A company that is changing the way the world mines bitcoin

Cryptopolitan 2025-03-01 01:36:00

TeraWulf’s revenue surges 102% as Bitcoin holdings nearly quadruple

Bitcoin mining company TeraWulf’s 2024 yearly revenue surged 102%, partly due to the company’s focus on mining more Bitcoin and improving its system capabilities. Paul Prager, CEO of TeraWulf, believes 2024 was a good year for the company, saying their achievements helped to solidify its leadership role in digital infrastructure. He added that their firm is at the “convergence of Bitcoin mining and HPC hosting.” claiming they will continue to lead in the next generation of digital solutions. TeraWulf Bitcoin holdings have exceeded 1800 BTC TeraWulf’s increased revenue was mostly attributed to the rise in the amount of Bitcoin mined and overall BTC prices. Following the revenue rise, the company even cleared its long-held debt, paying off almost $140 million in 2024. Moreover, the firm’s on-GAAP adjusted EBITDA jumped from $31.9 million in 2023 to $60.4 million, and by the end of the year, it had cash and cash equivalents of $274.1 million and about 1801 BTC. CEO Prager expects the company to scale up its high-performance commute (HPC) capacity by 100-150MW annually, adding that they are targeting to execute roughly 72.5 MW of HPC hosting capacity by the year’s close. However, Bitcoin is showing no signs of a price recovery in February, with some predicting the token will close the month with a 21% dip. Some analysts have blamed the lack of positive catalysts for the price fall in the last few weeks, as well as the lack of technical support levels at $80,000 and $95,000. Bitcoin price correction could easily influence TeraWulf’s 2025 revenue earnings. CFO Patrick Fleury claims the company sold some of its equity Patrick Fleury, Chief Financial Officer, stated that they had about $500 million in oversubscribed convertible debt offering. He claimed the debt offering helped increase their liquidity and provide funds for their HPC hosting. Additionally, he said that the sale of their 25% equity interest in Nautilus, helped them get back $85 million which they reinvested in Lake Mariner’s HPC hosting capacity. Prager even added: We expanded our self-mining capacity to 9.7 EH/s, secured long-term data center lease agreements with a credit-worthy counterparty that are expected to generate significant recurring revenue, providing a stable foundation for long-term growth, and enhanced our financial flexibility through strategic asset monetization and capital raises. Paul Prager Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

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