Q4 2025 Lake Mariner power cost
Company: TeraWulf
What the later record shows
Outcome not yet confirmed
No Q4-only power cost is reported. Subtracting nine-month from full-year figures gives an implied ~$0.063/kWh for Q4 2025, above the $0.05 estimate, but that is a derived number and covers mining facilities generally.
“Total energy expense, net of expected demand response proceeds (5) ($ in thousands) $ 16,835 $ 16,899 $ 63,482 $ 49,226 Cost per kWh $ 0.047 $ 0.038 $ 0.059 $ 0.039”
2025-11-09 · TeraWulf 10-Q filed 2025-11-10 View cached copy (2026-08-31)Live source ↗
“Cost per kWh $ 0.060 $ 0.043 Energy expense, net as % of value of bitcoin mined 52.9 % 40.1 %”
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
Estimated power cost of $0.05/kWh at Lake Mariner for Q4 2025.
Source (primary)
Investor Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-06)Live source ↗Archive.org ↗
Quote: “Estimated power cost of $0.05/kWh at Lake Mariner for Q4 2025”
How we checked this
Checked on October 13, 2026. The cited source supports every part of this claim.
A footnote to the cash cost to mine table states an estimated power cost of $0.05/kWh at Lake Mariner for Q4 2025.
Confirmed in the source:
- Estimated power cost at Lake Mariner for Q4 2025 is $0.05/kWh
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_26c9692236622f11a71632d61560402c/terawulf/db/2396/23306/pdf/WULF_Q3_2025_Investor_Update_%28Nov_2025%29vF.pdf) in full (31,442 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Investor Presentation
Quote: “Estimated power cost of $0.05/kWh at Lake Mariner for Q4 2025”