2025 cash cost to mine projection
Company: TeraWulf
What the later record shows
Delivered on time · happened December 31, 2025
The 10-K reports a full-year 2025 cash cost to mine one bitcoin of $53,681, below the ~$55,088 projection. Confidence is low because the 10-K metric may be defined differently from the deck's 'total cash cost to mine'.
“Cost to mine one bitcoin (1) $ 53,681 $ 25,268 Value of each bitcoin mined (2) $ 101,307 $ 62,889”
2026-02-26 · TeraWulf 10-K filed 2026-02-27 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
Projected full-year 2025 total cash cost to mine of ~$55,088 per BTC.
Source (primary)
Q2 Earnings Update Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-06)Live source ↗
Quote: “Total Cash Cost to Mine $26,760 $71,930 $41 $24,936 $51,415 $27 $48,068 $50,386 $25 $99,764 $55,088 $28”
How we checked this
Checked on October 13, 2026. The cited source supports every part of this claim.
The 2025 FYE column of the mining cost table shows a total cash cost to mine of $55,088 per BTC.
Confirmed in the source:
- The projected full-year 2025 total cash cost to mine is $55,088 per BTC
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_26c9692236622f11a71632d61560402c/terawulf/db/2396/23302/pdf/WULF_Q2_2025_Investor_Update_%28Aug_2025%29vF.pdf) in full (17,599 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Q2 Earnings Update Presentation
Quote: “Total Cash Cost to Mine $26,760 $71,930 $41 $24,936 $51,415 $27 $48,068 $50,386 $25 $99,764 $55,088 $28”
confirms TeraWulf 10-K filed 2026-02-27
Quote: “Cost to mine one bitcoin (1) $ 53,681 $ 25,268 Value of each bitcoin mined (2) $ 101,307 $ 62,889”