TeraWulf Reports Mixed Q2 Results, Focuses on Large-Scale HPC and AI Project
- 王林Original
- 2024-08-19 06:19:29743browse
TeraWulf's second-quarter earnings report, released earlier in August, demonstrated mixed performance.
TeraWulf (NASDAQ:TERA) reported mixed performance in its second-quarter earnings, releasing the figures earlier in August.
The company mined less BTC than in Q2 2023, but revenue increased slightly compared to estimates. Here's a summary of TeraWulf's Q2 results.
TeraWulf Mined 699 BTC in Q2, a 21% Decrease Year-over-Year
According to the report, TeraWulf mined 699 BTC in the second quarter of 2024 at its Lake Mariner and Nautilus Cryptomine facilities combined. This figure marks a 21% decrease compared to the same period in 2023, where the company mined 886 BTC.
The decrease in BTC mined can be attributed to several factors, including the increasing network difficulty and the effects of April's Bitcoin Halving, which saw the reward given to miners decrease from 6.25 BTC to 3.125 BTC per block.
Despite Mining Less BTC, TeraWulf's Revenue Increased Modestly
The firm's revenue for the quarter was $35.6 million, which showed a slight increase from the estimated figures of $35.4 million. However, TeraWulf posted a loss of $0.03 per share, which was worse than the estimated loss of $0.02 per share.
Moreover, the company witnessed a dramatic 243% rise in the cost of mining Bitcoin, with expenses increasing from $6,688 per Bitcoin in Q2 2023 to $22,954 per Bitcoin in Q2 2024.
TeraWulf CFO Comments on Q2 Performance, Focus on Large-Scale HPC and AI Project
Commenting on the latest figures, TeraWulf CFO Patrick Fleury had this to say,
“In the second quarter of 2024, TeraWulf delivered solid financial performance, even in a challenging fundamental business environment following the Bitcoin reward halving in April, mining a total of 699 bitcoin across our facilities. In addition, our robust balance sheet, highlighted by a strong cash position and the elimination of debt, positions us well for future growth. We remain committed to maximizing shareholder value as we diversify into HPC and AI expansion in the latter half of the year.”
Meanwhile, TeraWulf is also focusing on advancing activities to support a large-scale high-performance computing (HPC) and AI project at the Lake Mariner Facility.
The mining company has allocated an initial 2 MW of power to the project, which can support thousands of advanced graphics processing units (GPUs). In the second quarter, it acquired a 128-GPU cluster from NVIDIA (NASDAQ:NVDA), which was financed by a top OEM.
To facilitate this effort, TeraWulf has upgraded the internet connectivity at the Lake Mariner Facility to handle AI bandwidth needs, installed a closed-loop liquid cooling system, and implemented power supply redundancy to ensure complete reliability.
The above is the detailed content of TeraWulf Reports Mixed Q2 Results, Focuses on Large-Scale HPC and AI Project. For more information, please follow other related articles on the PHP Chinese website!