- The company’s quarterly revenue came in at $35.6M, just shy of the predicted $35.4M.
- TeraWulf’s $0.03 per share loss was worse than the $0.02 per share loss estimation.
The results of TeraWulf’s second quarter, which were announced in August, were not entirely satisfactory. Revenue was up somewhat from the projected statistics. Even though the company’s Bitcoin production was down from the same time in 2023.
In comparison to the same time last year, TeraWulf’s mining output decreased by 21% to 699 BTC at its Lake Mariner and Nautilus Cryptomine facilities, according to the report. In contrast, the company’s quarterly sales came in at $35.6 million, just shy of the predicted $35.4 million. Regardless, TeraWulf’s $0.03 per share loss was worse than the $0.02 per share loss estimation.
The cost of mining Bitcoin also increased dramatically, rising from $6,688 per Bitcoin in Q2 2023 to $22,954 per Bitcoin in Q2 2024—a 243% increase.
Banking on AI
The consequences of April’s Bitcoin Halving, which reduced the incentive miners earn, and a roughly doubling of the network difficulty drove this spike. The TeraWulf team is hard at work at the Lake Mariner Facility, where they will be supporting a massive HPC and artificial intelligence (AI) project.
The project can accommodate thousands of high-end graphics processing units (GPUs) thanks to the first 2 MW of electricity supplied to it by the mining business. By the end of the second quarter, it had purchased a 128-GPU cluster from NVIDIA, with funding provided by a prominent OEM.
A closed-loop liquid cooling system, power supply redundancy, and improved internet connection at the Lake Mariner Facility have all been put in place by TeraWulf to make this endeavor a success. The facility can now manage the increased bandwidth requirements of artificial intelligence.
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