Terra Wolf Co., Ltd. (NASDAQ:Wolf) announced its first quarter results after the bell on Monday. Let's take a look at the details here.
detail: Bitcoin Mining company TeraWulf reported a loss of 3 cents per share for the quarter, missing analysts' consensus estimates for earnings of 4 cents per share.
Quarterly revenue came to $42,433,000, missing analysts' consensus estimates of $51,092,000 by 16.95%.
TeraWulf reported that it had mined 1,057 Bitcoins across its Mariner Lake and Nautilus cryptomining facilities. This includes 6 Bitcoins earned from profit sharing related to hosting contracts, bringing the total amount of self-mined Bitcoins to $35.2 million in Q4 2023. The total amount was $56.8 million. .
The cost of electricity per self-mined Bitcoin increased from $10,308 per Bitcoin in Q4 2023 due to a 15.5% increase in network difficulty during the same period and an increase in real energy prices. $15,501 per Bitcoin, up quarter-on-quarter. Mariner Lake facility in New York.
“TeraWulf delivered outstanding results in the first quarter, setting a new standard for profitability for publicly traded Bitcoin miners.” Paul Prager, CEO of TeraWulf. “During this period, we further strengthened our financial position by reducing debt and increasing cash reserves.”
Outlook: According to TeraWulf, the company plans to reach approximately 10.2 EH/s in the third quarter of 2024 and approximately 13.3 EH/s by the first quarter of 2025.
“We are actively exploring opportunities to leverage over 300 megawatts of available infrastructure capacity in collaboration with a variety of stakeholders, from hyperscalers to enterprise-level clients.” Prager he said.
“With access to low-cost, zero-carbon power, we are well-positioned to meet the growing demand for sustainable computing solutions. As Building 4 nears completion and construction begins on Building 5 at Lake Mariner, We are strategically expanding the Bitcoin mining hash rate while simultaneously developing robust high-performance computing products. This two-pronged approach allows us to capitalize on new opportunities in both markets. You will be able to utilize it.”
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Wolf price action: TeraWulf stock was down 1.79% in the after-hours at $2.20 as of Monday's announcement, according to Benzinga Pro.
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