TechFlow, Nov. 11 — According to Cointelegraph, U.S. Bitcoin mining company TeraWulf reported a year-on-year revenue increase of 87% to $50.6 million in the third quarter, with digital asset revenue amounting to $43.4 million.
The report indicated that TeraWulf mined 377 Bitcoins in the third quarter, down from 555 during the same period last year. However, the average Bitcoin price surged from $61,023 a year ago to $114,390, offsetting the impact of lower production. Revenue growth was also driven by expanded mining capacity and the launch of high-performance computing rental services.
On Monday, TeraWulf's stock (WULF) rose as high as $14.85, up 6%, closing at $14.30.
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