TeraWulf increases self-mined BTC in Q2, while Hut8 looks to USBTC merger
U.S. miner TeraWulf expanded its Bitcoin mining capacity in 2023, resulting in 70% more BTC mined in Q2. Bitcoin (BTC) mining firm TeraWulf has seen a drastic increase in BTC rewards since increasing its mining capacity in the first half of 2023. According to the company’s latest quarterly filing with the United States Securities and Exchange Commission, TeraWulf mined a total of 1,441 BTC through the first half of the year. 508 BTC was mined in Q1, while the firm added another 375 self-mined BTC to its balance sheet in Q2. The increase in hash rate and mined BTC also led to an uptick in quarterly revenue for the company, up from $11.5 million to $15.5 million in Q2. The company pointed to its increase d hash rate and the recovering market value of Bitcoin as primary reasons for its improved quarterly financials. Related: TeraWulf goes nuclear: 8,000 rigs spool up in Nautilus mining facility The firm now has over 50,000 new-generation Bitcoin miners, which it operates across its La...