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Bitcoin mining company TeraWulf's net loss widened to 61.4 million dollars in the first quarter.
Bitcoin mining company TeraWulf announced its Q1 2025 financial report, with a net loss of 61.4 million USD, significantly higher than the 9.6 million USD loss in the same period last year. The company's revenue fell to 34.4 million USD year-on-year, while the cost of revenue surged to 24.5 million USD, accounting for 71.4%. TeraWulf stated that the revenue decline was mainly affected by the Bitcoin halving, with block rewards decreasing from 6.25 BTC per block to 3.125 BTC. In addition, the rising network difficulty and severe weather conditions in New York also impacted its mining farm operations. (Cointelegraph)