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Bitcoin Mining Firm TeraWulf Looks to Expand With Fresh $17 Million in Funding

TeraWulf, a bitcoin miner, raised $9.5 million equity and borrowed an additional $7.5 million from an existing loan. The bitcoin miner recently activated the first...
three Bitcoins on soil
Photo by Dmitry Demidko

TeraWulf, a bitcoin miner, raised $9.5 million equity and borrowed an additional $7.5 million from an existing loan. The bitcoin miner recently activated the first 50-megawatt New York building, reaching 1.6 EH/s total operational capacity.

The company sold common stock shares worth $9.5 million through a non-brokered agreement with existing investors. Additionally, $7.5 million was repaid from a $50 million loan that had been closed in July.

“With this financing, we are well positioned to continue the value-creating deployment of our mining plants and move the Company closer to self-sustaining operations,” stated Patrick Fleury (TeraWulf’s chief finance officer).

The loan was closed in July to complete TeraWulf’s site construction in New York and Pennsylvania.

The latter is currently in its final stages and is expected to start mining this quarter. However, the first 50-megawatt building at Lake Mariner has just been energized. The second is expected to be online before the end of this year.

In September, the company increased its operational capacity to 1.6 EH/s.

CEO Paul Prager stated, “We are happy to have achieved such a significant ramp in mining operations at Lake Mariner and look forward to expanding our operating capacities in the coming months.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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