Deniz 
TeraWulf’s stock surged in Tuesday’s session after the mining firm released its monthly production update for May, the first full month since the latest Bitcoin halving event.
The company mined 186 bitcoin in May, with an average production rate of approximately 6.0 bitcoin per day.
TeraWulf said installed and operational self-mining capacity reached approximately 8.0 EH/s, representing an 82% year-over-year increase. The company averaged $31,239 per bitcoin self-mined in May, reflecting an approximate rate of $0.039/kWh.
Bitcoin halvings are programmed to occur automatically roughly every four years. After a halving event, miners receive 50% fewer bitcoins as a subsidy reward for every block of transactions they mine and add to the blockchain. They continue to earn additional transaction fee rewards for each block mined.
TeraWulf’s 25% month-over-month drop post-halving (249 BTC to 186 BTC) compares favorably to a mining company like Bitfarms, which announced a 42% drop in bitcoin mined over the same period.
TeraWulf owns and operates vertically integrated, environmentally clean bitcoin mining facilities in the United States. The company currently has two Bitcoin mining facilities: the wholly-owned Lake Mariner facility in New York and the Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin.
“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,” said Sean Farrell, SVP of Operations at TeraWulf. “Once online, Building 4 is expected to increase our total operating capacity to above 10.0 EH/s.”
Traders liked what they read, pushing TeraWulf’s stock up 22.4% and closing today’s trading session at $2.51 per share. The stock is now up 9.1% in the year-to-date period, and the company’s market cap is just under $840 million.