【TeraWulf's first-quarter losses widen due to rising costs and declining revenue】According to Golden Finance, TeraWulf reported a net loss of approximately $61.4 million in the first quarter of 2025, significantly worse than the $9.6 million loss in the same period last year. The company's revenue dropped from $42.4 million in the same period of 2024 to $34.4 million, while the cost of revenue surged from $14.4 million to $24.5 million, accounting for 71.4% of total operating revenue, far exceeding the 34% of the same period last year. The company attributed the decline in revenue to the “Bitcoin halving reducing block subsidies from 6.25 BTC to 3.125 BTC, increased network difficulty, and extreme weather conditions faced by mines in northern New York.” Additionally, “the trade tariffs introduced by President Trump” have raised concerns in the industry, fearing “import taxes will increase the costs of hardware and other infrastructure needed to operate cryptocurrency nodes.” In March, miners sold 40% of their mining-derived BTC, marking “the highest monthly sell-off since October 2024,” indicating a reversal in the trend of miners accumulating BTC post-halving.

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