TeraWulf Q3 Revenue Surges 87% to $50.6M on Bitcoin Rally and AI Expansion

Bitcoin miner TeraWulf posted a crisp rebound successful the 3rd quarter, astir doubling its year-over-year gross arsenic the institution benefited from Bitcoin’s terms surge and increasing vulnerability to artificial quality infrastructure.

Key Takeaways:

• TeraWulf’s Q3 gross jumped 87% to $50.6 million, fueled by higher Bitcoin prices and increasing AI infrastructure income.

• The miner produced less Bitcoins but offset the diminution with an mean BTC terms of $114,390.

• TeraWulf is diversifying into AI and information hosting, securing multi-billion-dollar deals with Fluidstack and Google.

In its Q3 net study released Monday, the US-based institution said full gross roseate 87% to $50.6 million, driven mostly by higher Bitcoin prices and further income from high-performance computing (HPC) leasing. Of that total, $43.4 cardinal came from “digital plus revenue.”

TeraWulf mined 377 Bitcoin during the quarter, down from 555 a twelvemonth earlier, but compensated with stronger pricing, the mean Bitcoin terms during the play was $114,390, compared with $61,023 successful Q3 2024.

“The summation successful gross was chiefly owed to higher mean Bitcoin prices, partially offset by a alteration successful Bitcoin mined,” the institution said.

The steadfast besides attributed the results to expanded mining capableness and the commencement of AI-related lease revenue.

Following the April 2024 halving that chopped artifact rewards, respective miners, including TeraWulf, person begun repurposing portion of their operations for AI and high-compute workloads to diversify income streams.

CEO Paul Prager said the institution remains “squarely focused connected execution portion advancing the adjacent signifier of maturation for 2027 and beyond.”

He highlighted an expanded concern with Fluidstack and Google astatine TeraWulf’s Lake Mariner tract successful New York, with further improvement underway astatine the Abernathy associated task successful the Southwest Power Pool.

To enactment its information halfway build-out, TeraWulf announced a $3.2 cardinal elder secured notes offering successful October and signed 3 10-year lease deals worthy $6.7 cardinal with Fluidstack for AI infrastructure hosting.

Shares of TeraWulf (WULF) roseate arsenic overmuch arsenic 6% connected Monday to $14.85 earlier paring gains to adjacent astatine $14.30, up 0.49% for the day.

The beardown quarterly show underscores however miners are adapting to Bitcoin’s shifting economics, balancing AI hosting enlargement portion inactive riding the momentum of a stronger BTC marketplace recovery.

As reported, Bitcoin miners are facing mounting unit arsenic profitability plunges to its lowest level successful months, driven by rising powerfulness costs, declining Bitcoin prices, and reduced artifact rewards pursuing April’s halving.