TeraWulf Q3 revenue up 87% as Bitcoin nearly doubles over the year

TeraWulf reported the average price of Bitcoin during Q3 was $114,390, compared to only $61,023 for the same period last year.

United States-based Bitcoin mining company TeraWulf nearly doubled its third-quarter revenue this year thanks to price growth in Bitcoin, as well as an expansion in mining capacity and new income from its AI business.

Revenue for the third quarter increased 87% year-over-year to $50.6 million, with “digital asset revenue” making up $43.4 million, according to TeraWulf’s Q3 earnings report on Monday.

In Q1, the company had reported a net loss, and in Q2, the miner’s revenue increased 34% year-over-year to $47.6 million. 

Read more