EASTON, Md. - TeraWulf Inc. (NASDAQ:WULF), a $2.82 billion market cap company specializing in environmentally sustainable data center infrastructure for Bitcoin mining and high-performance computing, has announced key operational achievements for November 2024. The company, which has delivered an impressive 434% return over the past year according to InvestingPro, successfully mined 115 bitcoins and maintained an operational self-mining capacity of 8.4 EH/s, marking a 68% increase from the previous year.
During November, TeraWulf completed substantial electrical infrastructure upgrades at its Lake Mariner facility, which temporarily affected approximately 5.3 EH/s of mining capacity. This planned outage was part of the company's efforts to connect high-voltage redundant power feeds, enhancing the reliability of power delivery to its cryptocurrency mining and high-performance computing (HPC) hosting operations. InvestingPro analysis shows the company operates with a moderate level of debt and maintains a healthy current ratio of 1.0, suggesting adequate liquidity to support its operational improvements.
The company has also advanced its miner refresh program by installing around 7,400 S21 Pro miners, replacing older models and improving the facility's efficiency to a weighted average of approximately 19 J/TH. This upgrade is expected to contribute to TeraWulf's goal of reaching a self-mining hash rate of roughly 9.7 EH/s upon completion of ongoing miner repairs and new miner onboarding.
TeraWulf reported an average power cost of $41,190 per bitcoin mined in November, which equates to roughly $0.051/kWh, excluding revenue from demand response and ancillary services. This cost reflects the company's commitment to leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power, in line with its environmental, social, and governance (ESG) principles.
The company remains on track to deliver 72.5 MW of HPC hosting capacity by the end of Q2 2025. The 20 MW CB-1 facility is expected to be completed in Q1 2025, with dry cooler installation already finished.
TeraWulf's operational bitcoin mining capacity stood at 195 MW at Lake Mariner as of November 30, 2024. The company's focus on operational excellence and sustainability is evident in its strategic growth across its bitcoin mining and HPC hosting businesses.
This report is based on a press release statement from TeraWulf Inc. and reflects the company's achievements and operational status as of November 2024.
In other recent news, TeraWulf Inc. has undergone several significant developments. The company announced the promotion of Sean Farrell to Chief Operating Officer, a move that recognizes Farrell's leadership and operational excellence. TeraWulf also reported a 24% decrease in revenues to $27.1 million and a 21% decrease in Bitcoin mining for Q3. Despite these decreases, the company raised a substantial $500 million through a convertible bond offering and a $115 million share repurchase program.
Analysts have shown increased optimism for TeraWulf. Cantor Fitzgerald raised the price target for TeraWulf to $11 from $10, maintaining an Overweight rating. Needham also maintained a 'Buy' rating and raised the price target to $9.50 from $6. Rosenblatt Securities adjusted its outlook on Terawulf Inc (NASDAQ:WULF). shares, raising its price target for the company's shares to $10.00, marking a significant increase from the previous target of $5.00.
In addition, financial firms B. Riley and Rosenblatt Securities have updated their price targets for digital mining companies, reflecting recent developments in the sector. B. Riley has updated its price targets for Bitfarms Ltd., HIVE Digital Technologies Ltd., and Stronghold Digital Mining, Inc. to $4, $6, and $6 respectively, maintaining a 'Buy' rating for these stocks.
These recent developments reflect TeraWulf's strategic focus on expanding their operations and the dynamic nature of the digital mining industry.
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