Leading Bitcoin mining company TeraWulf Inc. announced its unaudited interim financial results for the first quarter of fiscal year 2024 along with an operational update.
In Q1 2024, TeraWulf self-mined a total of 1,057 bitcoin across its Lake Mariner and Nautilus Cryptomine facilities, including 6 bitcoin through profit sharing from a hosting agreement, valued at $56.8 million.
Its revenue almost doubled to $42.4 million ($23.3 million in the previous quarter), marking a significant 81.8% increase.
Paul Prager, CEO of TeraWulf, expressed satisfaction with the company’s performance, citing it as a new benchmark for profitability among publicly traded bitcoin miners. He added:
“During this period, we also further solidified our financial foundation by reducing debt and augmenting our cash reserves.”
Prager highlighted TeraWulf’s focus on capital efficiency and sustainable growth, aiming to maximize returns on invested capital while minimizing shareholder dilution.
He pointed out the company’s competitive edge with 600 megawatts of owned and scalable digital infrastructure capacity, allowing for both bitcoin mining and alternative compute hosting services.
Terawulf’s Operational Highlights
TeraWulf reports its hash rate capacity at the Lake Mariner Facility increased to 6.1 EH/s by March 31, 2024, marking an impressive 205% increase compared to the same period last year.
The firm also secured a new mining hardware purchase and option agreement with Bitmain, acquiring 5,000 Antminer S21 miners for $17.5 million, and deposited $9.6 million for an additional 30,000 miners.
TeraWulf’s shoed strong financial performance, reporting an adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $32.0 million in Q1 2024 compared to $16.4 million in Q4 2023.
As with all Bitcoin mining, power costs remain one of the primary drivers of profitability. Terawulf’s cost per self-mined bitcoin rose quarter-over-quarter to $15,501 in Q1 2024, up from $10,308 in Q4 2023, attributed to a 15.5% rise in network difficulty and higher energy prices.
The company’s expansion plans include the purchase of S21 miners from Bitmain and the development of Building 4 and Building 5 at the Lake Mariner Facility.
Prager explained:
“We are strategically expanding our bitcoin mining hash rate while concurrently developing a robust high-performance computing offering. This dual-pronged approach positions us favorably to capitalize on emerging opportunities in both markets.”
He also noted TeraWulf’s strategic position to meet the rising demand for sustainable computing solutions, given its access to low-cost, zero-carbon power.
