TeraWulf Q3 revenue up 87% as Bitcoin nearly doubles over the year
TeraWulf reported a strong financial performance for the third quarter of 2025, with revenue climbing 87% year-over-year, driven by Bitcoin’s near-doubling in price and expanded mining operations across its U.S. facilities.
The Bitcoin mining firm said in its official earnings release that total revenue reached $52.8 million in Q3, up from $28.2 million a year earlier. The surge was largely attributed to rising Bitcoin prices, higher network efficiency, and increased hash rate capacity.
Expanding Operations Amid Market Recovery
TeraWulf has positioned itself as one of the few publicly traded miners maintaining profitability through Bitcoin’s volatility. The company highlighted that it continued to scale operations at its Lake Mariner facility in New York and Nautilus Cryptomine in Pennsylvania, both of which now operate on over 95% zero-carbon energy.
According to the company’s update, Bitcoin’s strong performance—nearly doubling from around $38,000 in late 2024 to over $70,000 in 2025—played a key role in boosting mining profitability and overall revenue growth.
Official Statement and Outlook
In its official Q3 shareholder letter, TeraWulf stated:
“Our team continues to execute on a strategy that prioritizes energy efficiency and operational scalability. With Bitcoin prices stabilizing at historically strong levels, TeraWulf remains well-positioned for sustainable growth.”
The company added that its total self-mining hash rate increased by 64% year-over-year, reflecting ongoing investments in infrastructure and energy optimization.
Implications for Bitcoin Mining
TeraWulf’s Q3 results highlight the broader resurgence in Bitcoin mining profitability following the network’s April 2024 halving event. While many smaller miners struggled with reduced block rewards, TeraWulf’s scale and low-cost, carbon-neutral energy mix have provided a competitive advantage.
Looking ahead, the firm plans to expand its total operational capacity beyond 10 EH/s by early 2026. Management reaffirmed its commitment to using renewable energy sources and hinted at potential partnerships to enhance operational resilience amid fluctuating Bitcoin prices.
The company’s strong Q3 performance underscores a key trend in the mining industry—efficiency and sustainability are becoming as critical as raw hash power.
