7 Best Bitcoin Stocks To Buy Right Now

4. TeraWulf Inc. (NASDAQ:WULF)

Number of Hedge Fund Holders: 37

TeraWulf Inc. (NASDAQ:WULF) develops, owns, and operates fully integrated Bitcoin mining facilities across the United States. Currently, the firm operates two bitcoin mining facilities including the Nautilus Cryptomine Facility in Pennsylvania which is directly powered by nuclear energy, and the Lake Mariner Facility in New York which utilizes more than 91% zero-carbon energy sourced from the grid.

TeraWulf’s extensive 600 megawatts of owned and scalable infrastructure serve as its competitive edge. TeraWulf Inc. (NASDAQ:WULF) is one of the most efficient public Bitcoin miners and digital infrastructure owners, with a fleet efficiency of 23.7 joules per terrahash. TeraWulf has solidified its existing market position by utilizing its successful bitcoin mining as the foundation for strategically moving into alternative compute hosting. Financed by an industry-leading OEM, the Bitcoin minor committed to purchasing a 128 GPU cluster from NVIDIA in the recent quarter. The firm is also carrying out the construction of a 2 MW AI/HPC digital infrastructure proof-of-concept building which has been designed to house high-density GPUs. The project is expected to be completed in early September.

The most recent August 2024 production and operations highlights show that TeraWulf’s installed and operational self-mining capacity witnessed a 100% year-over-year increase by hitting approximately 10.0 exahashes per second. The firm achieved an average production rate of approximately 5.9 bitcoin per day by mining 184 bitcoin during the month. The operational infrastructure capacity as of August comprises 50 MW at the Nautilus facility and 195 MW at the Lake Mariner facility.

The above strategic positioning and large-scale facilities enable TeraWulf to cater to the rising demand of the data center market. The firm’s focus on scalable zero-carbon energy infrastructure is a differentiating factor. The stock was held by 37 hedge funds at the end of Q2 which ranks it among the top cryptocurrency stocks to buy according to hedge funds.