Bitcoin mining company TeraWulf posted a sharp rebound in the third quarter, nearly doubling its revenue year-over-year as the company benefited from rising bitcoin prices and growing exposure to artificial intelligence infrastructure.
Key takeaways:
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TeraWulf’s third-quarter revenue jumped 87% to $50.6 million, helped by rising bitcoin prices and growing AI infrastructure income.
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The mining company produced fewer bitcoins but made up for the decline with an average bitcoin price of $114,390.
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TeraWulf is diversifying into AI and data hosting, securing multi-billion-dollar deals with Fluidstack and Google.
In its third-quarter earnings report released Monday, the US-based company said total revenue rose 87% to $50.6 million, driven largely by higher bitcoin prices and additional income from high-performance computing (HPC) leasing. Of this total, $43.4 million came from “digital asset revenues.”
TeraWulf mined 377 bitcoins during the quarter, down from 555 a year earlier, but was offset by stronger prices, with the average bitcoin price during the period reaching $114,390, compared to $61,023 in Q3 2024.
“The increase in revenue was primarily due to higher average Bitcoin prices, which was partially offset by a decrease in Bitcoin mined,” the company said.
The company also attributed the results to the expansion of mining capacity and the start of rental income related to artificial intelligence.
Following the April 2024 halving that reduced block rewards, many miners, including TeraWulf, have begun reallocating a portion of their operations to AI and high-compute workloads to diversify revenue streams.
CEO Paul Prager said the company remains “directly focused on execution as we move forward with our next phase of growth for 2027 and beyond.”
Expanded highlights Partnership with Fluidstack and Google At TeraWulf’s Mariner Lake site in New York, with additional development work underway at the Abernathy joint venture in the Southwest Power Pool.
To support its data center buildout, TeraWulf announced a $3.2 billion secured bond offering in October and signed three 10-year lease deals worth $6.7 billion with Fluidstack to host its AI infrastructure.
TeraWulf (WULF) shares rose as much as 6% on Monday to $14.85 before paring gains to close at $14.30, up 0.49% for the day.
The strong quarterly performance underscores how miners are adapting to changing Bitcoin economics, balancing the expansion of AI hosting while continuing to benefit from stronger recovery momentum for the Bitcoin market.
As reported, Bitcoin miners It faces increasing pressure as profitability declines to its lowest level in months, driven by higher energy costs, falling Bitcoin prices, and lower block rewards after the April halving.
