Shares of TeraWulf Inc. (WULF) plummeted by 7.43% on Thursday, October 4th, as the bitcoin mining company reported a decline in its monthly bitcoin production for September.
According to the company's latest update, TeraWulf mined a total of 176 bitcoins in September, down from 184 bitcoins in August. The drop in production was seen across both of the company's mining facilities, with Lake Mariner producing 140 bitcoins (compared to 147 in August) and Nautilus producing 36 bitcoins (down from 37 in the previous month).
Despite the lower bitcoin output, analysts at Roth MKM and Stifel Nicolaus maintained their "Buy" ratings on WULF, citing the company's strategic expansion plans and potential for efficiency gains. However, the decline in production appears to have weighed heavily on investor sentiment, leading to the sharp sell-off in TeraWulf's stock on Thursday.
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