United States-based Bitcoin mining company TeraWulf saw an 87% increase in revenue in the third quarter, reaching $50.6 million, with $43.4 million coming from digital assets according to their Q3 earnings report.

Despite a decrease in total Bitcoin mined compared to last year, TeraWulf mined 377 Bitcoin in Q3, attributing the revenue surge to higher Bitcoin prices and an expansion in mining capacity.

TeraWulf CEO Paul Prager mentioned that the company is shifting focus away from Bitcoin mining towards AI and computing services, with plans for growth in 2027 and beyond.

TeraWulf announced a $3.2 billion senior secured notes offering to fund data center expansion in New York, along with signing $6.7 billion worth of 10-year lease agreements with Fluidstack for AI infrastructure.

In trading, TeraWulf’s stock initially rose to $14.85, representing a 6% increase before settling at $14.30, gaining 0.49% after the session.

Read more at Cointelegraph: Higher Average Bitcoin Prices Boost TeraWulf’s Q3 Earnings