Bitcoin (BTC) mining company TeraWulf’s annual report revealed that the company recorded 146% revenue growth during the fourth-quarter of 2022 compared to the third.
TeraWulf grew its $3.9 million revenue recorded in the third quarter of 2022 to $9.6 million in the fourth-quarter of the year, according to the report.
The firm said it invested in expanding its mining operations by adding an extra 110 megawatts (MW) of mining infrastructure. TeraWulf also noted that it is looking to add another 50 MW during the next three months to increase its total capacity to 150 MW by the end of the second-quarter of 2023.
The year 2022
TeraWulf started its operations in February 2021. According to the numbers, the company generated a revenue of $15 million since it began its operations and self-mined 542 BTC.
As of February, the company owns 18,000 miners, 13,000 self-miners, 5,000 hosted miners, and a 60 MW operational capacity. From December 2022 to February, TeraWulf increased its mining hash rate to 2.6 EH/s from 1.4 EH/s — representing an 86% growth.
For the whole of 2022, TeraWulf reported a net loss of $91.6 million — reflecting a positive sentiment compared to a net loss of $95.7 million between February 2021 and December 2021.
At the beginning of March, the company launched its mining facility powered by nuclear power — which cut energy costs by 50%. In TeraWulf’s annual report, the company’s CEO, Paul Prager, noted that the company has been making significant efforts to be “the preeminent low-cost, zero-carbon bitcoin miner” throughout 2022.
Earlier in March, the company also announced completing an underwritten public offering which it raised just below $18 million. According to another announcement published in February, the company also said it had restructured its debt with the existing lenders until April 2024.