On July 9, TeraWulf, a crypto mining firm, announced it had paid off its outstanding debt earlier than expected with a final payment of $77.5 million. This debt reduction allows TeraWulf to focus on deploying mining infrastructure and maximizing shareholder value through organic growth strategies. Chief Strategy Officer Kerri Langlais emphasized that TeraWulf aims to enhance profit margins and operational efficiency rather than pursuing aggressive expansion through mergers and acquisitions, ensuring sustainable returns for shareholders.
In June, executives from CleanSpark, Marathon Digital, Riot Blockchain, and TeraWulf met with former President Trump to discuss industry challenges. The Bitcoin Voter Project, a nonprofit educating voters on Bitcoin, emerged just 24 hours later. Unlike a political action committee (PAC), it cannot endorse candidates or run partisan campaign ads.
Miner surrender
Post-halving economics continue to be a key concern for the mining sector. The high energy costs associated with Bitcoin mining, coupled with reduced block subsidies, pose a threat to mining firms unable to compete in this environment.
Miner capitulation, where miners sell holdings, scale down operations, or liquidate entirely during market downturns, appears to be unfolding. A recent decrease in the Bitcoin hashrate, reflecting total computing power securing the network, indicates ongoing adjustments as miners either reduce operations or retire outdated mining equipment.
However, the decrease in hashrate was accompanied by a corresponding drop in mining difficulty, which has helped to alleviate energy costs for mining firms. On July 5, the Bitcoin network’s mining difficulty fell to 79.5 terahashes per second, marking its lowest level since March 2024.
