TeraWulf Inc (NASDAQ:WULF) shares are trading higher Wednesday. The company announced a production and operations update for November. Here's what you need to know.

What To Know: TeraWulf said it mined 115 Bitcoin (CRYPTO: BTC) in November, with an average daily production rate of approximately 3.8 bitcoin. The company said it achieved an average power cost of $41,190 per bitcoin mined.

TeraWulf maintained 8.4 EH/s of operational self-mining capacity during the month, up 68% year-over-year. The company noted that November's average hash rate was 5.9 EH/s due to planned outages for electrical upgrades.

"November marked a pivotal month for Lake Mariner as we completed significant upgrades to our electrical infrastructure. These enhancements will ensure reliable and redundant power delivery to CB-1, CB-2, and future HPC hosting loads, positioning us to meet the increasing demand for Tier 3 HPC infrastructure," said Sean Farrell, COO of TeraWulf.

TeraWulf's operational bitcoin mining capacity was 195 MW at the Lake Mariner facility as of Nov. 30. The company's self-mining hash rate is expected to reach approximately 9.7 EH/s upon completion of miner repairs and fleet upgrades.

TeraWulf also said it continues to make progress on its large-scale HPC hosting initiative. Dry cooler installation is now complete for the 20 MW CB-1 facility, which is on track for completion in the first quarter of 2025. The company said it remains on track to deliver 72.5 MW of HPC hosting capacity by the end of the second quarter of 2025.

"Additionally, our onsite repair teams are on track to restore 1.3 EH/s of mining equipment under warranty by year-end. Construction of MB-5 is proceeding on schedule, with conduit installation complete and foundation pours and structural steel assembly underway," Farrell said.

WULF Price Action: TeraWulf shares were up 3.23% at $7.47 at the time of publication, according to Benzinga Pro.

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