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TeraWulf's Q1 HPC revenue first surpasses Bitcoin mining, accelerating the trend of computing power transformation to AI infrastructure
Odaily Planet Daily News: Bitcoin mining company TeraWulf announced its Q1 financial report showing that its high-performance computing (HPC) business has for the first time surpassed Bitcoin mining revenue, marking a critical stage in the company’s transition to AI and cloud computing infrastructure. The company’s total revenue for Q1 was $34 million, roughly flat compared to the same period last year. Among them, HPC leasing revenue reached $21 million, surpassing digital asset mining revenue for the first time, which was less than $13 million, becoming the main source of income.
The financial report also shows that the company’s net loss widened to $427.6 million, mainly due to non-cash revaluation of warrants. However, CFO Patrick Fleury emphasized that the company is shifting from “volatile mining income” to “stable long-term computing power contract income.”
Currently, TeraWulf’s 60MW HPC capacity at the Lake Mariner data center in New York has begun generating revenue, with plans to continue expanding within the year. At the same time, the company is converting part of its mining infrastructure into AI/HPC computing resources to support ultra-large-scale computing demands. This trend is spreading within the industry, with Bitcoin miners like Riot Platforms also expanding revenue structures through data centers and AI contracts, gradually transforming into “computing infrastructure companies.” (The Block)