Bitcoin Miner Terawulf Raises $10M in Fresh Capital to Pay Down Debt, Restructures Deal With Bitmain

On Monday, Dec. 12, 2022, the Maryland-based bitcoin mining institution Terawulf announced that the steadfast has raised $10 cardinal successful superior to wage down debts. The steadfast besides said that it restructured a woody with Bitmain which volition alteration the company’s self-mining capableness to grow and afloat leverage the 160 megawatts of Terawulf’s disposable mining capacity.

Terawulf Raises $10 Million successful New Capital, Restructured Bitmain Deal Will Give the Firm 8,200 ASIC Mining Rigs

Bitcoin miners person been struggling this twelvemonth arsenic the terms of bitcoin (BTC) has reduced profits for each mining subordinate worldwide. On Dec. 12, the publicly-listed Terawulf Inc., (Nasdaq: WULF) revealed the institution has managed to rise $10 cardinal successful superior to repay debts.

“The institution intends to usage the aggregate nett proceeds to repay the beforehand with Yorkville and simultaneously contented a announcement to Yorkville to terminate the accompanying SEPA entered into connected June 2, 2022, and for different wide firm purposes,” Terawulf’s property connection details.

Additionally, Terawulf has managed to restructure a woody with Bitmain successful bid to adhd 8,200 application-specific integrated circuit (ASIC) bitcoin mining machines to the firm’s operations. “With the incremental transportation of 8,200 miners, the institution is expanding its estimated Q1 2023 self-mining people to 44,450 owned miners deployed 5 [exahash per second] (EH/s) from its anterior estimation of 36,250 owned miners (4.3 EH/s).”

Over the past six months, Terawulf’s shares person slid 56.07% and during the past year, shares are down 93.89%. During the past 5 days, however, WULF has accrued 14.69% against the U.S. dollar. Terawulf’s banal is nary antithetic than a bulk of the publicly-listed companies’ stocks that person seen important declines during the past 12 months.

Nazar Khan, the co-founder and main operating serviceman of Terawulf, explained connected Monday that contempt the challenging situation bitcoin miners face, his steadfast is well-positioned. “There is nary uncertainty the mining concern has been challenging implicit the past 12 months; however, we are strategically positioned arsenic 1 of – if not the – lowest-cost producers of bitcoin and we volition proceed to strategically and prudently grow our operations portion remaining focused connected outgo savings and nett margins,” Khan said.

What bash you deliberation astir Terawulf raising $10 cardinal successful superior and restructuring its woody with Bitmain Technologies? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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