[TeraWulf Q1 HPC Revenue Surpasses Bitcoin Mining for the First Time, Accelerating Shift to AI Infrastructure] Odaily Planet Daily reports that Bitcoin mining company TeraWulf has released its Q1 financial report, revealing that its high-performance computing (HPC) business revenue has surpassed Bitcoin mining revenue for the first time, marking a critical phase in the company's transition to AI and cloud computing infrastructure. The company's total Q1 revenue was $34 million, roughly flat compared to the same period last year. Among this, HPC leasing revenue reached $21 million, surpassing digital asset mining revenue, which was less than $13 million, becoming the primary source of income. The financial report also shows that the company's net loss expanded to $427.6 million, primarily due to the non-cash revaluation of warrants. However, CFO Patrick Fleury emphasized that the company is shifting from "volatile mining revenue" to "stable, long-term compute contract revenue." Currently, TeraWulf's Lake Mariner data center in New York has 60MW of HPC capacity generating revenue, with plans to expand further within the year. Additionally, the company is repurposing part of its mining infrastructure into AI/HPC computing resources to support large-scale compute demands. This trend is spreading across the industry, with Bitcoin mining companies like Riot Platforms also diversifying their revenue structures through data centers and AI contracts, gradually transitioning into "compute infrastructure companies." (The Block)