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TeraWulf revenue shifts from Bitcoin mining to AI leasing as mining drops 73%
In the second quarter, digital asset revenue fell to $12.8 million while high-performance computing leasing rose to $31.9 million, bringing total revenue to $44.8 million.
TeraWulf said its Bitcoin-mining revenue declined 73% year over year in the second quarter as high-performance computing and artificial intelligence leases grew to 71% of sales, underscoring how quickly the company is redirecting power and infrastructure toward AI workloads, CryptoSlate reports.
Digital asset revenue dropped to $12.8 million from $47.6 million a year earlier, while HPC leasing generated $31.9 million, lifting total quarterly revenue to $44.8 million. The company said the AI business softened the mining decline but did not fully replace it, leaving overall sales about 6% lower than a year earlier.
TeraWulf continues to operate Bitcoin-mining infrastructure at its Lake Mariner campus in New York, though portions are being repurposed for contracted HPC development. Chief Financial Officer Patrick Fleury said the quarter was another step in the company’s transformation, pointing to HPC’s 71% revenue share and stronger credit support behind its leases.
Financially, TeraWulf reported a $940.8 million net loss in the second quarter, largely driven by a $755.7 million noncash charge tied to the remeasurement of warrant liabilities. The company said Lake Mariner had 81 megawatts of revenue-generating critical IT capacity at the end of June, rising to 102 MW after an early-July delivery, with additional capacity expected to start generating rent in the second half of 2026. After the quarter ended, TeraWulf also signed a 20-year lease to provide Anthropic about 401 MW at its Justified campus in Kentucky, according to the report.
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