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TeraWulf's Q1 HPC Revenue Surpasses Bitcoin Mining Income for First Time

GateNews
Industry ReportsStocksbitcoin news
BTC-0.94%

According to TeraWulf’s Q1 earnings report cited by ChainCatcher, the bitcoin miner’s high-performance computing (HPC) rental revenue reached $21 million, surpassing bitcoin mining revenue of under $13 million for the first time. The company reported total Q1 revenue of $34 million, flat year-over-year. The company posted a net loss of $427.6 million, primarily due to non-cash warrant revaluation. CFO Patrick Fleury emphasized the shift from “volatile mining income” to “stable long-term computing contract revenue.” TeraWulf’s Lake Mariner data center in New York has 60 MW of HPC capacity now generating revenue, with plans for further expansion this year.

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