TeraWulf Reports 21% Drop in Bitcoin Mining, Prepares for AI Expansion

Bitcoin mining company TeraWulf mined 699 BTC in the second quarter of the year — a 21% drop year-over-year — but the company still beat analyst expectations and reported quarterly revenue of $35.6 million. TeraWulf Reports 21% Drop in Bitcoin Mining, Prepares for AI Expansion

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Despite beating revenue expectations, Bitcoin mining company TeraWulf disappointed investors, reporting a 21% drop in the amount of Bitcoin mined during the second quarter of 2024.

In its second-quarter earnings report, released on August 2, the company said it mined 699 BTC

tickers down

$60,790

during the period, down 21% year-over-year.

In the report, the company reported second-quarter revenue of $35.6 million, slightly beating analysts’ expectations of $35.4 million. However, the company reported a quarterly loss of $0.03$ per share.

TeraWulf reports 21% drop in Bitcoin mined YoY. Source: TeraWulf