TeraWulf Inc., a leading digital asset technology firm specializing in sustainable energy development and digital infrastructure, has reported its financial performance and business developments for the quarter ended March 31, 2024. The company's primary revenue source is bitcoin mining, conducted at its sustainable mining facilities in the United States, which are powered by zero-carbon energy sources. TeraWulf has established WULF Compute, an internal innovation center focused on high-performance computing (HPC) initiatives to diversify revenue streams. As of March 31, 2024, TeraWulf's mining operations were 95% fueled by zero-carbon energy, with a combined operating capacity of 8.0 EH/s and approximately 66,900 miners deployed. The company has a total operational capacity of 210 MW and is constructing an additional 35 MW at its Lake Mariner...Show More

TeraWulf Inc., a leading digital asset technology firm specializing in sustainable energy development and digital infrastructure, has reported its financial performance and business developments for the quarter ended March 31, 2024. The company's primary revenue source is bitcoin mining, conducted at its sustainable mining facilities in the United States, which are powered by zero-carbon energy sources. TeraWulf has established WULF Compute, an internal innovation center focused on high-performance computing (HPC) initiatives to diversify revenue streams. As of March 31, 2024, TeraWulf's mining operations were 95% fueled by zero-carbon energy, with a combined operating capacity of 8.0 EH/s and approximately 66,900 miners deployed. The company has a total operational capacity of 210 MW and is constructing an additional 35 MW at its Lake Mariner Facility. TeraWulf's bitcoin mining facilities, Lake Mariner and Nautilus Cryptomine, have demonstrated strategic growth and efficiency improvements. The company plans to expand mining capacity at the Nautilus Cryptomine Facility by an additional 50 MW in 2025. TeraWulf's financial results show an increase in revenue for the quarter ended March 31, 2024, compared to the same period in 2023, primarily due to increased mining capacity and the higher quoted price of bitcoin. The company's cost of revenue also increased, mainly due to the expansion of mining and hosting capacity. TeraWulf's operating expenses rose due to higher property insurance, miner repair costs, and staffing at the Lake Mariner Facility. The company's future plans include continuing to increase mining capacity at its operating facilities and completing the construction of the fourth building at the Lake Mariner Facility.