2024

Bitcoin

April

TeraWulf, a prominent player in the Bitcoin mining industry, reported robust financial results for Q2 2024, driven by significant revenue growth despite challenges related to increased network difficulty and decreased block rewards. The company's revenue for the quarter reached $35.6 million, marking an impressive 130.2% year-over-year increase. Gross profit, excluding depreciation, amounted to $21.7 million, while the company posted an adjusted EBITDA of $19.5 million, according to <a href="https://investors.terawulf.com/news-events/press-releases/detail/84/terawulf-reports-second-quarter-2024-financial-results">Terawulf</a>. 
However, TeraWulf's operational achievements were somewhat tempered by a decline in Bitcoin production and a sharp rise in <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">electricity</a> costs. The company’s mining capacity increased by 80% compared to the same period last year, reaching 8.8 EH/s by June 30, 2024. This growth enabled TeraWulf to mine 699 Bitcoins across its Lake Mariner and Nautilus Cryptomine facilities, though this represented a 21.4% decrease from Q2 2023. 
Despite the drop in production, the total value of Bitcoins mined in Q2 2024 was $46.1 million, nearly double the $24.9 million reported in Q 2 2023. This increase in value is attributed to higher Bitcoin prices during the period, offsetting the reduced output. 
One of the most notable challenges highlighted in the report was the substantial increase in electricity costs per Bitcoin. In Q2 2024, the cost of electricity for self-mining surged to $22,954 per Bitcoin, a dramatic rise from $6,688 in the same quarter of the previous year. This increase was largely due to the doubling of network difficulty and the halving of Bitcoin rewards in April 2024, which has significantly impacted the profitability of Bitcoin mining operations.

TeraWulf Reports 130% Revenue Growth in Q2 2024

Ultramining_Eng

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