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- 1 According to Q4 reports of TeraWulf, the Bitcoin mining company has reported nearly 146% of increase in revenue.
- 2 The increase in its revenue is due to the Bitcoin mining company having strengthened its operations.
TeraWulf, a Bitcoin (BTC) mining company, released its financial report for the fourth quarter (Q4) of FY 23. It generated $15 million in revenue and self-mined 524 Bitcoins (BTCs) last year. It has also “reiterated its 5.5 EH/s computing power target for the second quarter (Q2) of 2023,” as CoinDesk reported.
Moreover, as per the report, TeraWulf noted an increase of more than 140% in its revenue between the Q3 ‘22 and Q4 ‘22. This revenue surge is basically due to its deployment of machines, as the mining company mentioned in its Q4 reports on March 30, Thursday.
Bitcoin Mining Company: Revenue Growth in Weak Market
TeraWulf’s revenue for the last three months of 2022 amounted to $9.6 million. Meanwhile, the cost of operations was $17.7 million, which is nearly 46% higher than its Q3 results. After its Q4 reports, the share price of TeraWulf (NASDAQ: WULF) spiked 11% in its after-hours trading.
The BTC mining company had a rough year in 2022 because of the crypto winter. The cash flow of the company was in a downtrend at the end of Q3 ‘22. Meanwhile, combining all of the year, the net loss of the mining company attributable to common stockholders was $91.6 million. In February, TeraWulf reframed its debt.
Its competitors – Stronghold Digital Mining (NASDAQ: SDIG) and Bitfarms (NASDAQ: BITF) also shared their Q4 ‘22 reports recently. Stronghold noted its Q4 ’22 revenue of $23.4 million, while Bitfarms’s revenue was $27 million in its Q4 ’22 results.
Notably, this month, TeraWulf brought machines online in its nuclear powered Nautilus facility in Pennsylvania. The miner has secured a power agreement for 2 cents per kilowatt hour (kWh) of power for 5 years.
This Nautilus facility is a joint venture of TeraWulf and Talen Energy. TeraWulf held 25% after decreasing its stake from a 50-50 split with Talen Energy. The miner expects to deploy 1.9 Exahash/sec (EH/s) of rigs at this facility in its second quarter.
TeraWulf reiterated its target to reach 5.5 EH/s in the Q2, which it previously said will comprise 5 EH/s of self-mining and 0.5 EH/s of hosting. The CEO Paul Prager said during a Thursday conference call that the miner has “raised all capital necessary to achieve its 5.5 EH/s aim.” The BTC mining company further added that they are looking for consolidation opportunities to enhance its mining capacity.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
