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.