• TeraWulf, a Bitcoin (BTC) mining company, grew its revenue by 146% in the fourth quarter of 2022 compared to the third.
• The company added 110 MW of mining infrastructure and is looking to add another 50 MW by the end of Q2’23.
• TeraWulf reported a net loss of $91.6 million for the year 2022, but has made significant efforts to reduce energy costs and expand its operations.
TeraWulf’s Growth in Q4’22
TeraWulf, a Bitcoin (BTC) mining company, recorded revenue growth of 146% during the fourth-quarter of 2022 compared to the third. The firm said it invested in expanding its mining operations by adding an extra 110 megawatts (MW) of mining infrastructure. TeraWulf also noted that it is looking to add another 50 MW during the next three months to increase its total capacity to 150 MW by the end of the second-quarter of 2023.
TeraWulf’s Operations Since 2021
Since starting operations in February 2021, TeraWulf generated a revenue of $15 million and self-mined 542 BTC. As of February, they owned 18,000 miners – 13,000 self-miners, 5,000 hosted miners – and had an operational capacity of 60 MW. From December 2022 to February 2023, their hash rate increased from 1.4 EH/s to 2.6 EH/s — representing an 86% growth rate.
Efforts To Reduce Energy Costs & Expand Operations
In March 2023 TeraWulf launched their nuclear powered mining facility which cut energy costs by 50%. Their CEO Paul Prager also noted that they have been making significant efforts throughout 2022 to be „the preeminent low-cost zero-carbon bitcoin miner“. Additionally they completed an underwritten public offering raising just below $18 million and restructured their debt with existing lenders until April 2024.
Net Loss for 2022
For all 12 months in 2022 TeraWulf reported a net loss of $91.6 million showing positive sentiment compared to 2021’s total net loss fo $95.7 million between February 2021 and December 2021 combined..
By investing in expanding their mining operations while reducing energy costs through nuclear power sources as well as restructuring debt with lenders until 2024 -Terawulf seems focused on achieving profitability through aggressive expansion plans after reporting losses for two years consecutively