TeraWulf shares soared after the report, climbing 11 per cent during after-hours trading

Bitcoin mining company TeraWulf witnessed a 146 per cent rise in revenue between Q3 and Q4 of last year as the firm stepped up machine deployment, as per the company’s quarterly report published Thursday.

Revenue was $9.6mln in the last three months of 2022. Cost of operations was $17.7mln, up 46 per cent from Q3.

TeraWulf shares soared after the report, climbing 11 per cent during after-hours trading.

The miner had a rough 2022 as bitcoin’s price dipped, with cash running low at the end of Q3. Throughout the year, TeraWulf’s net loss attributable to common stockholders stood at $91.6mln.

The firm revamped its debt in February, as have other rivals such as Stronghold Digital Mining and Bitfarms. Others were unable to strike revamping deals and filed for Chapter 11 bankruptcy protection.

During March, TeraWulf began bringing machines online in its Nautilus facility in Pennsylvania, which is totally powered by nuclear energy. At the site, the miner has secured power agreement for 2 cents per kilowatt hour (kWh) of electricity for five years that will bring down its energy costs to 3.5 cents at its two sites. The Nautilus mine is a JV, of which TeraWulf owns 25 per cent after cutting back its stake from a 50-50 split with a subsidiary of power producer Talen Energy.

The miner expects to deploy 1.9 exahash/second (EH/s) of rigs at the Nautilus facility in Q2. In previous statements it had stated May.

TeraWulf restated its goal to reach 5.5 EH/s in Q2, which it earlier said will include 5 EH/s of self-mining and 0.5 EH/s of hosting. The miner has raised all capital required to attain its 5.5 EH/s goal, Chief Executive Officer Paul Prager stated in a Thursday conference call.

The miner also stated it is looking for consolidation opportunities to raise its mining capability. The market is ripe with opportunity as several bitcoin miners are struggling due to the crypto winter.