TeraWulf (NASDAQ:WulF) stock has surged as Bitcoin hits $71,000. The company has historically generated revenue by mining bitcoin, earning block rewards and transaction fees, and selling the bitcoin it mines for U.S. dollars to fund operations and corporate needs. A rising Bitcoin price can improve revenue, cash generation and mining margins, especially if power costs and network difficulty increase significantly. However, TeraWulf's reported results have already shown a decrease in digital asset revenue in Q4 2025 due to lower bitcoin production and a lower bitcoin price. The next major catalyst for the stock is the May 8 earnings report.