2024

Patrick

Bitcoin

April

<ul>
 <li>TeraWulf’s Bitcoin production has fallen by 21% in Q2 2024.&nbsp;</li>
 <li>The firm is expanding to high-performance computing and AI, adding 50 MW capacity by Q1 2025.</li>
</ul>
Bitcoin mining firm TeraWulf’s Q2 2024 financial report disclosed a 21.4% drop in Bitcoin production, totaling 699 BTC compared to the previous year’s second quarter. Amidst the drop, TeraWulf generated $35.6 million in revenue, more than double its earnings of $15.5 million from the previous year.&nbsp;
Moreover, the firm’s gross profit has increased to $21.7 million in Q2 2024 compared to Q2 2023’s $10.3 million. The total self-mining hash rate capacity at the Lake Mariner Facility is 8.8 EH/s as of June 30, 2024, marking an increase of 79.6% from the prior year.&nbsp;
Patrick Fleury, CFO of TeraWulf, <a href="https://x.com/TeraWulfInc/status/1823096212494455087" target="_blank" rel="noopener noreferrer nofollow">stated</a>:&nbsp;
“In the second quarter of 2024, TeraWulf delivered solid financial performance, even in a challenging fundamental business environment following the Bitcoin reward halving in April, mining a total of 699 Bitcoin across our facilities. During the quarter, we maintained our focus on cost management, achieving quarter-over-quarter reductions in power costs at Lake Mariner and SG&amp;A expenses.”&nbsp;
As per the official <a href="https://investors.terawulf.com/news-events/press-releases/detail/84/terawulf-reports-second-quarter-2024-financial-results" target="_blank" rel="noopener noreferrer nofollow">release</a>, the company’s self-mining output has dropped to 539 BTC at its Lake Mariner Facility from 699 BTC in Q2 2023. Moreover, the power cost of self-mined <a href="https://thenewscrypto.com/bitcoin-miners-face-record-low-daily-revenue-in-2024/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> for TeraWulf has increased by 243% year-over-year, rising to $22,954 per BTC in Q2 2024 from $6,688 in the previous year. Besides, the surge in costs might be attributed to the doubling in network difficulty and the impact of Bitcoin <a href="https://thenewscrypto.com/liquidation-by-bitcoin-miners-surges-post-halving-for-operational-costs/" target="_blank" rel="noopener noreferrer nofollow">halving</a> in April 2024, which reduced the block rewards for miners.
<h3 class="wp-block-heading" id="h-upcoming-plans-for-terawulf-s-bitcoin-mining-operations">Upcoming Plans for TeraWulf’s Bitcoin Mining Operations</h3>
TeraWulf is focusing on high-performance computing (HPC) and artificial intelligence (AI), investing in a 128-GPU cluster from tech giant NVIDIA. Moreover, the firm has begun construction on Building 5 at its Lake Mariner facility. It aims to potentially increase TeraWulf’s Bitcoin mining capacity at the site by up to 2.5 EH/s and provide an additional 50 megawatts of infrastructure capacity by Q1 2025.
Paul Prager, CEO of TeraWulf, mentions that 600MW of owned and scalable infrastructure is a key advantage, and the company is shifting into HPC. This infrastructure aids in meeting the growing demand for high-power data center capabilities to sustain long-term growth and profitability.&nbsp;
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TeraWulf Q2 Revenue Surges Despite 21% Drop in Bitcoin Production

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