U.S.-based Bitcoin miner TeraWulf reported an 87% year-over-year revenue increase for the third quarter, reaching $50.6 million, driven by higher Bitcoin prices, expanded mining capacity, and new AI-related income streams. Digital asset revenue accounted for $43.4 million of total earnings.
The company mined 377 Bitcoin during the quarter down from 555 a year earlier, but benefited from a nearly twofold rise in Bitcoin’s average price to $114,390 compared to $61,023 in Q3 2024. TeraWulf also began earning revenue from high-performance computing leases, underscoring its pivot toward AI infrastructure following April’s halving event.
CEO Paul Prager said TeraWulf is focused on executing its next growth phase through 2027 and expanding partnerships with Fluidstack and Google to scale its Lake Mariner and Abernathy data centers. The miner recently announced a $3.2 billion notes offering to fund ongoing expansion.