TeraWulf’s Bitcoin Mining Results: 360% Revenue Growth in 2023

The TDR Three Takeaways for TeraWulf:

1. TeraWulf’s annual revenue from Bitcoin mining surged by 360% in 2023, showcasing significant growth.
2. With expansion, TeraWulf increased its Bitcoin mining capacity by over four times since the start of 2023.
3. TeraWulf achieved a cost of power at 3.2 cents per kWh for Bitcoin mining, outperforming its own projections.

TeraWulf (Nasdaq:WULF) reported its full year 2023 financials which included an unprecedented surge in its Bitcoin mining operations. It reported a 360% increase in annual revenue and a remarkable 550% growth in self-mined Bitcoin, reaching 3,407 coins. The company’s ability to achieve a realized cost of power at 3.2 cents per kWh, notably below the guidance of 3.5 cents, underscored its operational efficiency in reducing energy expenses, a main KPI component of Bitcoin mining profitability.

Throughout the year, TeraWulf’s operational capacity in Bitcoin mining reached 8 exahashes per second (EH/s); demonstrating the company’s expansion. This capacity growth, more than quadrupling since the beginning of 2023, has been a key driver in its revenue and Bitcoin production increases. By the end of February 2024, TeraWulf’s cash and Bitcoin holdings were reported at $49 million, highlighting a financial position that supports further expansion.

TeraWulf aims to reach an operational capacity of 300 megawatts (MW) by the end of 2024 and scale up to 550 MW by the end of 2025. Patrick Fleury, TeraWulf’s CFO, and Nazar Khan, COO, also highlighted the company’s exceptional operational performance and the strategic focus on leveraging its highly efficient infrastructure for future expansions. This ambitious growth plan is supported by the company’s focus on financial transparency, debt reduction, and expansion of its organic infrastructure. The commitment to a low-cost and environmentally sustainable power strategy has positioned TeraWulf as an industry leader in the Bitcoin mining sector.

In addition to scaling its Bitcoin mining operations, TeraWulf is actively exploring the utilization of its proprietary infrastructure for advanced AI and High-Performance Computing (HPC) applications, aiming to unlock additional value and diversify its technological capabilities.

With a focus on ESG principles and leveraging zero-carbon energy resources, TeraWulf is not only advancing its Bitcoin mining capacities but also contributing to the sustainable development of the cryptocurrency mining industry. The company’s strategic initiatives and financial achievements in 2023 have solidified its position as a leader in the Bitcoin mining sector, poised for continued growth and innovation in the coming years. Want to keep up to date with all of TDR’s research and news, subscribe to our daily Baked In newsletter.