Bitcoin miner TeraWulf beat revenue and missed earnings expectations as it posted a 21% decline in the amount of Bitcoin it mined in the second quarter of 2024.&nbsp;
In an Aug. 2 second-quarter earnings <a href="https://investors.terawulf.com/news-events/press-releases/detail/84/terawulf-reports-second-quarter-2024-financial-results" target="_blank" rel="noopener noreferrer nofollow">report</a>, the firm said it mined 699 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) in the second quarter, a 21% decline year over year.
The firm reported second-quarter revenue of $35.6 million, slightly beating the consensus estimate of $35.4 million. However, it posted a quarterly loss of $0.03 per share, falling short of an estimated $0.02 loss per share.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/57569fba-21ca-4e54-b25f-8614c520b27d.png" alt="TeraWulf Bitcoin production falls 21% in Q2, looks to AI expansion ">
 <figcaption style="text-align: center;">TeraWulf posted a decline of 21% in mined Bitcoin year-over-year. Source: TeraWulf
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The firm also noted a 243% increase in the cost to mine Bitcoin year over year, which saw mining expenditures rise from $6,688 per Bitcoin in Q2 2023 to $22,954 per Bitcoin in Q2 2024.
The firm explained that this was due to an “approximate doubling” in network difficulty in the same timeframe and <a href="https://cointelegraph.com/learn/bitcoin-halving-how-does-the-halving-cycle-work-and-why-does-it-matter" rel="noopener noreferrer nofollow">April’s Bitcoin Halving</a>, a scheduled <a href="https://cointelegraph.com/news/bitcoin-halving-2024-completion-confirmed" rel="noopener noreferrer nofollow">event that halved</a> the Bitcoin-denominated reward paid to miners for their efforts.
Meanwhile, TeraWulf said it remained committed to expanding into high-performance computing (HPC) and artificial intelligence in the year's second half.
The firm noted that it had begun construction on a new building at its Lake Mariner facility. The building is expected to contribute an additional 50 MW of infrastructure capacity when it comes online in the first quarter of 2025.
Related: <a href="https://cointelegraph.com/news/bitcoin-miner-riot-platforms-reports-84-million-net-loss-second-quarter" rel="noopener noreferrer nofollow">Bitcoin miner Riot Platforms miss estimates with wider Q2 loss</a>
On July 9, TeraWulf <a href="https://cointelegraph.com/news/mining-company-terawulf-pays-outstanding-debt-early" rel="noopener noreferrer nofollow">said it would expand</a> into HPC and AI at its Lake Mariner location, committing an initial 2 MW block to the facility and purchasing a 128-GPU cluster from NVIDIA.
On July 8, TeraWulf’s chief strategy officer, Kerri Langlais, told Cointelegraph that <a href="https://cointelegraph.com/news/bitcoin-miner-terawulf-open-to-merger-not-empire-building" rel="noopener noreferrer nofollow">the firm would consider</a> a merger if it could widen its profit margins.
Discussions around Bitcoin miner merger and acquisition activity came after <a href="https://cointelegraph.com/news/riot-950m-bitfarms-takeover-rejected" rel="noopener noreferrer nofollow">Riot Platforms attempted a “hostile” takeover</a> of rival firm Bitfarms with a $950 million buyout offer in June, which ultimately failed.
Magazine: <a href="https://cointelegraph.com/magazine/china-crypto-ban-investors/" rel="noopener noreferrer nofollow">How Chinese traders and miners get around China’s crypto ban</a>

TeraWulf Bitcoin production falls 21% in Q2, looks to AI expansion

Cointelegraph

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