The American Bitcoin mining company TeraWulf recorded third-quarter revenue of 50.6 million USD, a rise to the sky of 87% compared to the same period last year, thanks to the rise to the sky in Bitcoin prices and the expansion of mining capacity. Revenue from digital assets accounted for 43.4 million USD.
In the three months ending September 30, TeraWulf mined 377 Bitcoin, down from 555 Bitcoin the previous year, but the average price of Bitcoin reached 114,390 USD, nearly double from 61,023 USD in Q3 2024. Additionally, the company began to recognize revenue from the AI sector and high-performance computing services (HPC).
CEO Paul Prager stated that TeraWulf is shifting away from pure Bitcoin mining, focusing on developing AI and data infrastructure. In October, the company issued $3.2 billion in secured bonds and signed a $6.7 billion contract with AI infrastructure provider Fluidstack.
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