Bitcoin Miner TeraWulf Reports 146% Increase in Revenue as It Ramps Up Operations

The company reiterated its 5.5 EH/s computing power target for the second quarter of this year.

AccessTimeIconMar 30, 2023 at 9:24 p.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC
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Bitcoin mining firm TeraWulf (WULF) saw a 146% increase in revenue between the third and fourth quarters of 2022 as the company ramped up deployment of machines, according to its quarterly report published Thursday.

Revenue amounted to $9.6 million in the final three months of last year. Cost of operations was $17.7 million, up 46% from the third quarter.

TeraWulf shares surged following the report, jumping 11% in after-hours trading.

The miner had a rough 2022 as bitcoin's (BTC) price sank, with cash running low at the end of the third quarter. For all of the year, TeraWulf's net loss attributable to common stockholders was $91.6 million.

The company restructured its debt in February, as have other competitors including Stronghold Digital Mining (SDIG) and Bitfarms (BITF). Others weren't able to land restructuring deals and filed for Chapter 11 bankruptcy protection.

In March, TeraWulf started bringing machines online in its Nautilus facility in Pennsylvania, which is fully powered by nuclear energy. At the site, the miner has secured power agreement for 2 cents per kilowatt hour (kWh) of electricity for five years, which will bring its energy costs down to 3.5 cents across its two facilities. The Nautilus mine is a joint venture, of which TeraWulf owns 25% after downsizing its stake from a 50-50 split with a subsidiary of power producer Talen Energy.

The miner expects to deploy 1.9 exahash/second (EH/s) of rigs at the Nautilus facility in the second quarter. In earlier statements it had specified May.

TeraWulf reiterated its target to reach 5.5 EH/s in the second quarter, which it previously said will comprise of 5 EH/s of self-mining and 0.5 EH/s of hosting. The miner has raised all capital necessary to achieve its 5.5 EH/s aim, CEO Paul Prager said during a Thursday conference call.

The miner also said it is looking for consolidation opportunities to grow its mining capacity. The market is ripe with opportunity as many bitcoin miners are struggling amid the crypto winter.

Edited by Stephen Alpher and Nick Baker.


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Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

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