Bitcoin miner TeraWulf reports 146% revenue growth, expanded mining capacity

Nasdaq-listed Bitcoin mining firm TeraWulf, which started operations in March last year, reported a 146% surge in revenue in the fourth quarter of last year compared to the previous quarter on expanded mining capacity at the U.S.-based company, according to an earnings release on Thursday.

See related article: Bitcoin mining difficulty rises 7.6% to set new all-time high as hashrate jumps

Fast facts

• TeraWulf reported US$9.6 million in revenue in the fourth quarter, largely attributable to what it called a significant increase in mining operations at the company’s Lake Mariner facility on the shore of Lake Ontario, New York state.

• “Despite the challenging macro backdrop, 2022 was a transformational year for TeraWulf and we made significant progress on our strategic plan to build the preeminent low-cost, zero-carbon Bitcoin miner,” Paul Prager, founder and chief executive officer, said in the report.

• TeraWulf’s shares on Nasdaq surged 11% in after-hours trading on Thursday after closing the day 2.2% higher.

• For the full year, TeraWulf reported a net loss of US$91.6 million, compared to a net loss of US$95.7 million between Feb. 8, 2021 – when the company was established – and Dec. 31, 2021.

• As of February 28, TeraWulf achieved a self-mining hashrate of 2.6 exahashes per second (EH/s), a measure of the computing power used to mine and process transactions on a proof-of-work blockchain. It had about 26,000 mining computers across its two facilities with a target to ramp up capacity to 50,000 that could accommodate 5.5 EH/s in the second quarter of this year, according to the report.

• Earlier this month, the firm said it completed an underwritten public offering and raised about US$27.7 million. In February, the company said in a statement that it had restructured its debt with existing lenders through April 2024.

• TeraWulf had about US$1.3 million in cash and cash equivalents at the end of last year with its “restricted cash” amounting to US$7 million, compared to its US$43.4 million at the end of 2021, according to the report.

• The total daily revenue of Bitcoin miners reached US$28.6 million on Thursday, compared to US$16.2 million on Jan. 1 and US$13 million on Nov. 22, 2022 – the lowest level last year, according to data from Blockchain.com.

See related article: Biden administration proposes 30% crypto mining tax, closing wash-trading loopholes