TeraWulf increases self-mined BTC in Q2, while Hut8 looks to USBTC merger

Bitcoin mining firm TeraWulf has seen a drastic increase in BTC rewards since increasing its mining capacity in the first half of 2023.

The increase in hash rate and mined BTC also led to an uptick in quarterly revenue for the company, up from $11.5 million to $15.5 million in Q2. The company pointed to its increased hash rate and the recovering market value of Bitcoin as primary reasons for its improved quarterly financials.The firm now has over 50,000 new-generation Bitcoin miners, which it operates across its Lake Mariner site in New York and its Pennsylvania nuclear-powered Nautilus operation.

Meanwhile, Hut8 announced that it had seen a decrease in hash rate and self-mined Bitcoin in Q2 of 2023, as reflected in its mid-year results. The companyHut8 attributed the drop in mined BTC to three factors: the overall increase in Bitcoin mining difficulty, theBitcoin hash rate spikes as analysts say miners coming back online

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