The American mining company TeraWulf raised $17 million in equity and debt financing.
We’re thrilled to announce we have expanded our operating capacity to exceed 1.6 EH/s at our Lake Mariner facility in Upstate New York and our expected near-term self-mining operating capacity to 3.8 EH/s!#ZeroCarbon #Bitcoin
Continue Reading:https://t.co/eFQ47PgYKA
— TeraWulf (@TeraWulfInc) October 10, 2022
The company placed around $9.5 million in equity among existing investors. Another $7.5 million came in under a $50 million credit line opened in July 2022 by the company’s financial partners.
“Thanks to this financing, we have good opportunities for further deployment of value-creating mining capacity and to bring the company one step closer to profitability,” said TeraWulf Chief Financial Officer Patrick Flery.
The company is building two crypto-mining facilities: Lake Mariner in New York and Nautilus Cryptomine in Pennsylvania, focused on renewable energy.
After full energization of the first phase building at Lake Mariner (50 MW), the company increased its hashrate to 1.6 EH/s. The second phase with similar capacity is expected by year-end. It is expected that the facility will generate a total hashrate of 3.8 EH/s.
The Nautilus Cryptomine facility is nearing completion. Mining there is planned to begin in the current quarter. The company has access to 300 MW of capacity at the Susquehanna nuclear plant with a 2.3 GW output.
In the short term, TeraWulf aims to reach a hashrate of 5.8 EH/s in Q1 2023. The longer-term goal is 23 EH/s by 2025.
Earlier, in December 2021, the company raised $200 million through equity and debt financing.
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