TeraWulf Bitcoin Mining Revenue Drops 69% as HPC Hits $63M

TeraWulf bitcoin mining revenue fell to $13.2 million in the third quarter, down about 69% from $43.4 million a year earlier. HPC lease revenue rose to $63.0 million, which is about 83% of the $76.2 million total. Those numbers come from the company’s third-quarter earnings release, filed with the SEC on November 6.

TeraWulf bitcoin mining revenue, line by line

The release gives the split in full. Digital asset revenue was $13,244 thousand against $43,375 thousand in the third quarter of 2025. HPC lease revenue was $62,986 thousand against $7,203 thousand. Total revenue was $76,230 thousand against $50,578 thousand, up about 51%. So TeraWulf grew in total even as TeraWulf bitcoin mining revenue shrank.

The nine-month view tells the same story. Mining revenue was $39.1 million against $125.4 million, a drop of roughly 69%. HPC lease revenue was $115.9 million against $7.2 million.

The profit figure needs a warning label

TeraWulf reported net income of about $709.9 million. However, the company says that was helped by a non-cash change in the fair value of warrants. Adjusted EBITDA was about negative $12.8 million. Therefore, we would not read the headline profit as a sign that operations earned that money.

Where the capacity is going

At Lake Mariner in New York, TeraWulf had 102 MW of revenue-generating critical IT capacity as of September 30. Another 336 MW is under construction. The release also says portions of its existing bitcoin-mining infrastructure are being repurposed to support HPC. Separately, it points to a 20-year lease with Anthropic for about 401 MW in Kentucky, worth about $19 billion over the initial term. We covered the Google backstop for that lease earlier this week.

The company ended the quarter with about $2.4 billion in cash, cash equivalents and restricted cash. It also sold its 50.1% stake in the Abernathy joint venture, with $250 million received in the quarter.

What it means for miners

The release does not say how many mining machines TeraWulf is retiring or selling, so we will not guess. What it does show is a public miner moving power from hashrate to leases. Power is the scarce input, and leasing it pays more than mining it for this company.

Miner math: what this shift means for your margin today

Here is the live maths on November 6. Bitcoin is $75,718 and the network is 1039 EH/s, so hashprice is about $33.07 per petahash per day. That is what one PH/s of hashing earns before power.

Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.

If more public miners switch off and network hashrate falls 2%: the break-even power price on an S19k Pro rises from 6.0 to 6.1 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.28 to -$1.20.

The blunt answer for ASIC owners

Nothing in this release changes the table above. Network hashrate is near 1039 EH/s per mempool.space. Still, every large miner that trades hashrate for AI leases removes a little competition for the rest of us. That helps small operators with cheap power. It does not help anyone paying more than the break-even price in the table.

If your machines are under water, see our we buy used miners page. If you are shopping, browse all miners or read the mining economics guides.

-Nick
ING Mining

This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.

How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.