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

by Blockchain Daily Report
December 14, 2022
in Crypto Mining
Reading Time: 3 mins read
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Bitcoin Miner Terawulf Raises $10M in Fresh Capital to Pay Down Debt, Restructures Deal With Bitmain – Mining Bitcoin News
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On Monday, Dec. 12, 2022, the Maryland-based bitcoin mining firm Terawulf introduced that the agency has raised $10 million in capital to pay down money owed. The agency additionally stated that it restructured a cope with Bitmain which is able to allow the corporate’s self-mining capability to develop and totally leverage the 160 megawatts of Terawulf’s out there mining capability.

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

Bitcoin miners have been struggling this yr as the worth of bitcoin (BTC) has lowered earnings for each mining participant worldwide. On Dec. 12, the publicly-listed Terawulf Inc., (Nasdaq: WULF) revealed the corporate has managed to boost $10 million in capital to repay money owed.

“The corporate intends to make use of the mixture internet proceeds to repay the advance with Yorkville and concurrently situation a discover to Yorkville to terminate the accompanying SEPA entered into on June 2, 2022, and for different normal company functions,” Terawulf’s press assertion particulars.

Moreover, Terawulf has managed to restructure a cope with Bitmain to be able to add 8,200 application-specific built-in circuit (ASIC) bitcoin mining machines to the agency’s operations. “With the incremental supply of 8,200 miners, the corporate is growing its estimated Q1 2023 self-mining goal to 44,450 owned miners deployed 5 [exahash per second] (EH/s) from its prior estimate of 36,250 owned miners (4.3 EH/s).”

Over the past six months, Terawulf’s shares have slid 56.07% and throughout the previous yr, shares are down 93.89%. Over the last 5 days, nonetheless, WULF has elevated 14.69% in opposition to the U.S. greenback. Terawulf’s inventory isn’t any totally different than a majority of the publicly-listed firms’ shares which have seen important declines over the past 12 months.

Nazar Khan, the co-founder and chief working officer of Terawulf, defined on Monday that regardless of the difficult setting bitcoin miners face, his agency is well-positioned. “There isn’t a doubt the mining enterprise has been difficult over the past 12 months; nonetheless, we’re strategically positioned as one in all – if not the – lowest-cost producers of bitcoin and we are going to proceed to strategically and prudently develop our operations whereas remaining targeted on price financial savings and revenue margins,” Khan stated.

Tags on this story

$10 million in capital, 5 Exahash, 8200 miners, Bitcoin mining, Bitmain Applied sciences, BTC Mining, BTC Mining business, Exahash, Mining Business, Nasdaq: WULF, Publicly-Listed Miners, Terawulf, Terawulf Bitcoin Miner, WULF

What do you consider Terawulf elevating $10 million in capital and restructuring its cope with Bitmain Applied sciences? Tell us what you consider this topic within the feedback part beneath.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist dwelling in Florida. Redman has been an energetic member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com Information in regards to the disruptive protocols rising right this moment.

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Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, straight or not directly, for any harm or loss brought on or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or providers talked about on this article.

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