TeraWulf, focused on renewable energy, raised $200 million through debt and equity financing. By the summer of 2022 the mining company intends to boost its Bitcoin hash rate to 6 EH/s.
“TeraWulf’s ability to raise private capital underscores the attractiveness of bringing a new paradigm for cryptocurrency mining to the public markets,” said Paul Prager, Chairman and Chief Executive Officer of TeraWulf. “https://t.co/jdXxueu1L6
— TeraWulf (@TeraWulfInc) December 2, 2021
The funds were provided by individual and institutional investors. $123.5 million was raised in the form of a three-year secured senior loan, and $76.5 million through a subscription agreement for an additional share issuance.
To mine Bitcoin, the company plans to use nuclear, solar and hydro power.
By December 13, TeraWulf plans to complete the merger with the Nasdaq-listed IKONICS, and gain public status. The shares will trade under the ticker завершить слияние.
Marathon will deploy more than 100,000 Bitcoin miners at Compute North facilities. The latter continues construction of new data centres with a focus on renewable energy.
Earlier, the mining company GRIID announced that will go public through a merger with a SPAC. The company adheres to a strategy of acquiring zero-carbon energy.
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