Bitcoin miner TeraWulf's Q3 revenue surged by 87%, shifting operational focus to AI business

ChainCatcher news, according to Cointelegraph, US bitcoin miner TeraWulf released its Q3 financial report on Monday, with revenue reaching $50.6 million, an 87% year-on-year increase. Of this, digital asset revenue was $43.4 million.

Although only 377 bitcoins were mined this quarter, down from 555 in the same period last year, the price increase more than compensated for the decline in production. The company stated that revenue growth also came from hash rate expansion and the launch of its AI high-performance computing leasing business.

TeraWulf is accelerating its transition away from a single mining model. CEO Paul Prager said that the company was extremely busy from Q3 to Q4, having expanded its Lake Mariner partnership with Fluidstack and Google, and entered the Southwest Power Pool through the Abernathy joint venture project. In October, the company issued $3.2 billion in senior secured notes for the expansion of the Lake Mariner data center, and signed three 10-year AI infrastructure leasing agreements with Fluidstack, totaling $6.7 billion.

On the day the financial report was released, TeraWulf's stock (WULF) reached an intraday high of $14.85, up 6%, and closed at $14.30, a slight increase of 0.49%. Although miners are generally shifting to AI businesses, the price of bitcoin still remains the core factor affecting their revenue.