TeraWulf reports 21% drop in Bitcoin mining volume in Q2, but revenue beats expectations

TeraWulf’s second-quarter earnings, launched in early August, confirmed combined outcomes.

Though the corporate produced fewer Bitcoins than throughout the identical interval in 2023, its income elevated barely in comparison with anticipated figures.

TeraWulf second quarter outcomes

this Report It was revealed that TeraWulf mined 699 BTC at its Lake Mariner and Nautilus Cryptomine services, a 21% lower from the identical interval final yr.

Then again, the corporate’s income for the quarter was $35.6 million, barely above estimates of $35.4 million. Nonetheless, TeraWulf reported a lack of $0.03 per share, worse than the anticipated lack of $0.02 per share.

Bitcoin mining prices additionally surged by 243%, with charges climbing from $6,688 per Bitcoin within the second quarter of 2023 to $22,954 per Bitcoin within the second quarter of 2024.

The expansion was pushed by the practically doubling of community problem and the influence of April’s Bitcoin halving, which decreased the rewards miners obtain. Commenting on the newest figures for Q2 2024, TeraWulf Chief Monetary Officer Patrick Fleury stated:

“Through the second quarter of 2024, TeraWulf achieved strong monetary outcomes, with a complete of 699 Bitcoin mined at our services, even in a difficult underlying enterprise atmosphere following the April Bitcoin reward halving. As well as, we A strong stability sheet, targeted on a robust money place and debt elimination, positions us effectively for future development as we diversify into high-performance computing and synthetic intelligence within the second half of the yr, and we stay dedicated. Maximize shareholder worth.

Concentrate on large-scale HPC and AI tasks

TeraWulf is at present advancing actions to assist large-scale high-performance computing (HPC) and synthetic intelligence tasks on the Lake Mariner facility.

The mining firm has allotted an preliminary 2 megawatts of energy for the mission, which is able to assist hundreds of superior graphics processing items (GPUs). Within the second quarter, it acquired a 128-GPU cluster from NVIDIA, funded by a prime OEM.

To facilitate this effort, TeraWulf stated it has upgraded the Lake Mariner facility’s community connectivity to fulfill AI bandwidth wants, put in a closed-loop liquid cooling system, and carried out energy redundancy to make sure full reliability.