ChainCatcher news, Bitcoin mining company TeraWulf announced its Q2 financial report, with a production of 699 BTC in the quarter, a year-on-year decrease of 21%. Q2 revenue was $35.6 million, slightly above the market expectation of $35.4 million.Additionally, the company reported a quarterly loss per share of $0.03, lower than the expected loss per share of $0.02. The company also noted that the cost of Bitcoin mining increased by 243% year-on-year, with mining expenses rising from $6,688/BTC in Q2 2023 to $22,954/BTC in Q2 2024.Meanwhile, TeraWulf stated that it will continue to focus on expanding into high-performance computing (HPC) and artificial intelligence in the second half of the year, and has already begun construction of a new building at its Lake Mariner facility. This facility is expected to contribute an additional 50 megawatts of infrastructure capacity when it goes online in Q1 2025.

ChainCatcher news, according to CoinDesk, JPMorgan stated in a research report on Thursday that the current hash rate and power consumption of the Bitcoin network imply that mining costs are expected to be around $45,000.The report pointed out that the more Bitcoin prices decline, the greater the number of unprofitable miners facing pressure to leave the Bitcoin network, which in turn leads to a larger decrease in hash rate and Bitcoin production (mining) costs. JPMorgan previously anticipated that the hash rate would significantly decline after the halving due to unprofitable miners exiting the network. This situation is now occurring, but with some delay.Analysts also noted that the boost from runes is temporary, and user activity and fees have sharply declined over the past week or two. This highlights the ongoing challenges Bitcoin miners face in maintaining a sustainable Bitcoin supply, especially in the post-halving environment.