Internet reports that TeraWulf reported a net loss of approximately US$61.4 million in the first quarter of 2025, a significant deterioration from US$9.6 million in the same period last year. Company revenue fell to US$34.4 million from US$42.4 million in the same period in 2024, while cost of revenue jumped from US$14.4 million to US$24.5 million, accounting for 71.4% of total operating income, much higher than 34% in the same period last year. The company attributed the decline in revenue to "block subsidies dropped from 6.25 BTC per block to 3.125 BTC after the Bitcoin halving, increased network difficulty and extreme weather experienced by upstate New York mines." In addition, the "trade tariffs introduced by President Trump" have sparked industry concerns that "import taxes will drive up the cost of hardware and other infrastructure needed to run encryption nodes." In March, miners sold 40% of their mining proceeds,"the highest monthly sell-off since October 2024," indicating that "the trend of miners accumulating BTC after halving has reversed."