TeraWulf mining company produced 699 BTC in Q2, with revenue of $35.6 million
Bitcoin mining company TeraWulf has released its Q2 financial report, producing 699 BTC this quarter, a 21% YoY decrease. 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 per share of $0.03, lower than the expected loss per share of $0.02. The company also pointed out that Bitcoin mining costs increased by 243% YoY, with mining expenses rising from $6,688/BTC in Q2 2023 to $22,954/BTC in Q2 2024.Meanwhile, TeraWulf stated that it will continue to expand into high-performance computing (HPC) and artificial intelligence in the second half of the year. The company has already begun building a new facility at its Lake Mariner factory, which is expected to contribute an additional 50 MW of infrastructure capacity when it goes online in Q1 2025.
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