Nasdaq-listed TeraWulf, which began operations in March last year, reported a 146 percent year-on-year increase in fourth-quarter revenue, thanks to an expansion in mining capacity at its US-based facility.

TeraWulf reported revenue of $9.6 million in the fourth quarter, largely due to what the company described as a significant increase in mining operations at its Lake Mariner facility on the shores of Lake Ontario, New York.

TeraWulf shares on the Nasdaq rose 11% in over-the-counter trading on Thursday after closing the day 2.2% higher.

For the full year, TeraWulf posted a net loss of $91.6 million, compared with a net loss of $95.7 million from 8 February 2021 – the company’s inception – to 31 December 2021.

As of February 28, TeraWulf had reached a hash rate of 2.6 exhashes per second (EH/s), which is a measure of the computing power used to mine and process blockchain transactions with proof-of-work. According to the report, the company has around 26,000 mining computers installed at its two facilities, with plans to increase capacity to 50,000 in the second quarter of this year, which will be able to deliver speeds of 5.5 EH/s.

Earlier this month, the company said it had completed an underwritten public offering and raised about $27.7 million. In February, the company said in a statement that it had restructured its debt to existing creditors until April 2024.

At the end of last year, TeraWulf had about US$1.3 million in cash and cash equivalents, with “restricted cash” of US$7 million, up from US$43.4 million at the end of 2021.

Total daily income for bitcoin miners reached US$28.6 million on Thursday, up from US$16.2 million on 1 January and US$13 million on 22 November 2022 – the lowest levels of last year.