Q3-Q4 2025 cash cost to mine
Company: TeraWulf
What the later record shows
The date slipped
Actual full-year energy cost alone was $53,609 per BTC, and H2 energy works out to about $52,500 per BTC ($33.6M over 639 BTC), already above the $50,386 H2 projection before operating expense. Actual total cash cost on the projection's basis is not reported, and the full-year $55,088 figure cannot be directly tested.
“Total MWhs utilized 357,754 444,818 1,080,404 1,267,749 Total energy expense, net of expected demand response proceeds (5) ($ 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 of energy per bitcoin mined $ 53,609 $ 25,227 Other direct costs of mining - non energy utilities per bitcoin mined $ 72 $ 41 Cost to mine one bitcoin (1) $ 53,681 $ 25,268”
2026-02-26 · TeraWulf 10-K filed 2026-02-27 View cached copy (2026-08-31)Live source ↗
Checked November 5, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Projected total cash cost to mine is $50,386 per BTC for Q3-Q4 2025 and $55,088 per BTC for full-year 2025.
Source (primary)
Q2 Earnings Update Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-11-05)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
This claim has not yet been checked assertion-by-assertion against its source. It carries a cited source and quote, but the deeper check has not run. When it does, the result appears here whatever it says.
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 $28”
delays TeraWulf 10-Q filed 2025-11-10
Quote: “Total MWhs utilized 357,754 444,818 1,080,404 1,267,749 Total energy expense, net of expected demand response proceeds (5) ($ in thousands) $ 16,835 $ 16,899 $ 63,482 $ 49,226 Cost per kWh $ 0.047 $ 0.038 $ 0.059 $ 0.039”
delays TeraWulf 10-K filed 2026-02-27
Quote: “Cost of energy per bitcoin mined $ 53,609 $ 25,227 Other direct costs of mining - non energy utilities per bitcoin mined $ 72 $ 41 Cost to mine one bitcoin (1) $ 53,681 $ 25,268”