Terawulf Mining Firm Reaches Financial Milestone, Raises $10M To Pay Off Debt, Restructures Deal With Bitmain


On Monday, December 12, 2022, TerawulfThe Chinese-based Bitcoin mining firm announced it has raised $10 million capital to repay its debt. It Also, the company mentioned it has restructured an agreement with Bitmain This will enable the firm to maximize its self-mining capabilities and make the most of them. Terawulf’s Available mining capacity stands at 160 megawatts.

Terawulf Reaches Monetary Goal, Bitmain’s Restructured Deal Gives Firm 8.200 ASIC Mining Machines

Cryptocurrency miners worldwide have suffered losses this year due to the Bitcoin (BTC) price decline. On December 12, Terawulf Inc. (NasdaqWULF (Wall Street Journal) reported that the firm raised $10 million capital to settle its debt.

“The company intends to use the aggregated net proceeds to repay the advance with Yorkville and, at the same time, issue a notice to Yorkville to terminate the attached SEPA that was signed on June 2, 2022 and for other general corporate purposes.” , Terawulf’s Press release states.

In addition, Terawulf Restructured a deal Bitmain The company will add 8200 ASIC-Bitcoin mining machines to its operations. “With the incremental delivery of 8,200 miners, the company is increasing its estimated self-mining target for Q1 2023 to 44,450 deployed self-miners 5 [exahash per second] (EH/s) from its previous estimate of 36,250 own miners (4.3 EH/s)”.

In The past six months Terawulf’s Shares are down 56.07%, and shares have fallen 93.89% over the past one year. Over WULF rose 14.69% in the last five days against the US dollar. Terawulf’s Shares are similar to the shares of many publicly traded companies, which have experienced significant declines in the past 12 months.

Nazar KhanFounder and COO of TerawulfThis is how it works. Monday His firm is well-positioned, despite the difficult environment bitcoin miners face. “There is no question that the mining business has been challenging over the past 12 months; however, we are strategically positioned as one of, if not the, lowest cost bitcoin producers and will continue to strategically and prudently expand our operations while remaining focused on cost savings and profit margins,” Khan said. .

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$10 Million Capital, 5 Exahash, 8200 Miners, Bitcoin Mining, Bitmain TechnologiesBTC MiningBTC Mining Industry, Exahash, Mining Industry, Nasdaq: WULF, Publicly Traded Miners, Terawulf, Terawulf Bitcoin MinerWULF

What What do you think? Terawulf Restructuring his deal and reaching its financial goal with $10 million Bitmain Technologies? Let Let us know your thoughts on this topic by leaving comments below.

jamie redmann

Jamie Redman Is the news lead at Bitcoin.com News And a fintech journalist living abroad Florida. Redman Since 2011, has been an active participant in the cryptocurrency community. He Passionate about BitcoinOpen Source Code, Decentralized Applications, and Open Source Code. Since September 2015, Redman More than 6,000 articles have been written by him. Bitcoin.com News Learn more about the disruptive protocols that are emerging today.

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