Terawulf, IREN Pivot to AI Amidst Bitcoin Mining Slump

Terawulf’s Operating Loss Widens Despite Revenue Growth; IREN Sees Mining Revenue Plummet

New York, NY – U.S. digital infrastructure provider Terawulf reported a widening operating loss of $88.2 million for the third quarter, even as its total revenue surged to $76.2 million. This significant year-over-year increase was primarily attributed to growth in its high-performance computing segment.

Meanwhile, competitor Iris Energy (IREN) experienced a steep decline in its bitcoin mining revenue, which fell 88% compared to the same period last year. The widening losses for Terawulf come amid a backdrop of rising operational costs within the digital infrastructure sector.