TeraWulf Inc., a leading digital asset technology firm specializing in sustainable bitcoin mining, has reported its financial performance and business developments for the quarter ending June 30, 2024. The company's revenue primarily comes from bitcoin mining at its sustainable mining facilities, supplemented by miner hosting services. TeraWulf's mining operations are powered by predominantly clean energy, with a focus on zero-carbon sources. In 2024, TeraWulf established WULF Compute, an innovation center aimed at diversifying revenue through high-performance computing initiatives. The company's mining facilities, Lake Mariner and Nautilus Cryptomine, are powered by zero-carbon energy, with a combined operating capacity of 8.8 EH/s and approximately 71,700 miners deployed. TeraWulf plans to expand its Nautilus Cryptomine Facility by an additional 50 MW in...Show More

TeraWulf Inc., a leading digital asset technology firm specializing in sustainable bitcoin mining, has reported its financial performance and business developments for the quarter ending June 30, 2024. The company's revenue primarily comes from bitcoin mining at its sustainable mining facilities, supplemented by miner hosting services. TeraWulf's mining operations are powered by predominantly clean energy, with a focus on zero-carbon sources. In 2024, TeraWulf established WULF Compute, an innovation center aimed at diversifying revenue through high-performance computing initiatives. The company's mining facilities, Lake Mariner and Nautilus Cryptomine, are powered by zero-carbon energy, with a combined operating capacity of 8.8 EH/s and approximately 71,700 miners deployed. TeraWulf plans to expand its Nautilus Cryptomine Facility by an additional 50 MW in 2025. Financially, TeraWulf has seen an increase in revenue and cost of revenue due to expanded mining capacity and higher bitcoin prices, partially offset by the impact of the bitcoin reward halving in April 2024. The company's operating expenses have increased due to higher property insurance and miner repair costs. TeraWulf has also repaid the remaining balance of its Term Loans and recorded a loss on extinguishment of debt. Looking forward, TeraWulf aims to continue increasing mining capacity and complete the construction of additional infrastructure at its Lake Mariner Facility.