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Q1 2025 pro forma cost-to-mine

Company: TeraWulf

This claim was marked delayed on October 9, 2026. Recorded automatically from the cited source when it was published, then queued for evidence review.

How this was decided: Automated extraction from the cited source. The claim is preserved below exactly as it was originally published, so the record shows what was asserted as well as what became of it.

Subject kind
guidance
Statement date
2024-10-03
Promised by
2025-03-31
Promised amount
36000.0 USD/BTC
Current status
delayed

What the later record shows

The date slipped

The Q1 2025 10-Q reports a cash cost to mine one bitcoin of $66,156, far above the ~$36k pro forma estimate. The pro forma figure may have been defined differently, so confidence is medium.

“Other direct costs of mining - non energy utilities per bitcoin mined $ 73 $ 28 Cost to mine one bitcoin (2) $ 66,156 $ 15,529”
2025-05-08 · TeraWulf 10-Q filed 2025-05-09 View cached copy (2026-08-31)Live source ↗

Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.

The claim, verbatim

Estimated pro forma cost-to-mine of ~$36k per BTC in Q1 2025 following the planned fleet upgrade.

Source (primary)

Nautilus Sale Announcement (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-06)Live source ↗

Quote: “~$36k / BTC Pro Forma Cost-to-Mine ... Reflects the estimated pro forma cost-to-mine a BTC in Q1 2025 following the planned mining fleet upgrade.”

How we checked this

Checked on October 13, 2026. The cited source supports every part of this claim.

The deck lists ~$36k/BTC pro forma cost-to-mine. A footnote says it is the estimated Q1 2025 cost following the planned fleet upgrade.

Confirmed in the source:

What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_26c9692236622f11a71632d61560402c/terawulf/db/2396/23300/pdf/WULF_Nautilus_Sale_Announcement_Deck_%2810-03-24%29vF.pdf) in full (14,394 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.

Additional evidence

confirms Nautilus Sale Announcement

Quote: “~$36k / BTC Pro Forma Cost-to-Mine ... Reflects the estimated pro forma cost-to-mine a BTC in Q1 2025 following the planned mining fleet upgrade.”

View cached copy (2026-10-06)Live source ↗

delays TeraWulf 10-Q filed 2025-05-09

Quote: “Other direct costs of mining - non energy utilities per bitcoin mined $ 73 $ 28 Cost to mine one bitcoin (2) $ 66,156 $ 15,529”

View cached copy (2026-08-31)Live source ↗

Record of changes

October 6, 2026 — stated
Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.
October 7, 2026 — delayed
Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.
October 9, 2026 — outcome unconfirmed
Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.
October 9, 2026 — outcome unconfirmed
Review. statement_date 2026-10-06 was the source's retrieval date; source published 2024-10-03.
October 9, 2026 — delayed
Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.