TeraWulf Inc. (WULF), a leading Bitcoin mining company, saw its stock price surge by 5.02% in pre-market trading on October 28th, 2024. This pre-market soar is driven by the company's robust growth and operational expansion in the Bitcoin mining and high-performance computing (HPC) sectors.
One of the key factors behind WULF's impressive performance is its aggressive mining capacity expansion. As of September 30th, 2024, TeraWulf increased its hash rate by a staggering 81.82% year-over-year. The company's Lake Mariner facility currently operates at 195 MW, with plans to further expand to 500 MW, solidifying its position as a major player in the Bitcoin mining industry.
In addition to its mining operations, TeraWulf is actively diversifying into the HPC and artificial intelligence (AI) data center markets. The company is currently constructing two new data centers, CB-1 and CB-2, which will enhance its capabilities in these high-growth sectors. This strategic move positions TeraWulf for long-term growth and revenue diversification.
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