranking it among the top Bitcoin mining stocks in 2024. 

TeraWulf’s performance is supported by its financial stability, operational expansion, and investment in high-performance computing (HPC) and artificial intelligence (AI) data centers. 

Financially, TeraWulf reported a non-GAAP adjusted EBITDA of $19.5 million in Q2 2024 and holds $104.1 million in cash and cash equivalents. 

The company also repaid a $77.5 million debt installment, achieving a debt-free status. 

This financial position provides flexibility for scaling operations and funding infrastructure development. 

Operationally, TeraWulf increased its hash rate by 81.82% year-over-year as of September 30, 2024. 

The Lake Mariner facility operates at 195 MW, with plans to expand to 500 MW. 

Following the sale of its 25% stake in the Nautilus joint venture, TeraWulf is focusing on expanding its Lake Mariner site and building new data centers, CB-1 and CB-2, to enhance its HPC and AI capabilities. 

TeraWulf has adopted a clear cost strategy for its Bitcoin production, reporting an all-in production cost of $40,000 per Bitcoin. 

With Bitcoin prices above $60,000 in September 2024, this approach allowed the company to generate over $120,000 in daily net cash flow from mining.