Monday, December 12, 2022, Maryland Terawulf, a bitcoin mining company based in Tokyo, has announced that it has raised $10 million in capital to pay off its debt. The company also said it has restructured his contract with Bitmain to expand its self-mining capacity and fully utilize Terawulf’s 160 megawatts of available mining capacity. (BTC) reduced profits for all mining participants worldwide. On December 12, publicly traded company Terawulf Inc. (Nasdaq: WULF) revealed that the company had raised $10 million in capital to pay off its debt.
“The Company will use its gross net proceeds to repay its advance payments with Yorkville and, at the same time, notify Yorkville to terminate the accompanying SEPA entered into on June 2, 2022. and for other general corporate purposes.” Details of Terawulf’s press statement.
Additionally, Terawulf restructured his contract with Bitmain to add 8,200 Application Specific Integrated Circuit (ASIC) Bitcoin mining machines to the company’s operations. “With the additional delivery of 8,200 miners, the company has increased its estimated Q1 2023 self-mining target by 5 [exahash per second] (EH/ (seconds) to 44,450 owned miners deployed.)”
Terawulf’s stock has fallen 56.07% over the past six months, and has fallen 93.89% over the past year. However, over the past five days, WULF has gained 14.69% against the US dollar. Terawulf’s stock price is no different than most publicly traded stocks, which have seen significant declines over the past 12 months.
Terawulf co-founder and chief operating officer Nazar Khan said Monday that his company is well positioned despite the difficult environment facing his Bitcoin miners. explained that “There is no doubt that the mining business has been extremely difficult over the last 12 months. However, we are strategically positioned as one of the lowest cost producers of Bitcoin and our focus is on cost reduction and profit margins.
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