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Pro forma Bitcoin mining cost Q1 2025

Company: TeraWulf

This claim was marked delayed on October 9, 2026. Recorded automatically from the cited source when it was published, then queued for evidence review.

How this was decided: Automated extraction from the cited source. The claim is preserved below exactly as it was originally published, so the record shows what was asserted as well as what became of it.

Subject kind
guidance
Statement date
2024-10-03
Promised by
2025-03-31
Promised amount
36000.0 USD per BTC
Current status
delayed

What the later record shows

The date slipped

Q1 2025 cash cost to mine was $66,156 per BTC, far above the ~$36k pro forma target. The company attributed this partly to elevated winter power prices.

“Cost to mine one bitcoin (2) $ 66,156 $ 15,529 Value of each bitcoin mined (3) $ 92,600 $ 53,750”
2025-05-08 · TeraWulf 10-Q filed 2025-05-09 View cached copy (2026-08-31)Live source ↗
“Power prices and operating conditions, which experienced temporary pressure in Q1 2025, have stabilized and improved in Q2 2025”
2025-05-08 · Investor Presentation View cached copy (2026-10-06)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

Pro forma cost-to-mine approximately $36,000 per Bitcoin in Q1 2025 following planned mining fleet upgrade

Source (primary)

Nautilus Sale Announcement (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-09-01)Live source ↗Archive.org ↗

Quote: “~$36k / BTC Pro Forma Cost-to-Mine”

How we checked this

Checked on October 10, 2026. The cited source supports every part of this claim.

The deck shows ~$36k/BTC pro forma cost-to-mine. A footnote says this is the estimated cost in Q1 2025 after the planned fleet upgrade.

Confirmed in the source:

What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_0c87b48cb4d1c6967968c7d0c3e5933d/terawulf/db/2396/23300/pdf/WULF_Nautilus_Sale_Announcement_Deck_%2810-03-24%29vF.pdf) in full (14,394 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.

Additional evidence

confirms Nautilus Sale Announcement

Quote: “~$36k / BTC Pro Forma Cost-to-Mine”

View cached copy (2026-09-01)Live source ↗Archive.org ↗

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 $ 53,750”

View cached copy (2026-08-31)Live source ↗

delays Investor Presentation

Quote: “Power prices and operating conditions, which experienced temporary pressure in Q1 2025, have stabilized and improved in Q2 2025”

View cached copy (2026-10-06)Live source ↗

Record of changes

September 2, 2026 — stated
Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.
September 2, 2026 — delayed
Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.
October 9, 2026 — outcome unconfirmed
Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.
October 9, 2026 — outcome unconfirmed
Review. statement_date 2026-09-01 was the source's retrieval date; source published 2024-10-03.
October 9, 2026 — delayed
Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.