Odaily News Bitcoin mining company TeraWulf announced its first quarter financial report for 2025, with a net loss of $61.4 million, far higher than the $9.6 million in the same period last year. The company's revenue fell year-on-year to $34.4 million, while the cost of revenue rose to $24.5 million, accounting for 71.4%, more than double the 34% in the same period last year. TeraWulf attributed the decline in revenue to the halving of Bitcoin and the increase in network difficulty. In addition, the severe weather in New York State also affected its mine operations.