TeraWulf reported a net loss of approximately $61.4 million for Q1 2025, worsening from a loss of $9.6 million in Q1 2024. Revenue dropped to $34.4 million from $42.4 million the previous year, while the cost of revenue surged from $14.4 million to $24.5 million, representing 71.4% of total income compared to 34% in the prior year. The decline in revenue was attributed to a reduction in Bitcoin block rewards, which fell from 6.25 to 3.125 BTC per mined block, along with increased mining difficulty and severe weather impacting operations in New York. The company faces heightened challenges due to rising tariffs on mining infrastructure and geopolitical trade tensions, contributing to profit pressures across the mining sector. March 2025 marked a significant sell-off of miner-held Bitcoin, the highest since October 2024, reflecting uncertainty within the market.

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