On Monday, December 12, 2022, Maryland-based Bitcoin mining firm Terawulf introduced that it had raised $10 million in capital to repay its debt. The corporate additionally mentioned the restructuring of its contract with Bitmain will enable it to broaden its self-mining capability and take full benefit of Terawulf’s obtainable 160 megawatt mining capability.
Terawulf Raises $10M in New Capital, Restructured Bitmain Deal Acquires 8,200 ASIC Mining Rigs
Bitcoin miners have been struggling this yr as the worth of Bitcoin (BTC) has decreased income for all mining members worldwide. On Dec. 12, his publicly traded firm, Terrawulf Inc. (Nasdaq: WULF), revealed that the corporate had raised $10 million of his capital to repay debt.
“The Firm will use its gross internet proceeds to repay its upfront funds with Yorkville, in addition to notify Yorkville to terminate the accompanying SEPA entered into on June 2, 2022, and different normal company entities. Will probably be used for its supposed objective,” particulars Terrawolf’s press assertion.
Moreover, Terawulf efficiently restructured a cope with Bitmain so as to add 8,200 application-specific built-in circuit (ASIC) Bitcoin mining machines to its operations. “With the extra supply of 8,200 miners, the corporate is increasing his estimated Q1 2023 self-mining goal to his 44,450 owned miners5. [exahash per second] (EH/s) from a earlier estimate of 36,250 owned miners (4.3 EH/s). ”
Terawulf’s inventory has fallen 56.07% over the previous six months and is down 93.89% over the previous yr. Nonetheless, over the previous 5 days, WULF has gained 14.69% towards the US greenback. Terawulf’s inventory value isn’t any totally different than most publicly traded shares, which have seen vital declines over the previous 12 months.
Terawulf co-founder and chief working officer Nazar Khan defined Monday that his firm is nicely positioned regardless of the difficult surroundings dealing with bitcoin miners. “There isn’t a doubt that the mining enterprise has been extraordinarily troublesome over the previous 12 months. We’ll proceed to broaden our enterprise strategically and punctiliously whereas staying targeted.
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