US-based Bitcoin mining company TeraWulf nearly doubled its revenue in the third quarter of this year thanks to Bitcoin price growth, as well as an expansion in mining capacity and new revenue from its AI business.
Third-quarter revenue increased 87% year-over-year to $50.6 million, with “digital asset revenue” accounting for $43.4 million, according to TeraWulf’s third-quarter earnings report released Monday.
In the first quarter, the company posted a net loss and in the second quarter, the miner’s revenue increased 34% year-over-year to $47.6 million.
“These increases were primarily due to increases in average Bitcoin prices over the periods, partially offset by a decrease in total Bitcoin mined over the periods,” the miner said.
TeraWulf mined 377 Bitcoins in the three months ending September 30, up from 555 in the same period last year, but made up for that as the average Bitcoin price was $114,390, up from just $61,023 in Q3 2024.
He also attributed the increase in revenue to the expansion of mining capacity and the start of high-performance computing rental revenue.
Miners are moving away from Bitcoin
While Bitcoin miners have shifted some of their capacity to AI hosting and high-power computing services after mining rewards were halved in April 2024, the results show that Bitcoin still has a large impact on miner revenue.
TeraWulf CEO Paul Prager said in a statement that “it was a remarkably busy third quarter and fourth quarter for TeraWulf” as it moves away from a focus on Bitcoin mining, with the company “squarely focused on execution while driving forward the next phase of growth for 2027 and beyond.”
“We have expanded our partnership with Fluidstack and Google in Lake Mariner and extended that relationship to the Southwest Power Pool with the Abernathy joint venture,” he added.
Related: Bitcoin miner debt rises 500% as miners prepare for hashrate fight
TeraWulf in October announced a $3.2 billion senior secured note offering to finance a portion of its data center expansion at its Lake Mariner campus in Barker, New York. The miner also signed three 10-year lease agreements with AI infrastructure provider Fluidstack, worth $6.7 billion.
Stock market prices on the rise
During Monday’s trading session, TeraWulf (WULF) stock initially rose to $14.85, a 6% increase from the previous close of $13.94.
However, by the end of the session, the mining stock’s price settled at $14.30 and gained 0.49% after the bell.
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