Bernstein’s Striking Report on Bitcoin Miner: 71% of Revenue Now Comes from This Source
Bernstein noted that 71% of TeraWulf’s second-quarter revenue came from AI infrastructure, confirming the company’s transition from Bitcoin mining to technology hosting.
As the cryptocurrency mining industry undergoes a major transformation, TeraWulf (WULF) stands out as one of the pioneers of this change. Research and brokerage firm Bernstein announced that it maintained its “outperform” rating and $36 price target following the company’s latest financial results. This indicates that mining companies are increasingly shifting their focus toward artificial intelligence and data centers.
According to the company’s second-quarter data, high-performance computing (HPC) revenue reached $32 million, accounting for 71% of total revenue. These figures are seen as the most concrete evidence that TeraWulf is evolving from being just a miner into an “energy host” for the AI world. The total value of deals signed with giants like Anthropic, Fluidstack, and Core42 has exceeded $27 billion.
Massive Transformation in AI Infrastructure
Bernstein analysts emphasize that the company is steadily progressing toward reaching a total capacity of 839 megawatts by 2028. However, this growth also brings cost increases. Development costs per megawatt are expected to rise to between $10 million and $12 million, while operational profit margins are projected to remain around 85%. The advanced hardware infrastructure and cooling systems in the company’s modern data centers form the foundation of this high efficiency.
Future Goal: Muskie Campus
TeraWulf’s next big move will be the 1-gigawatt Muskie campus in Kentucky. This facility, planned to reach full capacity by 2030, sits at the heart of the company’s total 3.6-gigawatt power pipeline across five different regions. While Bernstein estimates that the company’s mining division could be completely phased out by 2028, it reminds that dependency on a limited customer portfolio remains a risk factor.