{"id":96965,"date":"2026-05-09T15:43:05","date_gmt":"2026-05-09T12:43:05","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=96965"},"modified":"2026-05-09T15:45:16","modified_gmt":"2026-05-09T12:45:16","slug":"terawulfs-ai-revenue-nearly-doubles-bitcoin-mining-earnings","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/terawulfs-ai-revenue-nearly-doubles-bitcoin-mining-earnings\/","title":{"rendered":"TeraWulf’s AI Revenue Nearly Doubles Bitcoin Mining Earnings"},"content":{"rendered":"

In the first quarter, mining company TeraWulf reported<\/a> revenue of $34 million, with approximately $21 million generated from high-performance computing services.<\/p>\n

Digital asset mining accounted for about $13 million, compared to $34.4 million in the same period last year.<\/p>\n

As of March 31, the company’s total assets were approximately $7 billion, with liabilities exceeding this figure by $77.6 million. TeraWulf held around $3.1 billion in cash and cash equivalents.<\/p>\n

During the quarter, TeraWulf incurred a net loss of $427.6 million (compared to $59.6 million last year). This result was due to increased operating expenses, depreciation, asset write-offs, and higher interest payments.<\/p>\n

Last year, the company prioritized diversification into the AI sector. In August, TeraWulf signed<\/a> a 10-year contract with the cloud platform Fluidstack, supported by Google. The miner committed to providing about 250 MW for a total of $3.7 billion.<\/p>\n

According to TeraWulf, the first phase of critical capacity at 60 MW at the Lake Mariner Data facility under a previous agreement with another tenant, Core42, began generating “significant revenue” in the first quarter. Subsequent data center expansion phases, now in Fluidstack’s interest, will start operations in May.<\/p>\n

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“The company continues to repurpose part of its outdated Bitcoin mining infrastructure to support more valuable high-performance computing tasks, reflecting its shift to contractual, long-term computing infrastructure,” the press release stated.<\/p>\n<\/blockquote>\n

IREN Accelerates Exit from Mining<\/h2>\n

IREN’s stock prices rose by 16% to $66 after trading opened on Friday, May 8. TheEnergyMag<\/a> linked the movement to investor reactions to the company’s accelerated diversification into AI.<\/p>\n

By the end of the session, the stock price adjusted to $61.2, maintaining a growth of about 7.7%. The firm’s market capitalization exceeded $20 billion.<\/p>\n

\"IREN
Source: Yahoo Finance<\/a>.<\/figcaption><\/figure>\n

In its quarterly report, Australia-based IREN announced the write-off of mining-related devices and electrical equipment amounting to $140.4 million. The firm classified approximately 5800 Antminer S21 Pro units from Bitmine as “held for sale.”<\/p>\n

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“We are strategically repurposing our infrastructure from Bitcoin mining to cloud solutions for AI,” the company stated.<\/p>\n<\/blockquote>\n

IREN announced a five-year agreement with NVIDIA to provide cloud services for high-performance computing, valued at approximately $3.4 billion until 2032. The contract includes the provision of 60 MW of power.<\/p>\n

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IREN and @nvidia<\/a> have announced a strategic partnership to accelerate deployment of up to 5GW of next-generation AI infrastructure. The companies have also signed a $3.4bn contract under which $IREN<\/a> will provide AI infrastructure cloud services for NVIDIA internal AI and\u2026 pic.twitter.com\/0SMzSYQjul<\/a><\/p>\n

\u2014 IREN (@IREN_Ltd) May 8, 2026<\/a><\/p><\/blockquote>\n