What factors contributed to WULF's Q2 2025 earnings?

TeraWulf's Q2 2025 earnings were influenced by several key factors: 1. **Revenue Growth**: TeraWulf experienced a 34% increase in revenue, reaching $47.6 million, compared to $35.6 million in the same period last year. This growth was driven by an increase in bitcoin mining capacity and higher bitcoin prices. 2. **Bitcoin Mining Capacity**: The company's bitcoin mining capacity expanded by 45.5% year-over-year to 12.8 EH/s. This increase in capacity contributed to the revenue growth, as it allowed TeraWulf to mine more bitcoins. 3. **Power Costs**: The power cost per bitcoin increased significantly, reflecting network difficulties and power price volatility. This factor affected the adjusted EBITDA, which came in at $14.5 million, down from $19.5 million in the same quarter last year. 4. **Strategic Divestitures**: TeraWulf self-mined 485 bitcoin during the quarter, down from 699 in Q2 2024. This decline was attributed to the April 2024 bitcoin halving and the October 2024 sale of its Nautilus Cryptomine facility. 5. **High-Performance Computing (HPC) Hosting**: TeraWulf is advancing its strategy to scale its zero-carbon compute infrastructure and is preparing to recognize HPC hosting revenue in the third quarter of 2025. This shift in revenue base is a key factor in the company's future financial outlook. In summary, TeraWulf's Q2 2025 earnings were primarily driven by revenue growth from increased bitcoin mining capacity and higher bitcoin prices, alongside strategic divestitures and the anticipation of HPC hosting revenue in the future. However, higher power costs and the impact of bitcoin halving posed challenges to the company's profitability.