Bitcoin mining fleet size and composition
Company: TeraWulf - Project: Lake Mariner Anthropic AI Factory
The claim, verbatim
As of December 31, 2025, Company owned approximately 54,100 miners with approximately 49,400 operational at LMD Bitcoin Mining Facilities; fleet age ranges from 0.7 to 3.6 years with average of 1.2 years; energy efficiency averages 17.2 joules per terahash with range of 15-23 j/th
Source (primary)
View 10-K PDF (IR page (investors.terawulf.com), ir_release)
View cached copy (2026-09-01)Live source ↗Archive.org ↗
Quote: “As of December 31, 2025, we owned approximately 54,100 miners, with approximately 49,400 operational at our bitcoin mining facilities on the Lake Mariner Data Campus... As of December 31, 2025, our fleet of miners ranged in age from 0.7 years to 3.6 years and have an average age of approximately 1.2 years... As of December 31, 2025, our fleet of miners at the LMD Bitcoin Mining Facilities had a range of energy efficiency from 15 to 23 joules per terahash ("j/th") and has an average energy efficiency of 17.2 j/th”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The 10-K's bitcoin mining operations section states each of these fleet size, age and efficiency figures as of December 31, 2025.
Confirmed in the source:
- As of December 31, 2025, TeraWulf owned approximately 54,100 miners
- Approximately 49,400 miners were operational at the LMD Bitcoin Mining Facilities
- Fleet age ranged from 0.7 to 3.6 years with an average of approximately 1.2 years
- Fleet energy efficiency ranged from 15 to 23 j/th with an average of 17.2 j/th
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://investors.terawulf.com/sec-filings/all-sec-filings/content/0001083301-26-000031/0001083301-26-000031.pdf) in full (556,251 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms View 10-K PDF
Quote: “As of December 31, 2025, we owned approximately 54,100 miners, with approximately 49,400 operational at our bitcoin mining facilities on the Lake Mariner Data Campus... As of December 31, 2025, our fleet of miners ranged in age from 0.7 years to 3.6 years and have an average age of approximately 1.2 years... As of December 31, 2025, our fleet of miners at the LMD Bitcoin Mining Facilities had a range of energy efficiency from 15 to 23 joules per terahash ("j/th") and has an average energy efficiency of 17.2 j/th”