Bitcoin Miner TeraWulf Shares Drop in After Hours Trading, Despite 87% Revenue Gain

Bitcoin miner TeraWulf reported a significant 87% revenue increase, totaling $50.6 million compared to the previous year, thanks to rising Bitcoin prices and expanded mining capabilities. CEO Paul Prager emphasized the company's strengthening partnership with Fluidstack and Google, as well as a focus on ongoing growth strategies. Despite the impressive revenue figures, TeraWulf's stock declined by 2.5% in after-hours trading, closing at $14.30, following a gain of 3.8% during the regular trading session. The increase in revenue aligns with preliminary guidance issued in late October, projecting an approximate 84% rise from $27 million in Q3 2024. TeraWulf's shift from a simple mining operation to more complex offerings is exemplified by a recent deal with Fluidstack promising up to $8.7 billion in contract revenues.

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