TeraWulf’s Bitcoin mining revenue fell 73% as AI related leases reached 71% of sales

TeraWulf’s Bitcoin-mining revenue fell 73% year over year in the second quarter as high-performance computing and artificial intelligence leases reached 71% of sales, accelerating the company’s shift away from its original business.

According to the firm's second-quarter report, digital asset revenue dropped to $12.8 million from $47.6 million a year earlier. On the other hand, HPC leasing generated $31.9 million, lifting total quarterly revenue to $44.8 million.

This means that the new business softened the mining collapse but did not fully replace it, leaving overall sales about 6% lower than a year earlier.

Still, the reversal reflects how rapidly the company has redirected its power and infrastructure toward data centers built for artificial intelligence workloads.

TeraWulf still operates Bitcoin-mining infrastructure at its Lake Mariner campus in New York, although portions are being repurposed for contracted HPC development. That shift has reduced mining to a secondary business as long-term data-center leases become the company’s principal revenue source.

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