Mining firm TeraWulf reported a net loss of approximately $61.4 million in its earnings for the first quarter of 2025, further deteriorating from the same period last year.Revenue fell to $34.4 million from $42.4 million in the same period of 2024, according to the company's earnings report, published May 9. Cost of revenue rose sharply to $24.5 million, up from $14.4 million a year earlier.As a result, TeraWulf's cost of revenue accounted for 71.4% of total income from operations in Q1 2025, more than double the 34% recorded in the prior-year quarter. In Q1 2024, the company posted a net loss of $9.6 million.TeraWulf’s profit and loss statement for Q1 2025. Source: TeraWulfTeraWulf attributed the decreased revenue to Bitcoin's (BTC) post-halving economics that reduced the block subsidy from 6.25 BTC per block mined to 3.125 BTC per block mined, rising network difficulty, and severe weather in the upstate New York area that is home to a TeraWulf mining facility.The company is not alone in posting losses for the quarter, as the already competitive mining industry faces reduced block rewards and the macroeconomic uncertainty of geopolitical trade tensions that have created turmoil for financial markets and businesses alike.Related: Riot Platforms