Pro forma cost-to-mine ~$36k/BTC in Q1 2025
Company: TeraWulf
What the later record shows
The date slipped
Actual Q1 2025 cost to mine one bitcoin was $66,156 (about $71.9k all-in cash), far above the ~$36k pro forma estimate.
“Cost to mine one bitcoin (2) $ 66,156 $ 15,529 Value of each bitcoin mined (3) $ 92,600”
2025-05-08 · TeraWulf 10-Q filed 2025-05-09 View cached copy (2026-08-31)Live source ↗
“Total Cash Cost to Mine $26,760 $71,930 $41”
2025-08-14 · Q2 Earnings Update Presentation View cached copy (2026-09-01)Live source ↗
Checked October 13, 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 (2026-10-13)Live source ↗Archive.org ↗
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 15, 2026. The cited source supports every part of this claim.
The deck shows '~$36k / BTC Pro Forma Cost-to-Mine' with a footnote saying it reflects the estimated Q1 2025 cost-to-mine after the planned fleet upgrade, and the appendix gives a Q1 2025E total cost of $35,732 per BTC.
Confirmed in the source:
- Estimated pro forma cost-to-mine is about $36k per BTC
- The estimate applies to Q1 2025
- The estimate follows the planned mining fleet upgrade
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_513c80c486e62e4bdb70115ded3782f5/terawulf/db/2396/23300/pdf/WULF_Nautilus_Sale_Announcement_Deck_%2810-03-24%29vF.pdf) in full (14,394 characters, retrieved October 13, 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.”
delays TeraWulf 10-Q filed 2025-05-09
Quote: “Cost to mine one bitcoin (2) $ 66,156 $ 15,529 Value of each bitcoin mined (3) $ 92,600”
delays Q2 Earnings Update Presentation
Quote: “Total Cash Cost to Mine $26,760 $71,930 $41”