According to CryptoPotato, TeraWulf's second-quarter earnings report for 2024 showed a mixed performance. The company mined 699 BTC across its Lake Mariner and Nautilus Cryptomine facilities, marking a 21% decrease from the same period last year. Despite the lower production, TeraWulf's revenue for the quarter was $35.6 million, slightly above the estimated $35.4 million. However, the company posted a loss of $0.03 per share, worse than the anticipated $0.02 loss per share.

The report highlighted a significant 243% increase in the cost of mining Bitcoin, with expenses rising from $6,688 per Bitcoin in Q2 2023 to $22,954 per Bitcoin in Q2 2024. This surge was attributed to a nearly doubled network difficulty and the impact of April's Bitcoin Halving, which reduced the reward miners receive. TeraWulf CFO Patrick Fleury commented on the results, stating that the company delivered solid financial performance despite the challenging environment following the Bitcoin reward halving. He emphasized the company's strong cash position and elimination of debt, which he believes positions TeraWulf well for future growth. Fleury also mentioned the company's commitment to maximizing shareholder value as it diversifies into high-performance computing (HPC) and AI expansion in the latter half of the year.

TeraWulf is currently advancing activities to support a large-scale HPC and AI project at the Lake Mariner Facility. The company has allocated an initial 2 MW of power to the project, which can support thousands of advanced graphics processing units (GPUs). In the second quarter, TeraWulf acquired a 128-GPU cluster from NVIDIA, financed by a top OEM. To facilitate this effort, the company has upgraded the internet connectivity at the Lake Mariner Facility to handle AI bandwidth needs, installed a closed-loop liquid cooling system, and implemented power supply redundancy to ensure complete reliability.