TeraWulf Shares Slide 11% as Facility Downtime Offset Optimization Efforts in September
By Adriano Marchese
TeraWulf shares were lower late morning on Tuesday after the company said downtime at the Lake Mariner facility offset improvements in the month of September.
At 11:05 a.m. ET, shares were trading nearly 11% lower at $1.06.
The infrastructure-focused bitcoin mining company said it mined 329 bitcoin in September, unchanged from the its August output. The company generated about $6.5 million of free cash flow in the third quarter.
Senior Vice President of Operations Sean Farrell said that downtime at Lake Mariner in New York due to demand response activity earlier in the month offset efficiency benefits from optimized operating performance.
The company said that the free cash flow it generated in the month will be used toward reducing indebtedness which should help lower future interest payments and total cost to mine bitcoin.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 03, 2023 11:35 ET (15:35 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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