Mining company TeraWulf produced 699 BTC in Q2, with a revenue of 35.6 million dollars

ChainCatcher news, Bitcoin mining company TeraWulf announced its Q2 financial report, with a production of 699 BTC in the quarter, a year-on-year decrease of 21%. Q2 revenue was $35.6 million, slightly above the market expectation of $35.4 million.

Additionally, the company reported a quarterly loss per share of $0.03, lower than the expected loss per share of $0.02. The company also noted that the cost of Bitcoin mining increased by 243% year-on-year, 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 focus on expanding into high-performance computing (HPC) and artificial intelligence in the second half of the year, and has already begun construction of a new building at its Lake Mariner facility. This facility is expected to contribute an additional 50 megawatts of infrastructure capacity when it goes online in Q1 2025.