Yahya 
A Bitcoin mining company called TeraWulf has reported its mixed second-quarter figures for 2024 where it noted mining has reduced drastically along with an evident rise in the mining costs. Mining 699 Bitcoin in the second quarter, the business stated in its Aug. 2 earnings report that this is 21% down compared to the same quarter of 2020.
Although production dropped, TeraWulf achieved $35.6 million in sales over a consensus estimate of $35.4 million, therefore marginally surpassing income expectations. Though not as opposed to the expected $0.02 loss per share, the corporation fell short of expectations with a quarterly loss of $0.03 per share.
TeraWulf also highlighted the cost of mining a Bitcoin and observed a 243% year-over-year rise from $6,688 in Q2 2023 to $22,504 for Q2 2024. The company said that “approximate doubling” of network difficulty and the effect of April’s Bitcoin Halving suggesting a decrease in Bitcoin denominated payouts for miners were the causes of the significant upside.
TeraWulf is still dedicated moving ahead to strategically grow into artificial intelligence (AI) and high-performance computing (HPC). At its Lake Mariner location, the company has started working on a new project expected to have 50 MW of infrastructure capacity by the first quarter of 2025. Beginning with a 2 MW block and procuring a 128-GPU cluster from NVIDIA, the corporation has announced aspirations to enter HPC and artificial intelligence at the Lake Mariner site.
Especially after Riot Platform’s failed $950 million aggressive takeover attempt of Bitfarms in June, the study also matches current discussions on mergers and acquisitions in the Bitcoin mining sector.
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