THE MINING POD: TeraWulf Q3 Recap: Future AI Deals, Capital Structure, and the Future of WULF’s BTC Mining

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Welcome back to The Mining Pod! Today, Patrick Fleury, CFO of TeraWulf, joins us to talk about WULF’s Q3 where they booked their first AI revenue at $7.2 million, signed AI deals with FluidStack and Core42, and how they're balancing their debt structure. Patrick also drops a provocative warning about Bitcoin's security: with US hashrate potentially dropping from 40% to just 5-10% by 2028, Bitmain could become the largest miner controlled by China, creating the only real vulnerability in Bitcoin's network.

**Notes:**

• First AI revenue: $7.2 million in Q3

• 450MW contracted with FluidStack at Lake Mariner

• 72.5MW deal with Core42 signed

• Demand response revenue: $7.3-7.4 million Q3

• Adjusted energy cost: 4.7 cents per kWh

• Current hashrate: 7.2 exahash

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