TeraWulf mining company produced 699 BTC in Q2, with revenue of $35.6 million

BlockBeats news, on August 13, Bitcoin mining company TeraWulf released its Q2 financial report, producing 699 BTC in the quarter, a year-on-year decrease of 21%. Q2 revenue was $35.6 million, slightly higher than the market's general expectation of $35.4 million.

In addition, the company reported a quarterly loss of $0.03 per share, lower than the expected loss of $0.02 per share. The company also pointed out that Bitcoin mining costs increased by 243% year-on-year, and mining expenses increased from $6,688/BTC in Q2 2023 to $22,954/BTC in Q2 2024.

At the same time, TeraWulf said that it will continue to focus on expanding into high-performance computing (HPC) and artificial intelligence in the second half of the year, and has begun construction of a new building at its Lake Mariner plant. The facility is expected to contribute an additional 50 MW of infrastructure capacity when it comes online in Q1 2025.