Bitcoin mining company TeraWulf has released its financial results for the first quarter of 2025, revealing a substantial net loss of $61.4 million. This figure represents a significant increase compared to the $9.6 million loss reported during the same period last year. Revenue declined to $34.4 million in Q1 2025, while the cost of revenue surged to $24.5 million, accounting for 71.4% of total revenue—a substantial jump from the 34% recorded in the previous year. TeraWulf attributes this decline in revenue to factors like the Bitcoin halving event and heightened network difficulty. Furthermore, adverse weather conditions in New York have impacted its mining facilities’ operations.