Bitcoin Miner TeraWulf Raises $17 Million In Stock And Debt

TeraWulf, a Bitcoin miner, raised $17 million in stock and debt. The business sold $9.5 million in common stock shares to current investors in a non-brokered transaction and drew an additional $7.5 million from an existing $50 million loan signed in July.

TeraWulf revealed that it has increased its operational capacity to more than 1.6 EH/s. Building 1 (50 MW) of the Company’s Lake Mariner plant in New York was just fully energized.

Patrick Fleury, TeraWulf’s chief financial officer, said:

“With this funding, we are well positioned to continue the value creating deployment of our mining facilities and move the Company a step closer to self-sustaining operations.”

Building 2 (also 50 MW) at Lake Mariner is projected to be operational by the end of Q4 2022, increasing the Company’s expected near-term self-mining operating capacity to 3.8 EH/s.

CEO Paul Prager said:

“We are pleased to achieve such a significant ramp of mining operations at Lake Mariner, and look forward to further expanding our operating capacity in the months ahead.”

The financing, which concluded in July, was intended to assist TeraWulf to finish the construction of its locations in New York and Pennsylvania.

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