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

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4.8 • 689 Ratings

🗓️ 18 November 2025

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

WULF’s CFO joins the pod to discuss TeraWulf’s Q3 earnings, financing strategy, and the future of its bitcoin mining business. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! 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. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **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 👉CleanSpark, America's Bitcoin Miner! CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading Bitcoin miner with a proven track record of success. They own a fully self-operated portfolio of mining facilities across the U.S. powered by globally competitive energy prices. CleanSpark sits at the intersection of Bitcoin, energy, operational excellence and capital stewardship. Optimally monetizing low-cost, high reliability electricity positions them to prosper in an ever-changing world. 👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute. 👉 Luxor, Leaders In Bitcoin Mining and Compute Power! Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS. Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!

Transcript

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0:00.0	Today, you've got 35 to 40% of a network cash rate that's called it 1,100 X-ash in the U.S.
0:07.1	Given you have the most profitable companies in the world searching for power now and competing against Bitcoin mining,
0:12.9	I think when you get through the next having, you probably are somewhere where you've got like 5% or 10% of capacity on the network in the U.S.
0:22.0	So my question is, at that point in time, Bitmain is the largest Bitcoin mining company
0:28.4	in the world because they take their machines and they produce them.
0:31.7	And if they don't sell them to the public Bitcoin miners private, they plug them in all
0:36.1	over the world.
0:36.8	What happens when in May of
0:38.4	28, you have potentially the largest miner in the world controlled by China. And the only place
0:46.3	in the Bitcoin network where there's vulnerability is if one entity controls a majority of the network
0:52.5	cash. But I can tell you as somebody that owns Bitcoin
0:55.5	personally, definitely on my radar. And it's something that, you know, maybe countries like the
1:00.6	U.S. say, hey, we're going to have a Bitcoin reserve. And now this is a focus of national security.
1:05.9	And that means we have to have a certain amount of mining here in the U.S.
1:11.8	Terra Wolf is coming off of a hot Q3 where they booked their first AI revenue at $7.2 million.
1:19.3	Welcome back to the Mining Pod brought to you by CleanSpark.
1:21.6	Today we've got a Q3 recap with Patrick Fleury, the CFO of Terah Wolf.
1:26.4	And we talk about the progress they made in
1:29.0	Q3 on their AI deals with fluid stack and core weave, how Patrick and his team approach
1:35.2	balancing their debt. They've got secure notes out, converts out. They've been really creative
1:40.1	with their capital stack. So I wanted him to break down exactly how they approach that. If you are into the numbers and are interested in capital structuring, this pod is for you.
1:49.0	Stick around after these messages.
	...

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