Episode notes
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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.
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**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
Timestamps:
00:00 Start
02:57 Anthropic
05:50 Q3 summary
11:05 HPC & income margin
13:01 Designing capital raises
21:31 Balancing different debt instruments
25:50 Replacing ATM debt
29:07 Agreements
33:32 Bitcoin mining ops
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