What's Going On With Bitcoin Miner TeraWulf Stock?

TeraWulf Inc. WULF shares are trading higher Friday as Bitcoin BTC/USD climbs and trades near the $47,000 mark. 

The Details:

TeraWulf shares have climbed more than 21% over the past five days as the price of Bitcoin rallies. 

Last Friday, TeraWulf announced its January production and operations update and reported that it self-mined 313 Bitcoin in January with an average production rate of over 10 Bitcoin per day. 

TeraWulf also reported that it achieved 7.1 EH/s of self-mining in January with Building 3 (45 MW) at Lake Mariner fully energized. The company expects to reach 7.9 EH/s of owned hashrate in early February as additional S19j XPs are deployed. 

“During January, the Company mined 313 bitcoin, a slight decrease from December’s bitcoin production, due to increased average difficulty and lower transaction fees month-over-month, as well as opportunistic miner performance tuning, which was done to maximize margins during days with seasonally elevated power prices due to colder than average temperatures in upstate New York,” said Sean Farrell, SVP of Operations at TeraWulf.

“Despite the cold snap, our team worked tirelessly throughout the month to deploy the S19j XP deliveries in line with our February 1 target,” Farrell said.

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WULF Price Action: According to Benzinga Pro, TeraWulf shares are up 6.16% at $2.16 at the time of publication.

Image: Walerssk from Pixabay