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Nov 11, 2025Bitcoin miner TeraWulf posted a sharp rebound in the third quarter, nearly doubling its year-over-year revenue as the company benefited from Bitcoin’s price surge and growing exposure to artificial intelligence infrastructure.
In its Q3 earnings report released Monday, the US-based company said total revenue rose 87% to $50.6 million, driven largely by higher Bitcoin prices and additional income from high-performance computing (HPC) leasing. Of that total, $43.4 million came from “digital asset revenue.”
TeraWulf Offsets Lower Bitcoin Output With Higher Prices, Boosting Revenue
TeraWulf mined 377 Bitcoin during the quarter, down from 555 a year earlier, but compensated with stronger pricing; the average Bitcoin price during the period was $114,390, compared with $61,023 in Q3 2024.
To support its data center build-out, TeraWulf announced a $3.2 billion senior secured notes offering in October and signed three 10-year lease deals worth $6.7 billion with Fluidstack for AI infrastructure hosting.
The strong quarterly performance underscores how miners are adapting to Bitcoin’s shifting economics, balancing AI hosting expansion while still riding the momentum of a stronger BTC market recovery.
Bitcoin Mining Profitability Hits Multi-Month Lows
As reported, Bitcoin miners are facing mounting pressure as profitability plunges to its lowest level in months, driven by rising power costs, declining Bitcoin prices, and reduced block rewards following April’s halving.
The key profitability metric, known as hash price, has dropped to around $42 per PH/s, nearing break-even levels that threaten smaller operations and squeeze industry margins.
Major US miners are leading this shift. Cipher Mining recently secured a $5.5 billion AI computing deal with Amazon Web Services, and IREN signed a $9.7 billion agreement with Microsoft for GPU-based AI services.
As Bitcoin’s total hashrate surpasses 1 zetahash per second (ZH/s) for the first time, the industry is increasingly transforming from traditional crypto mining toward powering the broader AI and data infrastructure economy.
Sources >> TeraWulf Q3 Revenue Surges 87% to $50.6M on Bitcoin Rally and AI Expansion