TeraWulf's stock experienced a significant 22% surge during Tuesday's trading session, following the release of its monthly production update for May, marking the first complete month since the latest Bitcoin halving event. The mining firm reported the successful extraction of 186 bitcoins in May, maintaining an average production rate of approximately 6.0 bitcoins per day.

The company highlighted its substantial growth, with installed and operational self-mining capacity reaching about 8.0 exahashes per second (EH/s), an impressive 82% year-over-year increase. In May, TeraWulf averaged $31,239 per bitcoin mined, operating at an approximate rate of $0.039 per kilowatt-hour (kWh).

Bitcoin halvings, which occur roughly every four years, result in miners receiving 50% fewer bitcoins as a block reward, although they continue to earn transaction fees for each mined block. Despite this halving event, TeraWulf demonstrated resilience, experiencing a 25% month-over-month decrease in bitcoin production (from 249 BTC to 186 BTC). This performance stands out compared to other mining firms like Bitfarms, which reported a 42% reduction in bitcoins mined during the same period.

TeraWulf operates environmentally clean, vertically integrated bitcoin mining facilities in the United States, including the wholly-owned Lake Mariner facility in New York and the Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin. Sean Farrell, Senior Vice President of Operations at TeraWulf, shared optimistic updates about the Lake Mariner facility:

“The Lake Mariner team is making remarkable progress on Building 4, which is scheduled to complete construction in June and will house approximately 10,000 of Bitmain’s latest generations of S21 and S21 Pro miners. Once online, Building 4 is expected to increase our total operating capacity to above 10.0 EH/s.”

Investor confidence was buoyed by these positive developments, driving TeraWulf's stock price up 22.4%, closing the trading day at $2.51 per share. This surge has contributed to a 9.1% year-to-date increase in the stock, with the company’s market capitalization now just under $840 million.