TeraWulf Successfully Raised $10 Million To Pay Off Debt And Expand Mining
TeraWulf, a Bitcoin miner, has raised over $10 million in new capital to repay certain debts while also agreeing to purchase 8,200 new miners from Bitmain Technologies Limited, allowing the company to significantly expand its self-mining capacity and fully utilize 160 MW of its available mining capacity by Q1 2023.
TeraWulf obtained $10 million from some of its greatest stockholders through a $6.7 million registered direct sale of common stock and $3.4 million in convertible promissory notes.
TeraWulf also revealed that it had modified a previously disclosed partnership with Bitcoin miner manufacturer Bitmain to add 8,200 more machines to its fleet at no additional cost by leveraging Bitmain’s leftover unused deposits. In a statement, the company stated:
“With the incremental delivery of 8,200 miners, the company is increasing its estimated Q1 2023 self-mining target to 44,450 owned miners deployed (5.0 EH/s) from its prior estimate of 36,250 owned miners (4.3 EH/s).
Additionally, the revised Bitmain agreement should enable the Company to fully utilize its 110 MW of mining capacity (currently 60 MW is operational) at the Lake Mariner facility and 50 MW of net mining capacity at the Nautilus Cryptomine facility, both of which are expected to be fully energized in Q1 2023.”
As Coincu reported, TeraWulf announced in November that it had received $17 million in stock and debt.
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