Terawulf Q3 Revenue Up 87% As Bitcoin Nearly Doubles Over The Year

TeraWulf reported the average price of Bitcoin during Q3 was $114,390, compared to only $61,023 for the same period last year.

United States-based Bitcoin mining company TeraWulf nearly doubled its third-quarter revenue this year as the price of Bitcoin grew significantly from a year ago, along with expanded mining capacity and new income from its AI business.

Revenue for the third quarter increased 87% year-over-year to $50.6 million, with “digital asset revenue” making up $43.4 million, according to TeraWulf’s Q3 earnings report on Monday.

In Q1, the company had reported a net loss, and in Q2, the miner’s revenue increased 34% year-over-year to $47.6 million.

“These increases were primarily due to the increase in average Bitcoin prices during the periods, partially offset by a decrease in total Bitcoin mined during the periods,” the miner said.

TeraWulf mined 377 Bitcoin in the three months ending Sept. 30, compared to 555 in the same time frame last year, but made up for it as the average price of Bitcoin was $114,390 compared to just $61,023 in Q3 2024.

It also attributed the revenue surge to the expansion of mining capacity and the commencement of high-performance computing lease revenue.

While Bitcoin miners have been shifting some of their capacity toward AI and high-power computing hosting services following the April 2024 halving cut mining rewards, the results show that Bitcoin still has a large impact on miner revenues.

TeraWulf CEO, Paul Prager, said in a statement, the “third quarter into the fourth has been remarkably busy for TeraWulf,” as it moves away from a focus on Bitcoin mining, and is “squarely focused on execution while advancing the next phase of growth for 2027 and beyond.”

“We expanded our partnership with Fluidstack and Google at Lake Mariner and extended that relationship into the Southwest Power Pool with the Abernathy joint venture,” he added.

Source: CoinTelegraph